Ecs1500 exam pack - Study guides, Study notes & Summaries

Past exam question papers. Arranged in descending order from 2019 to 2015. Great resource for exam practice and revision (Contains Questions Only)

ECS1500 EXAM PACK 2023

ECS1500 EXAM PACK 2023

ECS1500 MCQS Updated Exam Pack from Nov 2022-June 2023

ECS1500 EXAM PACK 2023

Multiple Choice Questions (Section A): (A) 1. A normal good is one for which the income elasticity is greater than one. a. True b. False 2. The demand for a good, perceived by the consumer to be a necessity, will tend to be elastic. a. True b. False 3. Macroeconomics is concerned with the study of how households and firms make decisions and how they interact in specific markets a. True b. False 4. Price and quantity demanded for most goods are positively related a. True b. False 5...

Study Unit 1 What Economics is all about Economics is a social science that studies how people use scarce resources to satisfy their unlimited wants. Microeconomics looks at this at an individual, household or firm level while Macroeconomics is a broader look which is an aggregate of all the individuals, households and firms in a given economy. The main aspects in Microeconomic theory are supply, demand, scarcity, choices and opportunity cost. The Economic Problem Every individua...

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