Ecs3702 exam pack 2023 - Study guides, Study notes & Summaries

ECS3702 EXAM PACK 2023

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ECS3702 OCTOBER/ NOVEMBER EXAM PACK 2022/2023 1 | Question 1 An appreciation of the rand against the US dollar, will result in increased South African imports from the US, this is because fewer Rands can now purchase more US dollars, implying that South Africans now find it cheaper to buy US goods. Question 2 One of the possible effects of a recession in South Africa, on its trade with SADC member states is, widening of South Africa’s trade deficit, which implies that South Africa is...

ECS3702 EXAM PACK AND SUMMARY 2022/2023 lOMoARcPSD| Question 1a Briefly Explain the Following terms (a) Absolute Advantage Absolute advantage is the ability of a country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time, or to produce the same quantity of a good or service per unit of time using a lesser quantity of inputs, than another entity that produces the same good or service. (b) Factor Intensity The relative importance of one ...

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ECS3702 EXAM PACK 2023