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ECS 1500 EXAM PACK REVISION 2023/2024 LATEST UPDATE GRADED A+ / ECS 1500 EXAM PACK REVISION WITH ALL ANSWERS TO THE QUESTIONS PROVIDED AT THE END OF EACH SECTIONECS 1500 EXAM PACK REVISION 2023/2024 LATEST UPDATE GRADED A+ / ECS 1500 EXAM PACK REVISION WITH ALL ANSWERS TO THE QUESTIONS PROVIDED AT ...
ECS 1500 EXAM PACK REVISION 2023/2024 LATEST
UPDATE GRADED A+ / ECS 1500 EXAM PACK REVISION
WITH ALL ANSWERS TO THE QUESTIONS PROVIDED
AT THE END OF EACH SECTION
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
, lOMoAR cPSD| 22789381
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. If three variables are related, one of them must be held constant when plotting the other
two in the by-coordinate system
a. True
b. False
6. A 50% increase in price, which results in a 90% decrease in the quantity demanded,
indicates that demand is elastic in this price range
a. True
b. False
7. Absolute advantage is a comparison based on productivity
a. True
b. False
,8. A decrease m the price of soft drinks will increase their demand (will shrift the curve to
the right).
a. True
b. False
9. If pizza and hamburgers are substitutes, a decrease in the price of pizza would increase
the demand for hamburgers.
a. True
b. False
10. Voluntary unemployment occurs when individuals choose not to be employed because
they are not willing to work for the current wage rate.
a. True
b. False
11. Cyclical unemployment is the result of a downturn in economic activity.
a. True
b. False
12. An increase in the price level is the same as a decrease in the value of money.
a. True
b. False
, lOMoAR cPSD| 22789381
13. If the nominal interest rate is 7% and the inflation rate is 5%, the real interest rate is
12%.
a. True
b. False
14. A changes in prices of a good indicate that the market for that good is in equilibrium.
a. True
b. False
15. The impact lag is shorter for monetary policy than for fiscal policy.
a. True
b. False
3
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