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ECS1601 Exam Latest Updated 2024 With 100% Correct Answers A flow variable is defined as a variable that is measured over a period. Which one of the following variables is not an example of a flow variable? [1] National income [2] The balance on Sibahle's savings account [3] Budget defici...

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ECS1601 Exam Latest Updated 2024 With 100% Correct Answers

A flow variable is defined as a variable that is measured over a period. Which one of the following
variables is not an example of a flow variable?



[1] National income

[2] The balance on Sibahle's savings account

[3] Budget deficit

[4] Total production - ANSWER-[2] The balance on Sibahle's savings account



Which of the following is not an acceptable intervention by the public sector in a mixed economy?



[1] the provision of funds for public goods such as parks and streetlights

[2] regulation of the pricing behaviour of monopoly industries

[3] stabilisation of the economy during periods of economic instability

[4] regulation of the price increases that result from changes in patterns of demand and supply in the
competitive market - ANSWER-[4] regulation of the price increases that result from changes in patterns
of demand and supply in the competitive market



The factors of production in an economy are ...



[1] households, capital, land, entrepreneurship

[2] government, household, firms, natural resources

[3] natural resources (land), labour, capital, and entrepreneurship

[4] human capital, land, natural resources, technology - ANSWER-[3] natural resources (land), labour,
capital, and entrepreneurship

,Which of the following are the remuneration of the factors of production?



[1] natural resources, rent, interest, labour

[2] rent, salaries and wages, interest, profit

[3] households, land, profit, capital

[4] entrepreneur, firms, capital, labour - ANSWER-[2] rent, salaries and wages, interest, profit



Which of the following is/are correct?



a) Households are confronted with unlimited wants, but with limited resources with which to satisfy
those wants

b) The scarcity of resources necessitate households to make choices - ANSWER-both a and b are correct



Which of the following is/are correct regarding the distinction between macroeconomics and
microeconomics?



a) The price of apples at the supermarket is an example of a macroeconomic variable.

b) An increase in the general price level (inflation) in the economy is an example of a macroeconomic
variable. - ANSWER-only b is correct



In the circular flow of income and spending ...



[1] savings, imports, taxes are leakages, while investment, government spending, exports are injections.

[2] imports, taxes, investments are leakages, while exports, investments, government spending are
injections.

,[3] savings, exports, taxes area leakages, while imports, investments, government spending are
injections.

[4] savings, government spending, imports are leakages, while investments, exports, taxes are injections.
- ANSWER-[1] savings, imports, taxes are leakages, while investment, government spending, exports are
injections.



In the circular flow of goods and services ...



[1] firms sell factors of production on the goods market.

[2] goods and services offered for sale on the goods market are purchased by firms.

[3] households combine factors of production and produce consumer goods and services.

[4] households offer factors of production in the factor market. - ANSWER-[4] households offer factors
of production in the factor market.



What does the letters A, B, C and D in the figure represent?



a) A represents factors of production

b) B represents goods and services

c) C represents foreign sector

d) D represents spending by firm



[1] only a is correct

[2] only b and c are correct

[3] only b and d are correct

[4] a and b are correct, while c and d are incorrect - ANSWER-[3] only b and d are correct



Which of the following is not an injection into the economy of South Africa?

, [1] A domestic company in South Africa sells leather to a client that is in Italy.

[2] A decision by Ruth to save a larger portion of her salary. [3] Spending by the department of health on
new hospital facilities.

[4] The local bakery bought a new machinery and equipment that will improve the capacity to produce
more bread. - ANSWER-[2] A decision by Ruth to save a larger portion of her salary.



The circular flow model reveals that an increase in South African exports will ...



[1] increase output and income in the rest of the world.

[2] increase revenue to South African firms.

[3] increase revenue to foreign firms.

[4] decrease South African imports. - ANSWER-[2] increase revenue to South African firms



Which of the following is not considered a macroeconomic issue?



[1] A surplus in the trade balance due to increasing output. [2] The increase in inequality in the country
of Botswana.

[3] The rise in general price level in Zimbabwe.

[4] The unemployment rate of a town in Limpopo province. - ANSWER-[4] The unemployment rate of a
town in Limpopo province.



Which one of the following statements is true about correlation and causality?



[1] Correlation between variables occurs when two variables have a relationship.

[2] Correlation between two variables proves causation.

[3] The example of a correlation is when an increase in value of exports cause a fall in economic growth.

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