ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers.
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ECS1601 - Economics IB (ECS1601)
Instelling
University Of South Africa
ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers. 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
- ANS-both a and b are correct
Which of the f...
[3] natural resources (land), labour, capital, and entrepreneurship
[4] human capital, land, natural resources, technology
- ANS-[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
- ANS-[2] rent, salaries and wages, interest, profit
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.
- ANS-[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.
- ANS-[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
- ANS-[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.
- ANS-[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 ...
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