ECS 2601 ASSIGNMENT 1

SEMESTER 1 COMPULSORY ASSIGNMENT 01 LEARNING UNITS 1 TO 7 This assignment contributes 50% towards your semester mark. Questions 1 to 20 of the assignment are MULTIPLE-CHOICE questions. In each question, select the most correct option. Answer all questions on a mark-reading sheet 1. What affects the price elasticity of demand for a good? [1] duration for demand decision. [2] substitutability of resources. [3] time elapsed since the income change. [4] the closeness of substitutes. 2. Th...

1. Which of the following statements are correct? a. Macroeconomics studies the determination of the level of output and income for a specific firm. b. In macroeconomics we focus on the interaction between different markets, such as the goods market, the financial market, the labour market and the foreign exchange market. c. Real GDP per capita is widely used as a measure of economic welfare or wellbeing of the residents of a country. d. The main instrument of fiscal policy is the budget...