ECS1601 Assignment 2nd Semester 2022 Questions and Correct Answers

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ECS1601 Assignment 2 Semester 2 2022 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 sc... arcity of resources necessitate households to make choices - ANS-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. - ANS-only b is correct 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 - ANS-[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 [Show More]

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