ECS1501 May/Jun 2016 exam paper — questions

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Every question, by topic

  1. Question 1 · What economics is about: scarcity, choice and the economic problem

    Among the following statements about economics, identify the one that is incorrect.Show the full question

  2. Question 2 · What economics is about: scarcity, choice and the economic problem

    NASA has limited resources to build new telescopes or send spaceships into space, illustrated by a production possibility curve (PPC) diagram with telescopes on the vertical axis and spaceships on the horizontal axis. Point A lies above the curve, point B lies just outside PPC1 near PPC2, point C lies on PPC1, and point D lies inside the curve. The curve can shift outward from PPC1 to PPC2. Assuming NASA is currently operating on PPC1, which of the points (A, B, C or D) can possibly be reached but would represent an ineffective use of resources?Show the full question

  3. Question 3 · What economics is about: scarcity, choice and the economic problem

    Referring to the same NASA production possibility curve diagram (telescopes on the vertical axis, spaceships on the horizontal axis, with the curve able to shift outward from PPC1 to PPC2), which of the following could have caused this shift from PPC1 to PPC2?Show the full question

  4. Question 4 · What economics is about: scarcity, choice and the economic problem

    Continuing with the same NASA PPC diagram, after the curve shifts from PPC1 to PPC2, one point (out of A, B, C, D) becomes newly attainable, another point shows an effective use of resources, and a third point remains unattainable. Which combination, in that order (attainable, effective use, unattainable), is correct?Show the full question

  5. Question 5 · What economics is about: scarcity, choice and the economic problem

    Identify which of the following is a normative statement.Show the full question

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