ECS1601 Oct/Nov 2012 exam paper — questions

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  1. Question 1 · Inflation and price indices · 1.25 marks

    Which of the following is macroeconomics LEAST likely to be concerned with?Show the full question

  2. Question 1.1 · Money, banking and the money market · 4 marks

    State four fundamental properties that an item needs to possess before it can function adequately as money.Show the full question

  3. Question 1.2 · Exchange rates, balance of payments and trade · 4 marks

    Provide four reasons or arguments that are commonly put forward to justify the imposition of trade barriers.Show the full question

  4. Question 2 · Circular flow and the economic system · 1.25 marks

    A diagram illustrates the interaction between different sectors of the economy. At the top is a box labelled A. Below A are three boxes side by side: B on the left, D in the middle and E on the right. A fourth box, C, sits at the bottom below D. The connections are: A links downward to B; D links upward into A; E links upward into A along a connection marked 'Factor services'; C links upward into D along a connection marked 'Taxes'; C links to B along a connection marked 'Goods and services', and C links to E via a similar connection on the other side. Based on this diagram, what do A, B, C, D and E respectively represent?Show the full question

  5. Question 2.1 · AD-AS model and the Phillips curve · 2 marks

    Using the Phillips curve, draw a diagram to show the trade-off that exists between the rate of inflation and the rate of unemployment.Show the full question

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