ECS1601 May/Jun 2013 exam paper — questions

🔒 Scan locked

  1. Question 1 · Circular flow and the economic system · 1.25 marks

    A diagram illustrates the circular flow of income and spending between households and firms. Four flows are labelled: flow (1) runs from the 'Firms' box down to the 'Factor market' box; flow (2) runs from the 'Factor market' down to 'Households'; flow (3) runs from 'Households' up to the 'Goods market'; and flow (4) runs from the 'Goods market' up to 'Firms'. Which one of the following statements is correct?Show the full question

  2. Question 1.1 · National income accounting and GDP · 4 marks

    Provide a definition of the Gross Domestic Product (GDP).Show the full question

  3. Question 1.2 · Fiscal policy, taxation and public finance · 3 marks

    State the three criteria that are used to judge whether a tax is a good tax.Show the full question

  4. Question 1.3 · Exchange rates, balance of payments and trade · 2 marks

    Identify the two main sub-accounts that make up the balance of payments.Show the full question

  5. Question 2 · National income accounting and GDP · 1.25 marks

    Capital formation means which of the following?Show the full question

The full Spot Map and the marks by year — and this paper’s scan.