ECS1601 Oct/Nov 2014 exam paper — questions

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

    Regarding the circular flow of goods and services, identify which of the given 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

    Provide a definition of fiscal policy.Show the full question

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

    Name the two main sub-accounts into which the balance of payments is divided.Show the full question

  5. Question 1.4 · Keynesian income determination and the multiplier · 3 marks

    Identify the main sources of economic growth when the economy is viewed from the demand side.Show the full question

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