ECS1601-25-Y
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Which of the following statements is/are incorrect with regard to the main purpose of economic theory?
a) Economic theory aims to capture every detail of a phenomenon under study.
b) Economic theory explains how the real economy functions.
c) Economic theory aims to predict changes in economic conditions and its impact on the whole economy.
d) Economic theory serves as an underpinning for the formulation and analysis of economic policies.a) Tax is the part of income that is received by households but then paid to government.
b) Tax is taken out of the circular flow of income.
c) Households can spend it on goods and services.
d) Tax is an amount that is withdrawn or leaked from the circular flow of income.
a. The use of money eliminates the need for a double coincidence of wants associated with a barter economy.
b. An economy in which goods are traded with money is called a barter economy.
c. Money consists of notes only.
Of the $8.5 billion pledged to help finance South Africa’s just energy transition, what percentage of this pledged funds will be received by Saretec? (assume: €1 = $1.15)
(Answer hint: Type in numbers only, without spaces in between. Round off to two decimals. E.g., 0.59%)
Which of the following has/have a major impact on the level of net exports (X – Z)?
a) the growth rate of GDP in South Africa relative to the growth rates of GDP in other countriesb) the price level in South Africa relative to the price levels in other countries
c) the exchange rate between the rand and other currencies.(d) The equilibrium point will be lower down on the Dollar demand curve.
(d) VAT is levied on most goods and services, and is not only applicable in South Africa.
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