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ECS1501-25-Y
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The determinants of demand include a range of factors, such as the price of the product, the prices of other products and the income of households.
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In a simple economy, what is the expected effect on real and nominal flows in the short term if wages increase significantly?
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A factory in a small town shuts down, laying off all its workers. Using the circular flow model, what are the likely consequences?
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Which of the following scenarios best illustrates the concept of a stock in the economy?
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Which of the following is an example of a stock variable?
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Suppose a new business opens in a community, hiring local workers and producing goods. How does this affect the circular flow of income?
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A significant increase in consumer demand leads to firms hiring more workers to expand production. How would this change impact the goods market and factor market in the short term?
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In a simple economy, if the government imposes a price ceiling on essential goods (e.g., food), what are the likely effects on real and nominal flows?
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Which of the following correctly matches buyers and sellers in the goods market and factor market?
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The number of foreign visitors to the country during a particular year is a stock variable.
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