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ECS1501-25-Y

ECS1501-25-Y

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Which of the following would cause the demand curve to shift from Demand C to Demand A in the market for blistering blue bottles?

a decrease in the price of blistering blue bottles

an increase in the price of blistering blue bottles

a change in consumer preferences toward perfectly pink pitchers rather than blistering blue bottles

an expectation by buyers that their incomes will increase soon

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A business increases wages for its workers. Based on the simple circular flow model, what is the most likely short-term effect on the economy?

Firms will receive more revenue as households increase spending.

Households will stop supplying labour to firms.

The government will need to intervene to control inflation.

Households will decrease their spending on goods and services.

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If the government imposes higher taxes on businesses, how would this affect the goods and factor markets?

Both markets will be unaffected since taxes are irrelevant to economic activity.

Firms may cut back on hiring, reducing labour demand in the factor market, while the goods market may experience higher prices.

The goods market will experience lower demand as consumers will have more disposable income, and firms will expand hiring.

Firms will increase production to offset the tax burden, and the goods market will see lower prices.

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The three major flows in the economy are total production, total income and total spending.

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This question is based on the following diagram.

At a price of R15

quantity demanded = quantity supplied.

quantity demanded < quantity supplied.

quantity demanded would tend to increase.

quantity demanded > quantity supplied.

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If the supply of a product decreases, then we would expect the equilibrium price

to increase and equilibrium quantity to decrease.

to decrease and equilibrium quantity to increase.

and equilibrium quantity to both decrease.

and equilibrium quantity to both increase.

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Equilibrium is often observed in our daily lives.

True

False

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This question is based on the following diagram.

Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tea?

an improvement in technology that allows farmers to use less labour in the production of tea

a decrease in the price of tea

an increase in the price of coffee

an increase in the price of tea

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An increase in the price of any of the factors of production will result in an upward (or leftward) shift of the supply curve.

True

False

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In their supply decisions, producers take account of the prices of all the alternative products which they can produce.

True

False

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