Please answer first 3 questions 1.1. What type of economy is the South African economy?A. A command systemB. A mixed economyC. A traditional systemD. A market systemWhich statement correctly describes the difference between microeconomics andmacroeconomics?1.2.A. Microeconomicsmacroeconomics studies the science of company policy only.studiesmanufacturingandproductiononly,whileB. Microeconomics studies economic behaviour of individual economic participantssuch as households, firms, borrowers and lenders, while macroeconomics studiesaggregate economic behaviour in the economy as a whole.C. Microeconomics studies only imports and exports of goods and services in theeconomy, while macroeconomics studies only demand and supply theories.D. Microeconomics studies the economy as a whole, while macroeconomics studiesonly certain elements of the economy.E. Microeconomics studies monetary policy, while macroeconomics studies fiscalpolicy.1.3.The major elements of the circular flow of income and spending areA. firms, households, micro lenders, banks and government.B. government, SARS, firms, households, mines and individuals.C. households, financial sector, banks, agricultural sector and foreign sector.D. households, financial sector, firms, government sector and foreign sector.E. firms, public sector, Eskom, mines and individuals.

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1.1. What type of economy is the South African economy? A. A command system B. A mixed economy C. A traditional system D. A market system

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please answer first 3 questions

1.1. What type of economy is the South African economy?
A. A command system
B. A mixed economy
C. A traditional system
D. A market system
Which statement correctly describes the difference between microeconomics and
macroeconomics?
1.2.
A. Microeconomics
macroeconomics studies the science of company policy only.
studies
manufacturing
and
production
only,
while
B. Microeconomics studies economic behaviour of individual economic participants
such as households, firms, borrowers and lenders, while macroeconomics studies
aggregate economic behaviour in the economy as a whole.
C. Microeconomics studies only imports and exports of goods and services in the
economy, while macroeconomics studies only demand and supply theories.
D. Microeconomics studies the economy as a whole, while macroeconomics studies
only certain elements of the economy.
E. Microeconomics studies monetary policy, while macroeconomics studies fiscal
policy.
1.3.
The major elements of the circular flow of income and spending are
A. firms, households, micro lenders, banks and government.
B. government, SARS, firms, households, mines and individuals.
C. households, financial sector, banks, agricultural sector and foreign sector.
D. households, financial sector, firms, government sector and foreign sector.
E. firms, public sector, Eskom, mines and individuals.

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