ECS4861
EXAM PACK
Recent exam questions and answers
Summarised study notes
Exam tips and guidelines
+27 81 278 3372
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
, Page 1 of 3 ECS4861
CONFIDENTIAL Oct/Nov 2025
UNIVERSITY EXAMINATIONS
October/November 2025
ECS4861
Advanced Macroeconomics (Honours)
100 Marks
Duration: 3 Hours
First Examiner: Dr MJ Khumalo
Second Examiner: Prof SY Ho
External Examiner: Dr M Mpundu
This paper consists of 3 pages, including this cover page.
CONFIDENTIAL
Instructions:
(1) Submit your answers as a single document in PDF format. After completion of the
exam paper, submit your answers in one single PDF document using the eAssessment
tool on myExams portal. https://cems.myexams.unisa.ac.za/
(2) It is preferable for you to type your answers (Font: Arial 12) and then convert your
document to PDF for submission. However, if this is not possible, you may also write
your answers down and scan them to a PDF file. Please write legibly.
(3) Start with a cover page stating the module code (ECS4861) and your student number.
(4) This should be followed by your answers to the questions. You must answer ALL
questions
(5) There is no need for a table of contents, introduction, conclusion or list of references
(as was required in your assignments). Simply answer the questions asked.
(6) Make sure that each question and/or any sub-questions are clearly numbered.
(7) While you are not required to cite your sources, this does not mean that you can
simply copy information from any source. You need to answer the questions in your
own words. Plagiarism will not be tolerated and may result in disciplinary action if
detected.
(8) Please ensure that you submitted a declaration of honesty on myUnisa.
(9) Please ensure that your PDF document is NOT encrypted to a “secured” mode and
that it is NOT password protected as these files cannot be marked. Virus infected files
will also not be marked.
, ECS4861
Date: 13 October 2025
INSTRUCTIONS ON THE DAY OF ASSESSMENT:
Ensure you are connected to the internet in order to log into The Invigilator mobile App YOUR EXAM QR CODE & EXAM
and scan this QR code. ACCESS CODE
If you encounter difficulty in scanning the QR code, you can alternatively enter the
Exam Access Code below the QR code to start the invigilation.
If you finish your assessment before the app timer has run out you need to press the
‘Finish Assessment’ button and follow instructions before you exit or minimise the app.
Please note that the ‘Finish Assessment’ button will not appear immediately, it will only
appear after the prerequisite minimum time to write your assessment has lapsed.
Scan the QR code at the start time of the assessment, unless otherwise specified by
your institution, note that you can only scan this QR code once.
Exam Access Code: 461850e3
The Invigilator App may request you to take photos of your examination script after the
assessment. If applicable this will be prompted and you are required to action this
immediately. Please follow the instructions on the App and take note that your
academic institution may still require you to submit your script on the relevant portal.
The QR code is only scannable for a limited time and it should therefore be scanned as soon as possible after the
assessment commencement time.
Keep the Invigilator App open on your smartphone for the full duration of the assessment. You are not allowed to minimise or leave the
app during your assessment.
You must adhere to the assessment time limit communicated to you by your institution. The timer displayed in the Invigilator may vary
depending on the start time of invigilation.
FURTHER GUIDANCE
If you only have one device you may access your assessment in the App by pressing the ‘Access Browser’ button in the top right corner
of your App.
Once the QR code is scanned, ensure your media volume is turned up and place your smartphone next to you.
The Invigilator App will notify you with a notification beep when you are required to action a photo request, which you should then
perform as soon as possible.
We recommend that you keep your smartphone on charge for the duration of the assessment.
Ensure you are connected to the internet when commencing invigilation. You also need to be connected to the internet at the end of the
assessment to upload the app data gathered during invigilation. It is advisable to upload app data as soon as possible after the
assessment. Institutions do apply a limited time to upload app data.
If your assessment has multiple online sections, tests or attempts, you should NOT finish the invigilation until your entire assessment
has been completed.
Should you encounter any technical difficulty, please WhatsApp The Invigilator Helpdesk on +27 (0)73 505 8273
, Page 3 of 3 ECS4861
CONFIDENTIAL Oct/Nov 2025
Answer ALL questions.
Question 1
Explain fully why John Keynes was critical of Say’s Law. [34]
Question 2
(a) Explain the distinction between the fundamental and proximate causes of
economic growth. [7]
(b) List and explain the main fundamental causes of economic growth. [26]
[33]
Question 3
Keynes, Friedman and Lucas all regarded expectations as important but differed
significantly in the way they included expectations in macroeconomic theory. Compare
and contrast their explanations of the formation and role played by expectations in
macroeconomic theory. [33]
Total: 100
©
UNISA 2025
EXAM PACK
Recent exam questions and answers
Summarised study notes
Exam tips and guidelines
+27 81 278 3372
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
, Page 1 of 3 ECS4861
CONFIDENTIAL Oct/Nov 2025
UNIVERSITY EXAMINATIONS
October/November 2025
ECS4861
Advanced Macroeconomics (Honours)
100 Marks
Duration: 3 Hours
First Examiner: Dr MJ Khumalo
Second Examiner: Prof SY Ho
External Examiner: Dr M Mpundu
This paper consists of 3 pages, including this cover page.
CONFIDENTIAL
Instructions:
(1) Submit your answers as a single document in PDF format. After completion of the
exam paper, submit your answers in one single PDF document using the eAssessment
tool on myExams portal. https://cems.myexams.unisa.ac.za/
(2) It is preferable for you to type your answers (Font: Arial 12) and then convert your
document to PDF for submission. However, if this is not possible, you may also write
your answers down and scan them to a PDF file. Please write legibly.
(3) Start with a cover page stating the module code (ECS4861) and your student number.
(4) This should be followed by your answers to the questions. You must answer ALL
questions
(5) There is no need for a table of contents, introduction, conclusion or list of references
(as was required in your assignments). Simply answer the questions asked.
(6) Make sure that each question and/or any sub-questions are clearly numbered.
(7) While you are not required to cite your sources, this does not mean that you can
simply copy information from any source. You need to answer the questions in your
own words. Plagiarism will not be tolerated and may result in disciplinary action if
detected.
(8) Please ensure that you submitted a declaration of honesty on myUnisa.
(9) Please ensure that your PDF document is NOT encrypted to a “secured” mode and
that it is NOT password protected as these files cannot be marked. Virus infected files
will also not be marked.
, ECS4861
Date: 13 October 2025
INSTRUCTIONS ON THE DAY OF ASSESSMENT:
Ensure you are connected to the internet in order to log into The Invigilator mobile App YOUR EXAM QR CODE & EXAM
and scan this QR code. ACCESS CODE
If you encounter difficulty in scanning the QR code, you can alternatively enter the
Exam Access Code below the QR code to start the invigilation.
If you finish your assessment before the app timer has run out you need to press the
‘Finish Assessment’ button and follow instructions before you exit or minimise the app.
Please note that the ‘Finish Assessment’ button will not appear immediately, it will only
appear after the prerequisite minimum time to write your assessment has lapsed.
Scan the QR code at the start time of the assessment, unless otherwise specified by
your institution, note that you can only scan this QR code once.
Exam Access Code: 461850e3
The Invigilator App may request you to take photos of your examination script after the
assessment. If applicable this will be prompted and you are required to action this
immediately. Please follow the instructions on the App and take note that your
academic institution may still require you to submit your script on the relevant portal.
The QR code is only scannable for a limited time and it should therefore be scanned as soon as possible after the
assessment commencement time.
Keep the Invigilator App open on your smartphone for the full duration of the assessment. You are not allowed to minimise or leave the
app during your assessment.
You must adhere to the assessment time limit communicated to you by your institution. The timer displayed in the Invigilator may vary
depending on the start time of invigilation.
FURTHER GUIDANCE
If you only have one device you may access your assessment in the App by pressing the ‘Access Browser’ button in the top right corner
of your App.
Once the QR code is scanned, ensure your media volume is turned up and place your smartphone next to you.
The Invigilator App will notify you with a notification beep when you are required to action a photo request, which you should then
perform as soon as possible.
We recommend that you keep your smartphone on charge for the duration of the assessment.
Ensure you are connected to the internet when commencing invigilation. You also need to be connected to the internet at the end of the
assessment to upload the app data gathered during invigilation. It is advisable to upload app data as soon as possible after the
assessment. Institutions do apply a limited time to upload app data.
If your assessment has multiple online sections, tests or attempts, you should NOT finish the invigilation until your entire assessment
has been completed.
Should you encounter any technical difficulty, please WhatsApp The Invigilator Helpdesk on +27 (0)73 505 8273
, Page 3 of 3 ECS4861
CONFIDENTIAL Oct/Nov 2025
Answer ALL questions.
Question 1
Explain fully why John Keynes was critical of Say’s Law. [34]
Question 2
(a) Explain the distinction between the fundamental and proximate causes of
economic growth. [7]
(b) List and explain the main fundamental causes of economic growth. [26]
[33]
Question 3
Keynes, Friedman and Lucas all regarded expectations as important but differed
significantly in the way they included expectations in macroeconomic theory. Compare
and contrast their explanations of the formation and role played by expectations in
macroeconomic theory. [33]
Total: 100
©
UNISA 2025
