Economics Memo 1 (English)

Feb-March 2013 — Grade 12 / Matric — Economics

Memo 2013 Grade 12 English Economics Hub →

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1B (m icro\ C (d iscretionary\ (Lorenz\ A (marginal\ unregulated B (differentiated\ A (capital\

1.2ONE WORD ITEMS

1.2.5Keynesians leakages /withdrawals ost enefit nalysis Greenhouse effect Transfer payments (5 x 2\

1.3MATCHING ITEMS

1.3.8alancing figure in the calculation of G ross omestic roduct (E\ (Flow of goods and services between households and businesses\

Q2— Section header —

2.1Choose the correct word (s\ from those given in brackets:

2.1.1exchange rate

2.1.2amplitude

2.1.3privati ation

2.1.4portfolio (4 x 2\ (8\

2.2List THREE participants in a closed economy ouseholds/consumers usinesses/producers tate/government (3 x 2\ (6\

2.3Study the table and answer the questions that follow:

2.3.1Balance of payments is a systematic record of a country financial transactions with the rest of the world. (2\

2.3.2SARB tats Commercial banks (Any 1 x 2\ (2\

2.3.3Imports increased /Increasing /negative

2.3.4As the difference between GDP and PCE increases, the balance on the current account a lso increase negatively.

2.4Study the graph and a nswer the questions that follow:

2.4.1Point /At price R14 and a quantity of 100/demand DD equals/ intersects supply SS (2\

2.4.2It increases Reasons: Increase in the number of American visiting SA Higher investment by Americans in the South African economy/ foreign currency speculation by US investors

2.4App reciated/Increased (2\ Increased supply for dollars Decreased supply for rand Less rand for dollars Cheaper to buy dollars (Any 1 x 2\ (4\

2.5Explain how the ross omestic roduct (GDP\ at market prices is derived using the GDP(E\ethod:

2.6Study the Laffer curve and explain the relationship between tax rate and taxable income The curve shows that as tax increase government revenue increases up to a certain point (e.g. t If the tax rate rises beyond t

Q3— Section header —

3.1Choose the correct word (s\ from those given in brackets:

3.1.1ormal

3.1.2mplicit

3.1.3excludable

3.1.4market (4 x 2\ (8\

3.2List any THREE characteristics/conditions of a perfe ct market: Many buyers and many sellers Homogenous product Perfect market information

3.3Study the graph and answer the questions that follow:

3.3.1/ MR = MC (2\

3.3.2Average cost/AC /ATC (2\

3.3.3R20 (2\

3.3.4R20 R11 = R9 (Unit profit\ R9 x 500 500 R10 000 500

3.4Study the cartoon and answer the questions that follow:

3.4.1Oligopoly (2\

3.4.2Collusion /Cartels (2\

3.4.3Advertisements Special promotions Efficient service/after sales Extended shopping hours Internet transactions (banking and shopping\ Loyalty rewards for customers Door to door sales (Any 1 x 2\

3.4.4rice Q1 Quantity (4\

3.5List and d iscuss the role of any TWO institutions involved in the com petition policy of South Africa: Competition C ommission They try to give all South African equal opportunities to participate fairly in

3.6Draw a comparison between the perfect market and the monopoly with regard to pric es, profit, quantities and cost: Prices: The monopolist prod uce at higher prices than the perfect competitor

Q4— Section header —

4.1.1outh frican eserve

4.1.2industrial

4.1.3diversified

4.1.4nternational onetary (4 x 2\ (8\

4.2List any THREE a dvantages of export promotion: No limitat ions on the size and scale of world markets Production is based on cost and efficiency Increased domestic production/leads to lower domestic prices, which

4.3Study the table nd answer the questions that follow:

4.3.1Stats SA (2\

4.3.22005 (2\

4.3.3The c redit crunch in America and Europe lobal ecession Accept any other relevant reason.

4.3.4The Soccer World Cup held in SA in 2010 Higher demand by foreigners More job creation Infrastructural development Any other relevant answer (Any

4.4Study the extract below and answer the questions that follow:

4.4.1Economic growth is the increase in the production capaci ty of a countr y to produce more /Increase in the Real GDP Accept any other relevant answer. (2\

4.4.2Historical importance discovery of old in 1886 Biggest earner of foreign exchange Accept any other relevant answer. Any 2 (4\

4.4.3To redress inequalities of the past To increase ownership (stake\ of the economy. To increase jobs ( op management/structure of mining industry\ To improve the standard of living Make mines more competitive

4.5Discuss employment as an economic indicator and suggest solutions to the unemp loyment problem in South Africa: The number of the employed persons expressed as a percentage of the economic active people gives the employment rate

4.6Tabulate the major differences between the developed countries in the orth and the developing count ries in the outh (North South divide\: NORTH Developed Countries SOUTH

Q5— Section header —

5.1Choose the correct word (s\ from those given in brackets:

5.1.1yperinflation

5.1.2alaries and wages

5.1.3egative

5.1.4nergy (4 x 2\ (8\

5.2List any THREE causes of demand pull inflation Increase in disposable income of households Availability of credit increases demand Increase in economically active popula tion Decrease in income tax Increase in aggregate demand

5.3Study the extract and a nswer the questions that follow:

5.3.1Environmental sustainability is the ability of th e environment to survive its use for economic activity

5.3.2Shortage in food production Climate change Land degradation Water degradation Urbanis ation (Any

5.3.3Climate change increase the serious shortage in food production The shortage in food is intensified by floods, tsunamis and drought Any other relevant fact (An y 2 (4\

5.3.4Subsidis e farmers in times of drought or due to any other climate change State farms where mass production is possible Supply water schemes dams Subsidis alternative energy sources High technology far

5.4Study the cartoon and a nswer the questions that follow:

5.4.1Inflation can be defined as a sustained and significant increase in the general price level over a period of time (2\

5.4.2Government (2\

5.4.3Administered prices (2\

5.4.4Most of the crude oil used in South Africa is imported and bought in US$ per barrel Unfavourable exchange rate means more and (R\ ollar ($\1 Petrol forms part of the production cost of firms that will increase

5.6Tabulate the differences between onsumer rice ndex ( CPI\ and roducer rice ndex (PPI\ CPI

Q6— Section header —

6.1Choose the correct word (s\ from those given in brackets:

6.1.1restrictive

6.1.2parastatals

6.1.3expor ts

6.1.4bio diesel fuels (4 x 2\ (8\

6.2Give THREE reasons for the necessity of the public sector: Provide public goods and services anage the economy Take care of

6.3Study the extract and a nswer the questions that follow:

6.3.1A small increase in spending produces a proportionately lar ger increase in national income

6.3.2Injections = Leakages (2\

6.3.3pc = R100 000 R40 000 = R60 000 60 000 = 0,6 or 0,6 100 000 (2\

6.3.4K = mpc = 1

0.62,5 (4\

6.4Study the data and answer t he question s that follow:

6.4.1White bread/brown bread/maize meal

6.4.2More competition in urban areas lower the prices of products No decentralis ation of businesses Inefficiency Poor management Lack of capital/lack of infrastructure Lack of economies of scale

6.4.3Rural areas Total expenditure on goods in rural areas equals R129,31 compared to expenditure in ur ban areas of R115,18 (4\ 15

6.5Briefly d iscuss lagging indicators as feature underpinning forecasting Follow coincident indicators Serve to confirm the behaviour of the coincident indicators If it does not confirm the upswing or downs

6.6Explain monetary mea sures that are use to combat inflation: Increase in the interest rates of banks make it more expensive to borrow money from banks

Q7— Section header —

Q8— Section header —

Q9— Section header —

Q10— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total300 marks

Sections50 + 50 + 50 + 50 + 50 + 50 + 50 + 50 + 50 + 50 + 50 + 50 + 50 = 650 marks

Paper information

SubjectEconomics

Year2013

SessionFeb-March

TypeMemo

PaperPaper 1

LanguageEnglish

Pages27

Downloads4

Examination context

Decade2010s

Years ago13y

Season—

Start day—

Exam period—

Days since exam—

About Economics examination preparation

Grade 12 Economics covers microeconomics and macroeconomics. The memorandum rewards correct labelling of graphs and curves.

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economic reasoning

interpreting economic information

applying concepts

using subject terminology

structuring extended responses

A practical revision approach

Economics rewards graphical literacy — practice drawing and labelling graphs accurately. The memorandum allocates marks for correct axis labelling, curve identification, and shift analysis.

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