Economics Memo 1 (English)

November 2020 — Grade 12 / Matric — Economics

Memo 2020 Grade 12 English Economics Hub →

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🎯 150 marks 📄 21 pages 📝 63 items found 📚 3 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1.6.1.7

1.1.8amplitude China 0,4 Medium

1.2MATCHING ITEMS

1.2.8pending that takes place irrespective of the level of income he smoothing of business cycles using monetary and fiscal pol icy

1.3GIVE THE TERM

1.3.6Economically active population Philips curve Special Drawing Rights anctions trade embargo / boycotts / tariffs / ban / import tax quota

Q2— Section header —

2.1Answer the following questions

2.1.1Name any TWO sourc es of s tate revenue. Tax ( Personal income tax Capital gains tax Value Added

2.1.2What is the pur pose of the residual item when the expenditure method is used to calculate national income The residual item

2.2DATA RESPONSE

2.2.1Which level of government develops policy and coordinates services across all nine provinces? National / Central (1\

2.2.2Name ONE ma cro economic objective of the state. Economic growth Full employment Economic equity Price stability Exchange rate stability

2.2.3Briefly describe the term accountability The duty of an individual or organisation is to explain its decisions and actions and accept responsibility for its behaviour (Accept any other correct relevant response\

2.2.4How will the government benefit from privatising tate owned nterprises?

2.2.5Why s the prici ng policy a problem for the government in respect of the

2.3DATA RESPONSE

2.3.1Which item in the current account is unique to South Africa Net gold exports (1

2.3.2Name the missing item A from the current account in the table above. Current transfers (1\ Economics/P1 DBE/ November 2020

2.3Briefly describe the term capital transfer account It is a net amount and includes all transactions and grants relating to the ownership of fixed assets, debt forgiveness and the value of household and personal effects and financial claims and liabilities

2.3Explain ONE factor tha would influence emand to

2.3.5Determine the value of the trade balance. Show all calculations. Merchandise exports 1 175 547 Plus net gold exports (+\1 678 Minus Merchandise import s (

2.4Briefly explain leading and composite indicators as features underpinning forecasting of business cycles. LEADING INDICATORS When these indicators rise, the level of economic activities will also rise a

2.5Analyse the impact of a devaluation of the rand o n the economy. It will affect the economy positively because xports are cheaper which allows the country to be more competitive there will be an increase in production which will lead to job creation

Q3— Section header —

3.1Answer the following questions.

3.1.1Name TWO indicators related to foreign trade. Terms of trade / Export and import ratio Exchange rate Balance of Payments Interest rate differential

3.1.2What is the purpose of the Expanded Public W orks rogramme? It o ffer employment to marginalized g roups

3.2DATA RESPONSE

3.2.1Identify the economic indicator that reflect the average earnings for each person in the country. GDP per capita

3.2.2Name ONE international institution that requires South Africa to standardise their economic indicators. United Nations World Bank Intern ational Monetary Fund

3.2.3Briefly describe the term real gross domestic product The total value of all final goods and services produced in the borders in the countr y where c hanges in price levels (inflation\

3.2.4How is the unemployment rate determined in the country? he number of unemployed people expressed as a percentage of the labour force

3.2.5Why is it necessary for South Africa to standardi e its economic indicators according to international requirements It is important that a country should have the ability to compete successfully internationally and sustain improvements

3.3DATA RESPONSE

3.3.1Give ONE example of a S patial evelopment nitiative in South Africa

3.3.2Which government department is responsible for industrial dev elopment in South Africa? Department of Trade and Industry (1\

3.3.3Briefly describe the term ndustrial evelopment one

3.3.4How does the oreign nvestment rant help to promote regional industrial development

3.3.5Why is the new pecial conomic one program me

3.4Briefly explain population growth and life expectancy as characteristics of demographics as social indicator. Population growth Demographic i nformation refers to information about the size and age structure of a population

3.5Evaluate the success of Broad Based Black Economic Empowerment (BBBEE\ in the South African economy. The BBBEE has been successful in South Africa because: mplementation of his strategy empowe

Q4— Section header —

4.1Answer the following questions.

4.1.1Name any TWO forms of economic integration Free trade area Customs union Common market Economic union Monetary union (2 x 1\ (2\

4.1.2What is the focus of the ational esearch and evelopment trategy

4.2DATA RESPONSE

4.2.1Identify the exogenous reason for business cycles in the information above / climatic conditions resulting in droughts and floods (1\

4.2.2Name any ONE type of business cycle. Kitchin Jugler Kuznets Kondratief (Accept any other correct relevant response\ (1\

4.2.3Briefly describe the term business cycle Successive periods of increasing or decreasing economic activity (Accept any other correct relevant response\ (2\

4.2.4Why does the e ndogenous school of thought encourage government intervention in the economy arkets are unstable, therefore government should intervene in the economic processes to stabilise the economy

4.2.5How ca n the Reserve Bank use a demand side policy to dampen (contract the economy?

4.3DATA RESPONSE .3.1 Which international organisation encourages free trade? World Trade Organisation (1\

4.3.2Name the term that relates to the worldwide integration of economies through trade. Globalisation (1\

4.3.3Briefly describe the term pro tectionism. A policy that governments impose to protect local producers against the unfair effects of foreign competition (Accept any other correct relevant response\ (2\

4.3.4Explain the impact of protection on the value of the rand. The rand (currency\ will appreciate when the exchange rate improves due to a negative trade balance where protectionism measures

4.3.5How would consumers benefit from a policy of free trade? The consumer: enjoy freedom of choice to buy anywhere in the world / they ar not limited to buy locally produced goods purchases products for less w

4.4Briefly explain good governance and investment in social capital as benchmark criteria for regional development GOOD GOVERNANCE:

4.5Evaluate the success of import substitution as a South African trade policy. Import substitution has been successful as trade policy by promoting initiation and growth of local indus tries

Q5— Section header —

Q6— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total150 marks

Sections40 + 40 + 40 + 40 + 40 + 40 + 40 = 280 marks

Paper information

SubjectEconomics

Year2020

SessionNovember

TypeMemo

PaperPaper 1

LanguageEnglish

Pages21

Downloads7

Examination context

Decade2020s

Years ago6y

SeasonSpring (SH)

Start dayThursday

Exam periodNovember 2020

Days since exam2,179

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

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applying concepts

using subject terminology

structuring extended responses

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