Economics Memo 1 (English)

November 2019 — Grade 12 / Matric — Economics

Memo 2019 Grade 12 English Economics Hub →

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🎯 150 marks 📄 21 pages 📝 61 items found 📚 3 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.8upswing G + I + X > S + T + M incident absolute advantage tax revenue and tax rate real GDP Integrated Manufacturing Strategy the influence on inflation and unemployment

1.2MATCHING ITEMS

1.2.8Outflow of money from the economy Independent factors that influence business cycles and originate outside the economy The well being of people determined by health, education and income Estimate figures or trends in future

1.3GIVE THE TERM

1.3.6Multiplier effect Trough Privatisation Appreciation Free trade Demographics (6\ TOTAL SECTION A:

Q2— Section header —

2.1Answer the following questions

2.1.1Name TWO types of business cycles that occur in a market economy. Kitchin c ycle Juggler cycle Kuznets cycle Kondratieff cycle (2 x 1\

2.1.2Why would an increase in import tariffs benefit the South African economy An increase in import tariffs wo uld benefit the economy because it will: reduce imports thereby saving on foreign exchange lead to an

2.2DATA RESPONSE

2.2.1Name any ONE state owned enterprise in t he country. SAA / Eskom / Transnet / Post Office / SA Express / Denel (Accept any other correct relevant response\ (1\

2.2.2What is the current VAT rate in South Africa 15% (1\

2.2.3Briefly describe the term Medium Term Budget Policy Statement. The MTBPS adjusts to changes in the economy since the main budget / It is based on the MTEF and shares the developments in public policy that will shape the next and forthcoming budgets

2.2.4xplain the relation between the main budget and the MTEF The main budget is guided by t he MTEF which estimates income expenditure for a three year period (Accept any other correct relevant response\

2.2.5What can the g overnment do to solve the current financial challenges of State Owned Enterprises

2.3DATA RESPONSE

2.3Identify the year currently being used by the Reserve Bank as a base year 2010 (1\

2.3.2Name any ONE example of a non durable good. Food / beverages / tobacco Household fuel / power / water Household consumer goods Medical and pharmaceu tical products Petroleum products Recreational and entertainment goods

2.3.3Briefly describe the term at constant prices Constant price s represents the real value of NI figures where inflation is excluded (Accept any other correct relevant response\ (2\

2.3.4Why is there a rise in household expenditure while unemployment is steadily increasing? The increase in household exp enditure due to: he increase in borrowing money from financial institutions sing savings and investments

2.3.5How will an increase in the repurchase (repo\ rate affect the economy An increase in the repurchase rate, will: force banks to adjust their interest rates upwards making c redit more expensive make credit more e

2.4Use the graph to explain the impact of an increase in exports to China on the value of the rand. An increase in South Africa's exports to China will s hift the supply curve to the right (from SS to S \ causing an increase in the demand for the

2.5With reference to the Phillips curve, analyse the relationship between inflation and unemployment. The Phillips curve shows that inflation w ill increase if there less unemployment

Q3— Section header —

3.1Answer the following questions.

3.1.1Name TWO types of economic indicators related to price changes CPI (2 x 1\ (2\

3.1.2What can lo cal government do to prevent service delivery protests Ensure that maintenance of infrastructure, clean water, sanitation and sewage disposal is in tact Municipalities should

3.2DATA RESPONSE

3.2.1Which economic indicator is addressed in the above extract? mployment / production

3.2.2

3.2.3Briefly describe the term globalization Globalization is the worldwide interfacing and interaction of economies, with trade as an important element and information technology making it possible (Accept any other correct relevant response\

3.2.4What impact will a shortage of trained workers have on global trade It will reduce international trade due to increased production cost which reduces competitiveness It will increase the inequality gap between countries

3.2.5How could education as soci al indicator re duce inequalities experienced worldwide? Education as social indicator can reduce inequality by creating skills and knowledge needed for technological

3.3DATA RESPONSE

3.3.1Identify the first government policy implemented in 1994 to address the imbalances of the past (1\

3.3.2Give ONE aim of the National Development Plan. Eliminating unemployment Eradicate poverty (Accept any other correct relevant response\ (1\

3.3.3Briefly describe the term economic development Economic development is an i ncrease in the per capita income which leads to an improved standard of living (Accept any other correct relevant response\ (2\

3.3.4Why did AsgiSA fail AsgiSA failed because it did not achieve its goal of halving unemployment an d poverty by 2014

3.3.5How will South Africa benefit in a dynamic global environment if the NDP succeeds? the NDP succeeds South Africa

3.4Explain the role of international institutions in the standardisation of a country s indicators.

3.5How can unequal standard of living related to the North South divide be addressed

Q4— Section header —

4.1Answer t he following questions

4.1Name TWO types of markets that form part of the financial system. Money Capital Foreign exchange (2 x 1\ (2\

4.1.2is it important to use movin g averages to forecast business cycles? It removes fluctuation in economic data which makes it easier to predict business cycles (a particular trend\

4.2.1Identify the country the extract that belongs to the G8 countries. United Kingdom (1\

4.2.2What is the impact of corruption on full employme nt as a macroeconomic objective? Decrease employment / Unemp loyment will increase (Accept any other correct relevant response\ (1\

4.2.3Briefly describe the term balance of payments It is a record of all financial transactions between one country and the rest of the world for a specific period usually one year (Accept any other correct relevant response\

4.2.4Why would public sector failure lead to economic instability Incorrect use of fiscal policy would not: effectively stabilise prices / correct the balance of payments /

4.2.5w could foreign direct investments influence the growth rate in South Africa? The economic growth rate would be influenced positively when: foreigners increase their FDI in South Africa, production of

4.3DATA RESPONSE

4.3.1Name any ONE member country that belongs to BRICS. China, Brazil, South Africa, Russia, India (1\

4.3.2What is the purpose of BRICS BRICS strive towards development of all mem ber countries increase investment / increase trade / to promote integration between member countries (Accept any other correct relevant response\

4.3Briefly describe the term recession A negative economic growth rate for at least two conse cutive quarters / refers to

4.3Why would a recession affect emerging market economies more than developed economies During a recession developed economies tend to

4.3How can countries benefit from international trade agreements? Coun tries would benefit by: enjoying reduced tariffs imports and exports securing credit lines amongst member countries

4.4Briefly explain the role of households and the business sector in the circular flow mod el. HOUSEHOLDS:

4.5How can the monetary policy contribute to economic growth? The mone tary policy contributes to economic growth by:

Q6— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total150 marks

Sections40 + 40 + 40 + 40 + 40 = 200 marks

Paper information

SubjectEconomics

Year2019

SessionNovember

TypeMemo

PaperPaper 1

LanguageEnglish

Pages21

Downloads11

Examination context

Decade2010s

Years ago7y

SeasonSpring (SH)

Start dayTuesday

Exam periodNovember 2019

Days since exam2,546

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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