Economics Memo 1 (English)

November 2016 — Grade 12 / Matric — Economics

Memo 2016 Grade 12 English Economics Hub →

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🎯 150 marks 📄 19 pages 📝 53 items found 📚 3 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1.8ublic roduct parastatals ree floating per c apita i ncome nterest rates

1.2MATCHING ITEMS

1.2.8worldwide interaction of economies with trade as a common lement trade policy that encourages the pro duction of locally manufactured goods to be sold abroad

1.3GIVE THE TERM

1.3.6Business cycles Amplitude Ad valorem Employment Equity Terms of Trade Unemployment (No abbreviations or e xamples are

Q2— Section header —

2.1Answer the following questions

1.1Name TWO types of business cycles. Kitch Jugl Kuznets Kondratieff (2 x 1\ (2\

2.1.2How will foreign direct investment benefit the South African economy? Provide capital for new enterprises/expansion on existing nterprises / increased competition Increase in income/revenue for business/state

2.2DATA RESPONSE

2.2Identify TWO indirect taxes in the cartoon above Value dded ax (VAT\ Fuel levies Sin tax (2 x 1\

2.2Name the fiscal instrument represented by the scale in the cartoon above. Taxation

2.2What is the surprise depicted in the cartoon above? The Minister of Finance did increase any income tax and VAT as

2.2In your opinion, why did the Minister of Finance decide to keep income tax and VAT at the same le vels? ue to increased income tax in 2014/15 he didn't want to over burden the tax payers prevent

2.3DATA RESPONSE

2.3.1Identify the reason in the extract why South Africa agreed to import chicken from the US. South Africans consume more chicken than people in any other African country / Local producers have struggled to keep up with

2.3.2Name the trade initiative mentioned above. African Growth and Opportunity Act (AGOA\

2.3.3Briefly describe the term dumping Selling goods in a foreign market at prices that are below the cost of production in the country of origin (Accept any other correct relevant response (2\

2.3.4What will be the effect population growth in South Africa chicken imports from the US? An increase in the population wi ll cause an increase in the demand for chicken pieces from the US and imports will

2.3.5What negative impact could this deal have on the local poultry industry The local poultry indust may experience consumer resistance against the product due to a low quality of import

2.4Distinguish between exogenous approaches and endogenous approaches to business cycles. Endogenous approach:

2.5How can imports be targeted to reduce the deficit on the balance of trade in South Africa? South Africa can use import substitution as part of their international

Q3— Section header —

3.1Answer the following questions

3.1.1Name TWO social indicators related to income distribution. Lorenz curve Gini Coefficient Quintile Ratio Head Count Index Human Development Index Poverty line / poverty gap

3.1.2How can deregulation benefit the business sector of South Africa? By o ing up opportunities fo r form ly excluded businesses to participate in the formal e

3.2DATA RESPONSE

3.2.1Identify any TWO previous strategies in the informa tion above that were used to improve economic growth in South Africa. GEAR Growth Employment and Redistribution NGP New Grow th Path

3.2.2State the main aim of the ND It provides a road map government for 2030 / poverty relief / economic growth / economic transformation / sustainable job opportunities / income distribution

3.2What negative impact will the NDP have on the taxpayers? For implementation of the NDP the state will increasingly need more revenue more and higher taxation will be needed / reduce disposable income even

3.2In your opinion, how successful will the implementation of the NDP be in the South African economy? he implementation of NDP will uccessful due to the following reasons: ood progress has been made since 2014 in the construction

3.3DATA RESPONSE

3.3.1What happened to the standard of li ving of South Africans between 1996 and 2015? It improved (1\

3.3.2Identify an element of the Human Development Index (HDI\ in the information above. Standard of living (1\

3.3.3What can the government do to improve the quality of ser vice delivery even further? The government should: Accept accountability give account for their actions and

3.3.4How can the private sector get involved through public private partnerships to strengthen the efforts of government? The private sector can: Accept responsibility for a cl ean environment (street and pavement\ to reduce the workload of municipalities

3.3In your opinion, how can labour mar ket access drive future improvement in living standards? The following can improve the access into the labour market aimed at improved living standards etter standard of basic education

Q4— Section header —

4.1.1Give TWO reasons for public sector failure. Management failure Apathy Lack of motivation Bureaucracy Politicians Structural weaknesses Special interest group (2 x 1\

4.1.2How will a decrease in export prices affect our country's terms of trade? It would be negatively affected because our revenue received from exports will decline (Accept any other correct relevant respon

4.2DATA RESPONSE

4.2.1What market is depicted in the graph above? Foreign Exchange market /Currency market (1\

4.2.2What effect does the shift in the demand curve have on the price of dollar The price of dollars will increase/appreciate (1\

4.2.3Briefly describe the term exchange rate The price of one currency expressed in terms of another (2\

4.2.4What will the effect of the new price for dollars be on export trade b etween South Africa and the United States? Exports from South Africa will increase more South African goods can be purchase at the same price because of the depreciation of

4.2.5Explain how an incr ease in the number of US tourists to South Africa will influence the value of the rand. More US tourist in South Africa means a higher demand for he

4.3DATA RESPONSE .3.1 Give TWO factors the extract above that contributed to the poor performance of the South African economy. Slump in commodity price Weak ening demand from

4.3.2When is a country officially in a recession? When the country experiences a negative economic growth r ate for two consecu tive quarters (2\ .3. What impact will a downgrading of South Africa's credit rating

4.4Briefly discuss any TWO arguments in favour of privatisation. Privatisation ensures additional funds (income\ for government this will help them to maintain and manage state owned enterprises

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

Year2016

SessionNovember

TypeMemo

PaperPaper 1

LanguageEnglish

Pages19

Downloads6

Examination context

Decade2010s

Years ago10y

SeasonSpring (SH)

Start daySaturday

Exam periodNovember 2016

Days since exam3,639

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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