Economics Memo 2 (English)

November 2016 — Grade 12 / Matric — Economics

Memo 2016 Grade 12 English Economics Hub →

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🎯 150 marks 📄 17 pages 📝 48 items found 📚 3 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1.8lectricity is h ori ontal emand externalities plicit biodiversity stagflation

1.2MATCHING ITEMS

1.2.1.2.2

1.2.8expenses incurred by businesses when producing an article situation where the business does not make a profit or a loss businesses that produce similar products the incre ase in the percentage output is less than the increase

1.3GIVE THE TERM

1.3.6Economic profit Supernormal Abnormal Short term Short run arket Patent Greenhouse

Q2— Section header —

2.1Answer the following questions

2.1.1Name any TWO institutions that regulate unfair competition in South Africa. Competition Commission Competition Tribunal Competition Appeal Court Any (2 x 1\ (2\

2.1.2How will producers benefit from minimum prices that are implemented by the government? roducers will be able to make a comfortable profit which will encourage them to

2.2Data response

2.2.1Identify the market structure in the grap h above. Perfect market Perfect competition

2.2.2Give the value of the market price depicted above.

2.2.3How will this equilibrium position change in the long run (long term\ will change norm profit firms leaving the

2.2.4What conditions must exist for this firm to shut down? n it cannot meet its average variable cost / price is less than /equal to AVC / TR < AVC

2.2.5Calcula te the economic loss faced by this firm. Unit loss: R40 TR TC Total loss: 100 x 40 = 500

2.3Data response

2.3.1Identify ONE external cost the project above. Pollution (1\

2.3.2Identify a social benef it the project above. New job opportunities / quality service deliveries / High quality product (1\

2.3What can the government do to reduce the external cost of the project above? he government can Install equipment that will reduce p ollution

2.3.4How will the government benefit from the approval of the project above? The government will Earn more revenue from selling the product Receive

2.3.5Why should the government do a cost benefit analysis before starting each new project? CBA will enable the government to: Make informed decisions Be more objective in its decision making Be

2.5How may differentiated products influence consumers and producers in a monopolistic competitive market? Consumer The consu mer may regard one product as bette r, whether real or imagined, t

Q3— Section header —

3.1Answer the following questions.

3.1.2Name any TWO millennium development goals that form part of international agreements that ensure a sustainable environment. Eradication of poverty and hunger Achieving universal primary education Gender equality

3.2Data response .2.1 Identify the percentage wage increase in the extract above that was demanded by workers in the transport industry .2.2 Which labour union represents the workers in the mining sector above?

3.2.4Briefly explain ONE reason for the excessive wage demand above. The high cost of living results in wages being ins uff icient to cover the basic needs Accept any other correct relevant response\

3.3Data response

3.3.1What, according to the information above, should be reduced to avoid global warming? The burning of fo sil fuel /fossil fuel emissions / human activity .3.2 Identify ONE negative effect of global warming.

3.3.4Why do businesses resist changing to more environmentally friendly production methods? The resist (fear\ the change to more environmentally fri endly methods due to

3.3.5hat can be done to reduce the emissions caused by the burning of fossil fuels? Equipment can be installed in plants /cars that will reduce emissions e.g. catalytic converters / air filters

Q4— Section header —

4.1.1Name any TWO types of tourism. Leisure and recreation usiness and professional Eco tourism Cultural edical Community Paleo

4.1.2Why is a perfect competitor unable to influence the market price? The producer is too small i n relation to the size of the market therefore is a price taker (1 x 2\ (2\

4.2Data response

4.2.1Which curve represents the average revenue (AR\ curve? Demand curve

4.2.2How many firms dominate this type of market? One

4.2.3Why does the marginal revenue (MR\ curve lie below the demand curve? Due to the negative sloping demand curve, every additional unit is sold at a lower price (Accept any other cor rect relevant response\

4.2.4Why will the monopolist not be able to charge excessively high prices for his/her product? Although the monopolist is the only supplier in the market, it is still influenced by market forces Due to the

4.2Redraw the graph above into the ANSWER BOOK. Indicate economic pr ofit on your graph by inserting the average cost (AC\ curve and marginal cost (MC\ curve on the same set of axes.

4.3Data response .3. Give ONE reason in the extract above why South Africa is regarded as a very popular tourist destination. Spectacular scenery Friendly people orld class infrastructure .3.2

4.3.5In your opinion, how can the tourism industry benefit the poor, rural communities of South Africa? Increase in mployment opportunities guesthouses hotels estaurants Expansion of the arket for indigenous arts

4.4Explain the goals of the South Afr ican competition policy. Prevent the abuse of economic power e.g. forming of monopolies Regulate the growth of market power

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 2

LanguageEnglish

Pages17

Downloads4

Examination context

Decade2010s

Years ago10y

SeasonSpring (SH)

Start daySaturday

Exam periodNovember 2016

Days since exam3,640

About Economics examination preparation

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

Every available Grade 12 Economics past paper and memorandum is collected in the Economics hub at economics.freemode.co.za — browse all years, sessions and languages in one place.

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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.

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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Corresponding examination paper

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Economics Paper 1 (English) →

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