Economics Memo 1 (English)

November 2015 — Grade 12 / Matric — Economics

Memo 2015 Grade 12 English Economics Hub →

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🎯 150 marks 📄 20 pages 📝 55 items found 📚 3 topics

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Q1— Section header —

1.1MULTIPLE CHOICE QUESTIONS

1.1.8B (i nvestment\ amplitude C (collective\ (assets and liabilities\ dumping (medium subsidies mortality

1.2MATCHING ITEMS

1.2.8

1.3GIVE ONE TERM

1.3.6Multiplier Money / financial Merit / public Foreign / international Gini Life expectancy (6\ TOTAL SECTION A:

Q2— Section header —

2.1.1Give TWO examples of injections in the circular flow. Export income / X Investments Government expenditure/spending Any (2 x 1\ (2\

2.1.2What effect will quotas have on imports? t will rest rict imports (decline Imports become more expensive (1 x 2\ (2\

2.2Data Response

2.2.1What method of calculation was used in the table above to determine the ross omestic roduct? Income method

2.2.2Give ONE exa mple of taxes on products. VAT Sins tax / excise duty Fuel levy (1\

2.2Name the missing item labelled (A\. GVA GDP at basic prices

2.2How would you convert GDP to GNP? GDP plus primary income from the rest of the world minus primary income to the rest of the world / GDP plus/minus net primary income (2\

2.2Calculate the compensation of employees as a percentage of GDP at market prices in 2013. Show ALL calculations. 576/3 385 x 100 = 46

2.3Data Response

2.3.1What message is conveyed in the cartoon above? Free trade is bene fitting the developed countries / less developed countries are disadvantaged (Accept any other relevant answer\

2.3Which international organi ation promotes free trade? World Trade Organisation (WTO\

2.3.3Suggest ONE way in which a country can be disadvantaged by free trade Dumping can take place It can lead to economic instability Exploitation of natural resources

2.3.4How d oes South Africa benefit from trade relations with China? Greater variety of products on South African markets any products are cheaper Chinese investment greater in South Africa: boost the economy

2.5How can the household as an important participant in the circular flow model contribute to build ing the econ omy The owners of the four factors of production

Q3— Section header —

3.1.1Name any TWO redress measures currently used in South Africa. Act Employment Equity Act Land Restitution Act Land Redistribution Act

3.1.2How does ec onomic growth relate to economic development? When an economy is growing the following may result: More jobs will be created More people will receive income The standard of living will improve

3.2Data Response

3.2.1

3.2.2What message is conveyed in the cartoon above? North/South divide North is controlling the South The North benefits more than the South The North has all the wealth compa

3.2.3Why will the subsidi ing of agricultural produce by wealthy countries make it difficult for developing countries to participate? Subsidies le ad to lower market prices for wealthy countries and developing countries experience unfair competition

3.2How do countries in the orth contribute to the destruction of the environment? Mass production of goods and servi ces causing pollution High levels in industrial activities cause c limate chang Over industrialisation

3.3Data Response

3.3.1What does the abbreviation SDI stand for? Spatial Development Initiative

3.3.2Give ONE example of an SDI in South Africa. Maputo Development Corridor Richards Bay SDI Wild Coast SDI Lubombo SDI Fish River SDI West Coast Investment Initiative

3.3.3Explain the term corridor A corridor is a spatial area that forms a passage way allowing access from one area to another and offering advantages to mining, manufacturi ng and other businesses Accept

3.3.4How will South Africa benefit from Improving logistics and policy environment New investments Job opportunities New business opportunities New export

3.4Briefly discuss pecial conomic ones (SEZs\ in South Africa. It is a geographical demarcated area where specific economic activities have been identified to d evelop Main aim is to expand the manufacturing sector

3.5o what extent has the government s fiscal policy succeeded in ensuring a des irable redistribution of income? Progressive personal income tax implicates higher tax rates levied high

Q4— Section header —

4.1.1Name any TWO phases of a business cycle. ecession epression rosperity ecovery (Accept any other relevant fact\

4.1.2How does a high level of education influence the ability of an individual to get employed? It provides skills to do a specific job It provides knowledge to do a specific job (Accept any other relevant answer\

4.2Data Response

4.2.1Identify the institution responsible for publishing the data above. South African Reserve Bank / SARB (1\

4.2What is the trend in the index o import prices? The index of import prices is increasing

4.2

4.2Briefly explain why an increase in the terms of trade will ha ve a positive effect on the welfare of the country There will be increasing economic welfare be cause more revenue is earned with the same expenditure

4.2Calculate the terms of trade for 2011 (A\. Show ALL calculations. Round off your answer to ONE decimal place. 100 = 124 (Max 4\

4.3Data Response

4.3.1Which curve is depicted in the graph above ffer curve (2\

4.3.2What tax rate will generate maximum revenue for the government? 40% (2\

4.3What is the correlation between a tax rate of zero and a tax rate of 100 for the government? In both scenarios government will receive no income (2\

4.3.4Explain the implication of a tax rate of 60% on the taxpayer. Tax evasion or tax avoidance will occur because too much tax is levied on the taxpay er Taxpayer s burden will increase by 20%

4.4Differentiate between devaluation appreciation of a currency. Devaluation A decrease in the value of a currency by authorities (government\ efers to a fixed exchange rate system

4.5How can the South African government improve efficiency in service delivery Goods and services should be provided in the desired quantity and quality Public goods

Q5— Section header —

Q6— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total150 marks

Paper information

SubjectEconomics

Year2015

SessionNovember

TypeMemo

PaperPaper 1

LanguageEnglish

Pages20

Downloads5

Examination context

Decade2010s

Years ago11y

SeasonSpring (SH)

Start dayThursday

Exam periodNovember 2015

Days since exam4,009

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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Corresponding examination paper

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