Economics Paper 1 (English)

November 2022 — Grade 12 / Matric — Economics

Past Paper 2022 Grade 12 English Economics Hub →

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🎯 150 marks ⏱️ 2h 📄 12 pages 📝 76 items found 📚 3 topics 🔑 1 key info

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Q1— Section header —

1.1Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A D\ next to the question numbers (1.1.1 to 1.1.8\the ANSWER BOOK, e.g. 1.1.9 D.

1.1.1Products that consumers can use repeatedly to satisfy their needs goods

1.1.2The b uying and selling of government securities to control the moral suasion. cash reserve requirements.

1.1.3Public goods that ar e non excludable and non rival in consumption

1.1.4The b alance of payments account that records transactions related to exports and imports of goods and services is known as the Account

1.1.5A trade protocol that i s meant to improve trade relationships between the nited States of America and Africa is called the

1.1.6A redress measure that aims to compensate citizens who lost their land redistribution. property subsidy. land reform.

1.1.7The Platinum Spatial Development Initiative (SDI\ focuses on

1.1.8n indicator that measures the number of children who die before pending on health

1.2Choose a description from COLUMN B that matches the item in COLUMN A. Write only the letter (A I\next to the question number (1.2.1 to

1.2.8\in the ANSWER BOOK, e.g.

1.2.9J. COLUMN A COLUMN B

1.2.8Money flow Keynesian approach Medium erm Expenditure Framework Unrecorded transactions

1.3Give ONE term for each of the following descriptions. Write only the term next to the question numbers (1.3.1 to 1.3.6\in the ANSWER BOOK. Abbreviations, acronyms and examples will NOT be accepted.

1.3.1The total market value of all final goods and services produced by permanent citizens of a country within a specific period

1.3.2When resources are allocated in such a way that no one can be made better off without making someone else worse off

1.3.3Compares a country export price with its import price s by means

1.3.4Selling goods in a foreign market at prices that are below the cost of production in the country of origin

1.3.5tract of land that forms a passageway which allows access from one area to another to promote regional development

1.3.6The number of employed person expressed as a percentage of the economically active population (6 x 1\ (6\ TOTAL SECTION A: 30 Economics/P1

Q2— Section header —

2.1Answer the following questions.

2.1.1Name any TWO macroeconomic o bjectives of the public sector. (2 x 1\ (2\

2.1.2Why are subsidies on products subtracted when conver ting ross

2.2Study the table below and answer the questions that follow. THE MORE YOU EARN THE MORE YOU PAY RATES OF TAX FOR INDIVIDUALS TAXABLE INCOME

2.2.1Identify the marginal tax rate for a person earning between R216 201 and R337 800 per year. (1\

2.2.2Name the income tax system represented by the table above (1\

2.2.3Briefly describe the term fiscal policy (2\

2.2.4Explain the effect of high tax rates on tax payers in a country

2.2.5Use the information in the table above to c alculate the income tax payable if one receives an annual income of R480 000. (4\ Economics/P1 DBE/November 2022

2.3Study the graph below and answer the questions that follow. FOREIGN EXCHANGE MARKET 100 120

2.3.1Identify the original exchange rate in the graph above (1\

2.3.2Name the exchange rate system used in South Africa (1\

2.3.3Briefly describe the term devaluation (2\

2.3.4What is the benefit of a surplus on the current account of the balance of payments

2.3.5With reference to t he graph above , explain the effe ct of the increase in the demand for US dollar on the value of the rand.

2.4Explain the interrelationship between households and businesses in the circular flow model

2.5Analyse the problems faced by the South African government in providing public goods and services (4 x 2\ (8\ [40]40

Q3— Section header —

3.1Answer the following questions.

3.1.1Name any TWO forms of economic integration. (2 x 1\ (2\

3.1.2Why do people often migrate to cities and urban areas? (1 x 2\ (2\

3.2Study the cartoon below and answer the questions that follow. INTERNATIONAL TRADE LIBERALISATION Source: www.google.com

3.2.1Identify the international trade policy depicted by the cartoon above (1\

3.2.2What does the abbreviation WTO stand for? (1\

3.2.3Briefly describe the term import substitution (2\

3.2.4Why is it necessary for infant industries to be protected? (2\

3.2.5How can Sou th Africa benefit from free trade (2 x 2\ (4\ FREE TRADE AT LAST!!! FREE TRADE AT LAST!!! NO MORE PROTECTIONISM

3.3Study the graph below and answer the questions that follow. SOUTH AFRICA QUARTERLY LABOUR PRODUCTIVITY

3.3.1Identify in the graph above, the period in which South Africa experienced the highest negative growth rate

3.3.2Name any ONE institution that publishes economic indicators in South Africa (1\

3.3.3Briefly describe the term social indicator (2\

3.3.4Explain th impact of an increase in labour productivity on businesses (2\

3.3.5How can the government improve the productivity of the South African labour force (2 x 2\ (4\

3.4Briefly d iscuss subsidies and incentives as methods of export promotion (2

3.5Evaluate South Africa s regional development policies in terms of the international benchmark criteria. (4 2\ (8\

Q4— Section header —

4.1Answer the following questions.

4.1.1Name any TWO effects of international trade. (2 x 1\ (2\

4.1.2How does Broad Based Black Economic Empowerment (BBBEE\ promote industrial development? (1 (2\

4.2Study the diagram below and answer the questions that follow. CIRCULAR FLOW AND THE MULTIPLIER Income ( = R100m

4.2.1Identify the value of marginal propensity to save mps in the diagram above

4.2.2Name the leakage that relates to the foreign sector. (1\

4.2.3Briefly describe the term autonomous consumption (2\

4.2.4Explain the importance of savings in the economy (2\

4.2.5Use the marginal propensity to consume ( mpc \in the diagram above to determine the value of the multiplier. Show the formula and ALL calculations

4.3Study the extract below and answer the questions that follow. INDUSTRIAL DEVELOPMENT IN SOUTH AFRICA The mission of the Department of Trade, Industry and Competition (DTIC\ to promote structural transformation towards a dynamic industrial and globally

4.3.1 Identify the policy that sets out the government approach to industrialisation.

4.3.2 Name any other incentive provided by the DTIC to promote industrial development in South Africa. (1\

4.3.3 Briefly describe the term special economic zones (SEZ (2\

4.3.5 Why is infr astructure development in previously neglected areas important? (2 x 2\

4.4Briefly discuss population growth and life expectancy as demographic ind icators. (2 x 4\

4.5How can South Africa reduce imports in order to correct a balance of payments

Q5— Section header —

Q6— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total150 marks

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

Key Information

Websitewww.google.com · www.thedtic.gov.za

Paper information

SubjectEconomics

Year2022

SessionNovember

TypePast Paper

PaperPaper 1

LanguageEnglish

Pages12

Downloads11

Examination context

Decade2020s

Years ago4y

SeasonSpring (SH)

Start daySaturday

Exam periodNovember 2022

Days since exam1,448

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 marking memorandum

Marking memorandum available

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Economics Memo 1 (English) →

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