Economics Paper 1 (English)

November 2019 — Grade 12 / Matric — Economics

Past Paper 2019 Grade 12 English Economics Hub →

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🎯 150 marks ⏱️ 2h 📄 2 pages 📝 64 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.

1.1.1A characteristic of monopolistic competitor produce a homogeneous product. obtain economic profits in the long run. have full control over the price

1.1.2A s ocial benefit is the sum of private benefit and

1.1.3The supply curve of the oligopolistic negatively

1.1.4price. marginal revenue supply

1.1.5During stagflation a country experiences low economic growth and igh employment

1.1.6The agreement to ban 12 of the most dangerous manufactured chemicals was addressed by the

1.1.7Which of the following is an example of an e nvironmental World Heritage ite?

1.1.8Natural resources are managed in such a way that it is available to present and future generations

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

1.2.8\in the ANSWER BOOK. COLUMN A COLUMN B

1.2.8Explicit costs Deregulation Cartel Maximum prices Production Price In dex Green economy Deflation Outbound tourist

1.3Give ONE term for each of the following descriptions. Write only the term next to the question number (1.3.1 to

1.3.6\the ANSWER BOOK.

1.3.1A situation where total rev enue is equal to total cost

1.3.2An imperfect market structure that makes a normal profit in the long run

1.3.3The period of time where at least one of the factors of production remains fixed

1.3.4People travelling to and staying in places outside their usual environment for no more than one consecutive year

1.3.5ype of inflation that measures price changes to all final goods and services, not only those in the selected basket

1.3.6A licence given to businesses allowin g them to p ollute up to a certain level (6 x 1\ (6\ TOTAL SECTION A: 30

Q2— Section header —

2.1Answer the following questions.

2.1.1Give any TWO examples of fixed cost. (2 x 1\

2.1.2Why are businesses under the perfect market structure price takers (1 x 2\ (2\

2.2Study the graph below and answer the questions that follow. [Adapted from Google images.com

2.2.1Give an example of a negative externality. (1\

2.2.2Name the s haded area (A\the graph above (1\

2.2.3Briefly describe the term social cost (2\

2.2.4Explain lack of information to entrepreneurs as a cause of market failure.

2.2.5Why is the socially optimal output more benefici al to society? (2 x 2\ 4\ MPC (S\ MSC (S

3.5If the merger w ere allowed, how would it benefit the companies involved (2 x 2\ (4\ .4

Q3— Section header —

1.1Give TWO reasons for growth in the tourism industry in South

3.2Study the table below and answer the questions that follow.

3.2.1Where did most inbound tourists come from during 20 17? (1\

3.2.2What was the percentage increase of tourists from the Middle East? (1\

3.2.3Briefly describe the term business tourism. (2\

3.2.4hy is job creation easy in the tourism industry? (2\

3.2.5What should the government do to promote tourism (2 x 2\ (4\ 2017 (January

3.3Study the info rmation below and answer the questions that follow. [Source: Shoutslogans.com

3.3.1Which country has the highest population in the world (1\

3.3.2Identify the environmental problem related t o removing of trees and plant life. (1\

3.3.3Briefly d escribe the term biodiversity (2\

3.3.4In what way can the Convention o n International Trade in Endangered Species (CITES\address the loss of biodiversity (2\

3.3.5How can environmental subsidies be used to reduce environmental damage? (2 x 2\ (4\ .4 Briefly discuss the benefit

Q4— Section header —

4.1Answer the following questions.

4.1.1Name TWO features of public goods (2 x 1\ (2\

4.1.2How does inflation af fect investors positively (1 x 2\ (2\ 4. Study the

4.2.1Where does the marginal cost curve (MC\ intersect the average cost curve (AC\ (1\

4.2.2Identify the price where the individual producer will make an economic profit. (1\

4.2.3Briefly describe the term marginal cost (2\

4.2.4Why is the marginal revenue curve (MR\ in the perfect market the same as the demand cu rve (2\

4.2.5Ex plain how l ong run equilibrium is achieved in the market. (2 x 2\ (4\

4.3Study the advertisement below and answer the questions that follow. [Adapted from www.google.com

4.3.1What type of tourism is depicted in the picture above? (1\

4.3.2Which organisation is responsible for marketing tourism in So uth Africa? (1\

4.3.3Briefly describe the term ndigenous nowledge ystems (2\

4.3.4Why is it necessary to have controlled visits to the various SAN Parks in South Africa? (2\

4.3.5How can the marketing of World Heritage Sites bene fit local communities? (2 x 2\ (4\ 4. With the aid of a graph explain the impact of minimum

4.5How successful has South Africa been i n using educa tion to ensure environmental sustainability (8\ [40]40

Q5— Section header —

Q6— Section header —

Topics Identified

MicroeconomicsMacroeconomicsInternational Trade

Mark Allocation

Total150 marks

Sections40 + 40 + 40 = 120 marks

Key Information

Websitewww.google.com

Paper information

SubjectEconomics

Year2019

SessionNovember

TypePast Paper

PaperPaper 2

LanguageEnglish

Pages12

Downloads6

Examination context

Decade2010s

Years ago7y

SeasonSpring (SH)

Start dayTuesday

Exam periodNovember 2019

Days since exam2,544

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 2 (English) →

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