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Q1— Section header —
1.1Various options are provided as possible answers to the following questions. Write down the quest ion number (1.1.1
1.1.8\, choose the answer and make a cross (X\ over the letter (A \ of your choice in the ANSWER BOOK. EXAMPLE:
1.1.1The point where economic contraction is at its lowest is called trough. peak. trend.
1.1.2The reduction or removal of tariffs that prevent the free flow of goods and services between countries is called protectionism. trade embargo. trade liberalis ation.
1.1.3
1.1.4A form of economic integration that removes all tariffs between member countries called ree trade area
1.1.5The Reserve Bank uses the policy to influence aggregate money supply fiscal monetary budgetary
1.1.6
1.1.7
1.1.8A regional development initiative that focus on the socio economic development of S outhern Africa is known as the African Union.
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
1.2.8\ in the ANSWER BOOK , for example 1.2.9 J. COLUMN A COLUMN B
1.2.8Multiplier effect epartment of Trade and Industry Exogenous factors Lagging indicator Wealth tax Employment equity roductivity
3.6\ in the ANSWER BOOK. A set of accounts that shows a systematic record of the trade and financial transactions between a country and the rest of the world The curve that show the relationship between tax rates and tax
1.3.6The withdrawal of money from the circular flow (6 (6\ TOTAL SECTION A:
Q2— Section header —
2.1Answer the following questions
2.1.1Name any TWO monetary policy i nstruments. (2 x 1\ (2\
2.1.2Identify ONE benefit of import substitution for domestic households (1 x 2\ (2\
2.2Study the diagram below and answer the questions that follow. Adapted from Google Images
2.2.1Identify ONE injection in the diagram above.
2.2.2Name the type of economy portrayed by the above diagram (1
2.2.3Briefly describe the term circular flow (2\
2.2.4What is the main objective social transfers?
2.2.5Briefly explain the importance of the factor m arket in the circular flow. (2 x 2\ (4\ THE CIRCULAR FLOW OF INCOME AND SPENDING Payment for p
2.3Study the extract below and answer the questions that follow. BUY LOCAL AND BOOST THE SOUTH AFRICAN ECONOMY he Proudly South African campaign requested the support of all South African producers. South Africa currently faces the challenge of competing in
2.3Identify the challenge faced by Sout h Africa to succeed in international markets from the extract above (1
2.3.2Name ONE brand from the extract which is imported from Korea. (1\
2.3Briefly describe the term protectionism (2\
2.3Wh at measures can government take to ensure that local industries are protected? (2\
2.3In your opinion, how can local support boost the South African economy? (4\
2.4Distinguish between the amplitude and trend line as features underpinning recasting. (2 x 4\ (8\
Q3— Section header —
3.1Answer the following questions.
3.1.1Name any TWO aspects that can be used to differentiate countries in the Nort South divide.
3.1.2What is the relationship between economic growth and economic development (1 x 2\ (2\ Study the information
3.2.2What is the main aim of the RDP? (1\ .2.3 What message is depicted in the cartoon above in an economic context
3.3.2What new approach should countries follow in doing business?
3.3.3Briefly describe the term common market (2\ .3. Give ONE rea son why developing countries diversify as part of
Q4— Section header —
4.1Answer the following questions.
4.1.1Name any TWO forms of import substitution (2 x 1\ (2\
4.1.2What impa ct will increase in the VAT rate have the standard of living of the poor? (1 x 2\
4.2Study the table below and answer the questions that follow. BALANCE OF PAYMENTS (BoP\ THE CURR ENT ACCOUNT (R MILLIONS\ Merchandise exports Net gold exports
4.2.2Which i tem records transactions relating to donations and gifts to other countries? (1\ Briefly describe the capital transfer account as part of the BoP (2 Give ONE
4.3Study the cartoon below and answer the questions that follow. Source Paresh cartoons.com
4.3.1Identify ONE major challenge in the cartoon above (1\
4.3.2State ONE negative consequence of poverty in the cartoon above (1\
4.3.3What does the Mandela Legacy refer (2\
4.3.4Suggest ONE way in which South Africa can be freed from inequality. (2\
4.3.5How can human resources be targeted to be more effective in solv ing the problems in the cartoon above?
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