Indicators which change before the business cycle changes are called … indicators.

The purchase of shares on the JSE by a foreigner is an example of … investments

The new economic paradigm is embedded in … side policies.

To reduce cost without producing fewer goods, refers to …

In the case of merit goods, the market tends to … these goods.

A firm will increase production when …

Globalisation is increased by trade …

To reap the benefits of efficient markets, countries rely on the
principle of … advantage

The policy which reflects the demographic and gender profile of the
country is known as the ... policy

A national demand for higher wages will lead to …

Tourists are fascinated by local community practices, food
preparation and rituals. This complex set of knowledge and skills is
known as …

A firm will spend less on pollution reduction equipment because of its marginal...

Buying and selling of government bonds to influence the amount of
money in circulation

The ratio of the index of export prices to the index of import prices

The aim of this initiative is to halve poverty and unemployment in
South Africa by 2014

Many buyers and sellers with relatively easy entrance into the
market

An international agreement aimed at reducing greenhouse gases

Use resource

Choose the correct word from those given in brackets. Write only the word next to the question number.

1.1 In the circular flow, savings is an example of a/an (leakage/injection).

 1.2 Direct investments include investment in (antiques/fixed property).

1.3 The budget is presented to parliament by the Minister of
(Finance/Public Enterprises).

1.4 Government intervention was condemned by the
(Keynesians/Monetarists).

List the THREE sectors that are used to calculate the gross value added at basic prices.

Study the graph below and answer the questions that follow

3.1 What is illustrated by the Laffer curve?

3.2 At what point will government revenue maximise?

3.3 What will be the effect on government revenue if the tax rate increases from 40% to 80%?

3.4 What is the implication for the government if the tax payer is taxed at 100%?

3.5 What illegal behaviour by the worker will be encouraged if the tax rate is too high?

Study the graph below and answer the following questions

4.1 Name ONE turning point in the business cycle.

4.2 What is indicated by the trend?

4.3 Explain how the government can stimulate economic activity in an effort to smooth out business cycles.

4.4 What impact, do you think, will a huge investment, such as the Gautrain project, have on the business cycle?

Explain the role of the foreign sector as a participant in the circular flow.

Discuss changes in exchange rates as a method to correct the balance of payments disequilibria

Choose the correct word from those given in brackets. Write only the word next to the question number (1.1–1.4).

1.1 Decisions without interference from the government, describe a/an (regulated/ unregulated) market.

1.2 Costs which remain the same regardless of the level of production are called (fixed/variable) costs.

1.3 Pollution is a form of a (private/social) cost.

1.4 Eskom is an example of a/an (natural/artificial) monopoly

List the THREE institutions that control anti-competitive behaviour in South Africa

Study the graphs below and answer the following questions

3.1 Which type of market structure is represented by the graphs?

3.2 How is the price for an individual business determined?

Use the graph above to answer this question. 

Copy the graph of the industry and show what would happen to the price if most of the firms decide to leave this market.

Study the extract below and answer the questions that follow.

Explain the concept collusion. (2 marks)

Which characteristic of the oligopoly features clearly in the extract?
Motivate your answer.

How can government intervention resolve this shortage in the production of glass?

How will the import of bottles from Europe affect local wine prices?

Discuss how the provision of public goods and services can lead to market failure.

Draw a fully labelled graph to illustrate the shut-down point in a perfect market.

Choose the correct word from those given in brackets. Write only the word next to the question number.

1.1 A budget deficit of less than (3%/10%) of the GDP is an acceptable benchmark in line with international best practice.

1.2 Economic growth consists of growth of real (per capita GDP/GDP).

1.3 Export processing zones are (free-trade /protectionist) areas linked to a harbour or airport.

1.4 Loans to the public and private sector for infrastructure development are granted by the (SARB/DBSA).

Name any THREE macroeconomic policy objectives in South Africa.

Study the cartoon below and answer the questions that follow.

Explain the term dumping

What effect do cheap imports from China have on the textile industry of South Africa?

Name ONE measure that the government can employ to reduce
cheap Chinese imports

Give TWO reasons why investment from China does not really benefit Africa

Study the extract below and answer the questions that follow.

Give ONE reason why authorities use load-shedding.

Name ONE member country of the South African Development Community (SADC).

What is meant by energy infrastructure?

Name TWO advantages for the government in using low-cost energy services.

Discuss the Gini coefficient.

Explain Spatial Development Initiatives (SDIs).

Choose the correct word from those given in brackets. Write only the word next to the question number

1.1 A combination of increasing unemployment and high inflation is known as (deflation/stagflation).

1.2 Inflation generally benefits (pensioners/debtors).

1.3 Domestic tourism refers to people travelling (outside/within) the borders of a country

1.4 Meeting the needs of the present generation without compromising the needs of future generations is called (sustainable/rural)
development

Name any THREE causes of demand-pull inflation.

Study the extract below and answer the questions that follow

Define the concept environmental sustainability.

Which international agreement is referred to in the extract?

What effect do the natural disasters above have on renewable resources?

How will earthquakes and tsunamis lead to water pollution?

Study the cartoon below and answer the questions that follow.

7.1 Which institution plays a key role in controlling inflation?

7.2 What does the abbreviation MPC in the above cartoon stand for?

7.3 What rates are used to influence consumer spending?

7.4 What does 3–6% refer to?

7.5 Which policy is used by the government to control the money supply in South Africa?

Discuss any TWO fiscal measures that can be used to combat inflation

Discuss any TWO public sector intervention measures to ensure environmental sustainability.

Choose the correct word from those given in brackets. Write only the word next to the question number

1.1 The (HDI/RDP) focuses on living a long and healthy life, being educated and having a decent standard of living.

1.2 Economies that have developed and developing components are known as (industrialised/dualistic) economies.

1.3 Price discrimination occurs when (identical/different) goods are sold at different prices.

``1.4 A cost-benefit analysis is normally done for projects in the (public/private) sector.

Give any THREE examples of social indicators used in South Africa

Study the extract below and answer the questions that follow.

Define the manufacturing sector.

Why, do you think, the promotion of small-business development is important to the IMS?

Give ONE example of a key growth sector.

Why, do you think, the Integrated Manufacturing Strategy promotes BEE?

Study the graph below and answer the questions that follow.

Define the term externality

Which type of externality is depicted by this graph?

At which output level is production taking place on the market?

Explain how this externality leads to market failure

Draw a comparison between economic growth and economic development

Explain how government intervention can improve income distribution when markets fail

Discuss the problems of public sector provisioning.

Discuss monopoly as a market structure and illustrate, with the aid of a graph, how a monopolist can achieve economic profit.

Discuss export promotion as part of South Africa's foreign trade policy.

Discuss the benefits of tourism to the different sectors in the South African economy.