This document is the Economics P2 exam paper from September 2014 for Grade 12 in South Africa. It consists of four sections: Section A with 30 multiple choice questions, Section B with 2 long-form questions to choose from, Section C with 2 essay questions to choose from, and instructions for completing the paper. The questions cover topics like market structures, inflation, economic indicators, and government intervention in markets. Students have 1 hour and 30 minutes to complete the paper.
K-12 Module in TLE - ICT Grade 10 [All Gradings]Daniel Manaog
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K-12 Module in TLE-9 ICT [All Gradings]
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K-12 Module in TLE - ICT Grade 10 [All Gradings]Daniel Manaog
==========================================
K-12 Module in TLE-9 ICT [All Gradings]
Want to Download?
Click the Download at the bottom of the Slideshare :)
==========================================
FRANK ROODT Student number 8069 - Comments Assignment 2 .docxbudbarber38650
FRANK ROODT Student number: 8069 - Comments
Assignment 2
Question 1
In this question you only got one wrong that 1.18, the answer is supposed to be D but you wrote A
Question 2
You did not include the graph hence you did not answer the question. You lost about 12marks
Question 3
All your formulas are wrong hence the figures for your answers are wrong. You lost 5marks. As an
example I have provided you with two of the correct formulas
GNP @mp: GDP @ mp – net factor payments to foreign countries
NNP @ mp: GDP @mp –provision for depreciation-net factor payments to foreign countries
Question 4
You omitted the macro economic stability - Equitable distribution of national income. You lost 2
marks
Question 5
You lost 20 marks because you misunderstood the question. The types of unemployment are:
frictional, structural, seasonal and cyclical. These are the ones you were supposed to discuss
Question 6
You lost 7 marks because you did not match the correct column A to column B. I have highlighted
them in yellow.
Question 7
Your formulas are still incorrect.
Question 8
8.1 Who is the Minister of Finance, NOT the function. You were just supposed to mention his name
8.3 Said in table format and you did not include a table at all
Q1 = 19/20
Q2 = 0/12
Q3 = 0/5
Q4 = 8/10
Q5 = 3/23
Q6 = 3/10
Q7 = 1/5
Q8 = 5/15
Total = 39/100 - 39%
My comment is read more and please make sure you understand the question before answering
it.
Assignment 1
Question 1
1.4 is incorrect. The correct is D
Question2
You lost marks because you did not include the figures in the graph you draw
Question 3
3.1 You lost marks because you did not draw graphs, the question says with the aid of GRAPH. You
only wrote
Question 4
Everything is correct
Question5
You lost 12 marks on this question because you misunderstood the question. You were only
expected to use a simple demand and supply and say what which of the two shifts. Read chapter 8
in the text book
Question 6
You did not answer 6.2 and 6.3
Question 7
You lost marks 20 because you did not include graph in your comparison of monopoly and perfect
competition.
Question 8
You did not include the MC column also your AC cost is wrong, AC=TC/q
You also did not include answers to 8.2 and 8.3
Q1 = 9/10
Q2 = 15/25
Q3 = 12/25
Q4 = 5/5
Q5 = 0/12
Q6 = 10/18
Q7 = 20/40
Q8 = 3/15
Total = 74/150 - 49%
Assignment 1 Micro Economics Student 8069 FD Roodt ID 7908285008089 Email:
[email protected]
1
QUESTION 1
Answer the following questions Only write down the numbers ex 1.1 A.
Study TABLE 1 and answer the questions that follow:
TABLE 1
PRICE (in Rand) QUANTITY DEMANDED QUANTITY SUPPLIED
2 160 80
4 140 100
6 120 120
8 100 140
10 80 160
12 60 180
1.1 In TABLE 1, the equilibrium price is ...
A R12
B R4
C R6
D R8
1.2 A Market shortage will exist if ...
A the price is above the .
1 QUESTION 1 Answer the following questions Only.docxmercysuttle
1
QUESTION 1
Answer the following questions Only write down the numbers ex 1.1 A.
Study TABLE 1 and answer the questions that follow:
TABLE 1
PRICE (in Rand) QUANTITY DEMANDED QUANTITY SUPPLIED
2 160 80
4 140 100
6 120 120
8 100 140
10 80 160
12 60 180
1.1 In TABLE 1, the equilibrium price is ...
A R12
B R4
C R6
D R8
1.2 A Market shortage will exist if ...
A the price is above the equilibrium position
B the price is below the equilibrium position
C there is too many suppliers
D ALL of the above-mentioned
1.3 The additional utility derived from consuming an additional unit of a product is referred to
as .. . utility...
A diminishing
B marginal
C total
D average
1.4 A point inside the production possibility curve represents ...
A an inefficient use of resources
B unemployment
C underemployment
D ALL the above-mentioned
1.5 If an increase in the price of product A causes the demand curve for product B
to shift to the right, then ...
A A and B are compliments
B the price of A must be higher than the price of B
C B must be a normal product
D A and B are substitutes
1.6 If the consumer 's demand for fish increased because of an increase in the price of lamb,
these products are examples of ...
A inferior
B normal
C substitute
D complimentary
user
D:20120903231345+02'00'2012/09/03 11:13:45
PM
--------------------------------------------
1.4 D. correct answer
Q1 = 9/10
user
D:20120903233317+02'00'2012/09/03 11:33:17
PM
--------------------------------------------
grand total 74/150 = 49 %
2
1.7 If the price of a product increases it causes a ...
A shift of the demand curve to the right
B movement along the demand curve
C decrease in the elasticity of demand
D shift of the demand curve to the left
1.8 The concept opportunity costs ...
A can be applied to the analysis of any decision-making process
B is relevant only to Economics
C refers only to actual payments and income
D applies to consumers but not firms
1.9 The fact that a decline in the price of a product causes producers to reduce the quantity
of the product
A the law of supply
B the law of demand
C a change in supply
D a change in demand
1.10 When economists speak of normal goods they mean ...
A manufactured goods with no defects
B goods people usually buy
C goods of which the marginal utility decrease as consumption increases
D goods of which the quantity demanded increases with rising incomes
(10X1=10)
(10)
QUESTION 2
Use the information in the table below and answer the questions that follow:
TABLE 2
Price per square metre in
Rand
: Quantity demand of solar
panels per year in
.. thousands Quantity supplied of solar panels per year in thousands
100 5 40
80 15 25
70 20 20
60 25 15
40 40 10
2.1 Illustrate the demand and supply schedule graphically on one graph. (11)
2.2 user
D:20120903231500+02'00'2012/09/03 11:15:00
PM
--------------------------------- ...
Get the best quality preparations for your class 11 exams with studymate. Our economics sample paper class 11 covers all the topics and helps the students in clearing their concepts and perform well in their exams. Visit https://bit.ly/2mlSjJf
Proton Training Solution (PTS) is a trusted Training Institute in Pune for MBA Entrance Exams (CAT | IIFT | XAT | SNAP | NMAT | CMAT | TISS | MH CET | MAT | ATMA and many others), BBA Entrance Exams (IPM-AT | DUJAT | SET | NPAT | BMCC | MIT and many others). Proton is also associated with many institutes as knowledge partner & provides Aptitude Training for Placement Preparation.
for more information please visit to
https://protons.in/
Assignment 2 Macro Economics B. Student 8069 FD Roodt email:
[email protected] Cell: 0825596746
QUESTION 1 1.1. D
Various possible answers are provided for each question. Choose the correct answer and only write down the
letter next to the question Ex 1 A.
1.1 Which ONE of the following is not a method of calculating national income?
A expenditure method
B output method
C income method
D taxation method
1.2 Technological development is essential for future economic growth because it 1.2 D
A accelerates the economic growth rate
B increases the competitiveness of industries
C leads to further inventions, innovations and scientific discoveries
D all the above-mentioned
1.3 An increase in the following would likely lead to a decrease in national income: A consumption expenditure
B plant and equipment investment
C imports 1.3 C
D residential construction
1.4 Which ONE of the following is not a wage system? 1.4 C
A incentive
B piece
C olace
34
D Time
1.5 Which of the following would be considered a transfer payment?
A payment for a train journey
B monthly instalments on a car
C social security payments 1.5 C
D payment for a room in a hotel
1.6 GDP is the market value of all final goods and services produced in a ...
A given period of time 1.6 A
B given period of time after deduction of indirect business taxes
C given period of time after deduction of depreciation
D given period of time excluding exports
1 .7 The most general scale used to measure inflation is the ... index.
A consumer's
B consumer's price 1.7 B
C production price D selling price
Assignment 2 Macro Economics B. Student 8069 FD Roodt email:
[email protected] Cell: 0825596746
1.8 Stagflation occurs where prices 1.8 C
A drop in an economic recession
B rise in an economic revival
C rise in an economic recession
D drop in an economic revival
1.9 Macro-economics ... 1.9 D
A studies the functioning of the economy in its entirety
B offers explanations for variations in economic processes over time
35
C measures economic processes over time
D involves all of these
1.10 The national income is a measure of :: 1.10 A
A income earned in producing the GOP
B earned and unearned incomes received in a given period of time
C income earned in producing the GOP less transfer payments
D income earned in producing the GOP minus indirect business taxes
1.11 Consumers will tend to buy more of the product when: A its price is reduced 1.11 D
B their income rise
C the prices of competing products rise
D all the above-mentioned
1.12 The following factors influence the supply of labour: (i) labour force 1.12 C (i) , (ii) and (iii)
(ii) pension age
(iii) risk fa ...
ECON 201 HOMEWORK II (20 points) Fall 2021 Due OctoberEvonCanales257
ECON 201 HOMEWORK II (20 points)
Fall 2021
Due October 14, 2021
Chapters 8, 9, 10, 11 & 13
1. Gross Domestic Product (Chapter 8)
2013 2017 2018
Product Quantity Price Quantity Price Quantity Price
MP3s 40 $150.00 45 $200.00 50 $250.00
Tacos 2,000 2.00 2,200 2.25 2,300 2.40
Coats 300 50.00 310 52.00 350 55.00
1.1 Consider the table above for a simple economy: a) Using 2013 as the base year, calculate nominal
GDP, real GDP, and the GDP deflator for 2017 and 2018. b) Using GDP deflator found in part a,
calculate the rate of increase in the price level from 2017 to 2018. Show your work (2 points).
1.2 Give two reasons why GDP does not reflect total production in an economy (1 point).
1.3 Even though it is generally true that the more goods and services people have, the better off they
are, GDP provides only a rough measure of well-being. Assuming language is not an issue, what other
factors besides GDP might you consider when deciding where to live and work? Explain (1 point).
2. Unemployment and Inflation (Chapter 9)
Working-age population 235,900
Employment
Unemployment
Unemployment rate 9.4%
Labor force
Labor force participation rate 65.5%
2.1 Fill in the missing values in the table of data collected in the household survey for December, 1996.
The working-age population, employment, unemployment, and labor force are measured in thousands.
Show your work (2 points).
2.2 Explain what economists mean by full employment and why this rate of unemployment is not
zero (0.5 point).
3. Consumer Price Index
3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators:
Base Year (2011) 2014 2015
Product Quantity Price Expenditure Price Expenditure Price
Expenditure
Textbook 120 $16 $20 $28
Study
guide
60 10 15 21
Calculator 80 3 5 6
Total
Fill all expenditures including total expenditures in the above table. Using the year 2011 as the
base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014
to 2015? Show your works (2 points).
3.2 The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table,
calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the
purchasing power of a dollar in 1974 or 2017? Explain why (2 points).
Year Nominal Minimum
Wage
CPI
(1982=100)
1974 2.00 49.3
2017 7.25 244.3
4 Long Run Economic Growth and Loanable Funds Market (Chapters 10 and 11)
4.1 If real GDP in a small country in 2017 is $8 billion and real GDP in the same country in 2018 is
$8.3 billion, the growth rate of real GDP between 2017 and 2018. Show your work (0.5 points).
4.2 If real GDP per capita doubles between 2005 and 2020, what is the average annual growth rate of
real GDP per capita? Show your work (0.5 points).
4.3 Explain and show graphically how an increase in household sa ...
Name: ID: Class Day/Time:
1. TYPE your answers to each of the questions below. Cut and paste the
question when providing your answer. You do not need to cut and paste the
tables. If you need to include a graph, you may draw it in by hand if you
prefer.
2. The test is formatted so I can grade it faster. There are 3 sections for this
part of your midterm. Each section should be answered on one page (front
and back).
3. Make sure to included your ID number on each page. Just fill out the info in
the header.
4. You must turn in a printed copy to me by the deadline for your class: MW
classes on 3/9 and TuTh classes on 3/10.
Name: ID: Class Day/Time:
Section 1 (make your answers fit on 1 typed, double sided page)
Instructions: Based on what you learned in your book and in class, each of the
following statements is false in some way. Use economic principles and concepts to
explain why each statement is false. Use graphs and examples if you feel they will
add to your explanation. 1 point each question
1. Measles has become an epidemic here in Orange County. About 1 in 1000 people
will die after contracting the disease. Because this is such a high rate, health
officials in Orange County would be well advised to pay for anyone to get a
vaccination.
2. When prices fall, the best thing for suppliers to do is to produce more output to
try to protect profits from falling.
3. Because a steep demand curve indicates prices can increase quickly when the
quantity demanded rises only a little bit, steep demand curves represent goods
that are very elastic.
4. When price controls are implemented, one group wins at the expense of the other
group, but society as a whole doesn’t suffer. For instance, when you raise the
minimum wage, it simply represents a transfer from producers to workers, and
has no real effect on total economic activity.
5. In order to create more revenues for government, taxes should be implemented
on either wealthy individuals or on the luxury items they buy (i.e. jewelry,
yachts, stocks and bonds, expensive cars) because they can afford them the most.
Name: ID: Class Day/Time:
Section2 (make your answers fit on 1 typed, double sided page)
Use the table to answer questions 6-12. Assume that the demand and supply
relationships are linear between any two prices. For all questions, show some work
that explains how you arrived at your answer, or provide a written explanation.
Answers by themselves will not receive any credit.
P Qd Qs
12 0 52
10 20 48
8 30 44
6 40 40
4 44 30
2 48 20
0 52 0
6. What is the equilibrium price and quantity in the market? 1 point
7. What is the initial consumer surplus in the market? the initial producer surplus?
1 point
8. A tax of $2 per unit is imposed onto the sellers in this market. Construct the new
supply schedule and determine the new equilibrium price and quantity. If you
.
FRANK ROODT Student number 8069 - Comments Assignment 2 .docxbudbarber38650
FRANK ROODT Student number: 8069 - Comments
Assignment 2
Question 1
In this question you only got one wrong that 1.18, the answer is supposed to be D but you wrote A
Question 2
You did not include the graph hence you did not answer the question. You lost about 12marks
Question 3
All your formulas are wrong hence the figures for your answers are wrong. You lost 5marks. As an
example I have provided you with two of the correct formulas
GNP @mp: GDP @ mp – net factor payments to foreign countries
NNP @ mp: GDP @mp –provision for depreciation-net factor payments to foreign countries
Question 4
You omitted the macro economic stability - Equitable distribution of national income. You lost 2
marks
Question 5
You lost 20 marks because you misunderstood the question. The types of unemployment are:
frictional, structural, seasonal and cyclical. These are the ones you were supposed to discuss
Question 6
You lost 7 marks because you did not match the correct column A to column B. I have highlighted
them in yellow.
Question 7
Your formulas are still incorrect.
Question 8
8.1 Who is the Minister of Finance, NOT the function. You were just supposed to mention his name
8.3 Said in table format and you did not include a table at all
Q1 = 19/20
Q2 = 0/12
Q3 = 0/5
Q4 = 8/10
Q5 = 3/23
Q6 = 3/10
Q7 = 1/5
Q8 = 5/15
Total = 39/100 - 39%
My comment is read more and please make sure you understand the question before answering
it.
Assignment 1
Question 1
1.4 is incorrect. The correct is D
Question2
You lost marks because you did not include the figures in the graph you draw
Question 3
3.1 You lost marks because you did not draw graphs, the question says with the aid of GRAPH. You
only wrote
Question 4
Everything is correct
Question5
You lost 12 marks on this question because you misunderstood the question. You were only
expected to use a simple demand and supply and say what which of the two shifts. Read chapter 8
in the text book
Question 6
You did not answer 6.2 and 6.3
Question 7
You lost marks 20 because you did not include graph in your comparison of monopoly and perfect
competition.
Question 8
You did not include the MC column also your AC cost is wrong, AC=TC/q
You also did not include answers to 8.2 and 8.3
Q1 = 9/10
Q2 = 15/25
Q3 = 12/25
Q4 = 5/5
Q5 = 0/12
Q6 = 10/18
Q7 = 20/40
Q8 = 3/15
Total = 74/150 - 49%
Assignment 1 Micro Economics Student 8069 FD Roodt ID 7908285008089 Email:
[email protected]
1
QUESTION 1
Answer the following questions Only write down the numbers ex 1.1 A.
Study TABLE 1 and answer the questions that follow:
TABLE 1
PRICE (in Rand) QUANTITY DEMANDED QUANTITY SUPPLIED
2 160 80
4 140 100
6 120 120
8 100 140
10 80 160
12 60 180
1.1 In TABLE 1, the equilibrium price is ...
A R12
B R4
C R6
D R8
1.2 A Market shortage will exist if ...
A the price is above the .
1 QUESTION 1 Answer the following questions Only.docxmercysuttle
1
QUESTION 1
Answer the following questions Only write down the numbers ex 1.1 A.
Study TABLE 1 and answer the questions that follow:
TABLE 1
PRICE (in Rand) QUANTITY DEMANDED QUANTITY SUPPLIED
2 160 80
4 140 100
6 120 120
8 100 140
10 80 160
12 60 180
1.1 In TABLE 1, the equilibrium price is ...
A R12
B R4
C R6
D R8
1.2 A Market shortage will exist if ...
A the price is above the equilibrium position
B the price is below the equilibrium position
C there is too many suppliers
D ALL of the above-mentioned
1.3 The additional utility derived from consuming an additional unit of a product is referred to
as .. . utility...
A diminishing
B marginal
C total
D average
1.4 A point inside the production possibility curve represents ...
A an inefficient use of resources
B unemployment
C underemployment
D ALL the above-mentioned
1.5 If an increase in the price of product A causes the demand curve for product B
to shift to the right, then ...
A A and B are compliments
B the price of A must be higher than the price of B
C B must be a normal product
D A and B are substitutes
1.6 If the consumer 's demand for fish increased because of an increase in the price of lamb,
these products are examples of ...
A inferior
B normal
C substitute
D complimentary
user
D:20120903231345+02'00'2012/09/03 11:13:45
PM
--------------------------------------------
1.4 D. correct answer
Q1 = 9/10
user
D:20120903233317+02'00'2012/09/03 11:33:17
PM
--------------------------------------------
grand total 74/150 = 49 %
2
1.7 If the price of a product increases it causes a ...
A shift of the demand curve to the right
B movement along the demand curve
C decrease in the elasticity of demand
D shift of the demand curve to the left
1.8 The concept opportunity costs ...
A can be applied to the analysis of any decision-making process
B is relevant only to Economics
C refers only to actual payments and income
D applies to consumers but not firms
1.9 The fact that a decline in the price of a product causes producers to reduce the quantity
of the product
A the law of supply
B the law of demand
C a change in supply
D a change in demand
1.10 When economists speak of normal goods they mean ...
A manufactured goods with no defects
B goods people usually buy
C goods of which the marginal utility decrease as consumption increases
D goods of which the quantity demanded increases with rising incomes
(10X1=10)
(10)
QUESTION 2
Use the information in the table below and answer the questions that follow:
TABLE 2
Price per square metre in
Rand
: Quantity demand of solar
panels per year in
.. thousands Quantity supplied of solar panels per year in thousands
100 5 40
80 15 25
70 20 20
60 25 15
40 40 10
2.1 Illustrate the demand and supply schedule graphically on one graph. (11)
2.2 user
D:20120903231500+02'00'2012/09/03 11:15:00
PM
--------------------------------- ...
Get the best quality preparations for your class 11 exams with studymate. Our economics sample paper class 11 covers all the topics and helps the students in clearing their concepts and perform well in their exams. Visit https://bit.ly/2mlSjJf
Proton Training Solution (PTS) is a trusted Training Institute in Pune for MBA Entrance Exams (CAT | IIFT | XAT | SNAP | NMAT | CMAT | TISS | MH CET | MAT | ATMA and many others), BBA Entrance Exams (IPM-AT | DUJAT | SET | NPAT | BMCC | MIT and many others). Proton is also associated with many institutes as knowledge partner & provides Aptitude Training for Placement Preparation.
for more information please visit to
https://protons.in/
Assignment 2 Macro Economics B. Student 8069 FD Roodt email:
[email protected] Cell: 0825596746
QUESTION 1 1.1. D
Various possible answers are provided for each question. Choose the correct answer and only write down the
letter next to the question Ex 1 A.
1.1 Which ONE of the following is not a method of calculating national income?
A expenditure method
B output method
C income method
D taxation method
1.2 Technological development is essential for future economic growth because it 1.2 D
A accelerates the economic growth rate
B increases the competitiveness of industries
C leads to further inventions, innovations and scientific discoveries
D all the above-mentioned
1.3 An increase in the following would likely lead to a decrease in national income: A consumption expenditure
B plant and equipment investment
C imports 1.3 C
D residential construction
1.4 Which ONE of the following is not a wage system? 1.4 C
A incentive
B piece
C olace
34
D Time
1.5 Which of the following would be considered a transfer payment?
A payment for a train journey
B monthly instalments on a car
C social security payments 1.5 C
D payment for a room in a hotel
1.6 GDP is the market value of all final goods and services produced in a ...
A given period of time 1.6 A
B given period of time after deduction of indirect business taxes
C given period of time after deduction of depreciation
D given period of time excluding exports
1 .7 The most general scale used to measure inflation is the ... index.
A consumer's
B consumer's price 1.7 B
C production price D selling price
Assignment 2 Macro Economics B. Student 8069 FD Roodt email:
[email protected] Cell: 0825596746
1.8 Stagflation occurs where prices 1.8 C
A drop in an economic recession
B rise in an economic revival
C rise in an economic recession
D drop in an economic revival
1.9 Macro-economics ... 1.9 D
A studies the functioning of the economy in its entirety
B offers explanations for variations in economic processes over time
35
C measures economic processes over time
D involves all of these
1.10 The national income is a measure of :: 1.10 A
A income earned in producing the GOP
B earned and unearned incomes received in a given period of time
C income earned in producing the GOP less transfer payments
D income earned in producing the GOP minus indirect business taxes
1.11 Consumers will tend to buy more of the product when: A its price is reduced 1.11 D
B their income rise
C the prices of competing products rise
D all the above-mentioned
1.12 The following factors influence the supply of labour: (i) labour force 1.12 C (i) , (ii) and (iii)
(ii) pension age
(iii) risk fa ...
ECON 201 HOMEWORK II (20 points) Fall 2021 Due OctoberEvonCanales257
ECON 201 HOMEWORK II (20 points)
Fall 2021
Due October 14, 2021
Chapters 8, 9, 10, 11 & 13
1. Gross Domestic Product (Chapter 8)
2013 2017 2018
Product Quantity Price Quantity Price Quantity Price
MP3s 40 $150.00 45 $200.00 50 $250.00
Tacos 2,000 2.00 2,200 2.25 2,300 2.40
Coats 300 50.00 310 52.00 350 55.00
1.1 Consider the table above for a simple economy: a) Using 2013 as the base year, calculate nominal
GDP, real GDP, and the GDP deflator for 2017 and 2018. b) Using GDP deflator found in part a,
calculate the rate of increase in the price level from 2017 to 2018. Show your work (2 points).
1.2 Give two reasons why GDP does not reflect total production in an economy (1 point).
1.3 Even though it is generally true that the more goods and services people have, the better off they
are, GDP provides only a rough measure of well-being. Assuming language is not an issue, what other
factors besides GDP might you consider when deciding where to live and work? Explain (1 point).
2. Unemployment and Inflation (Chapter 9)
Working-age population 235,900
Employment
Unemployment
Unemployment rate 9.4%
Labor force
Labor force participation rate 65.5%
2.1 Fill in the missing values in the table of data collected in the household survey for December, 1996.
The working-age population, employment, unemployment, and labor force are measured in thousands.
Show your work (2 points).
2.2 Explain what economists mean by full employment and why this rate of unemployment is not
zero (0.5 point).
3. Consumer Price Index
3.1 Suppose Econ 201 is a country that only consumes textbooks, study guides, and calculators:
Base Year (2011) 2014 2015
Product Quantity Price Expenditure Price Expenditure Price
Expenditure
Textbook 120 $16 $20 $28
Study
guide
60 10 15 21
Calculator 80 3 5 6
Total
Fill all expenditures including total expenditures in the above table. Using the year 2011 as the
base year, calculate the Consumer Price Index in 2014 and 2015. What is inflation rate from 2014
to 2015? Show your works (2 points).
3.2 The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table,
calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the
purchasing power of a dollar in 1974 or 2017? Explain why (2 points).
Year Nominal Minimum
Wage
CPI
(1982=100)
1974 2.00 49.3
2017 7.25 244.3
4 Long Run Economic Growth and Loanable Funds Market (Chapters 10 and 11)
4.1 If real GDP in a small country in 2017 is $8 billion and real GDP in the same country in 2018 is
$8.3 billion, the growth rate of real GDP between 2017 and 2018. Show your work (0.5 points).
4.2 If real GDP per capita doubles between 2005 and 2020, what is the average annual growth rate of
real GDP per capita? Show your work (0.5 points).
4.3 Explain and show graphically how an increase in household sa ...
Name: ID: Class Day/Time:
1. TYPE your answers to each of the questions below. Cut and paste the
question when providing your answer. You do not need to cut and paste the
tables. If you need to include a graph, you may draw it in by hand if you
prefer.
2. The test is formatted so I can grade it faster. There are 3 sections for this
part of your midterm. Each section should be answered on one page (front
and back).
3. Make sure to included your ID number on each page. Just fill out the info in
the header.
4. You must turn in a printed copy to me by the deadline for your class: MW
classes on 3/9 and TuTh classes on 3/10.
Name: ID: Class Day/Time:
Section 1 (make your answers fit on 1 typed, double sided page)
Instructions: Based on what you learned in your book and in class, each of the
following statements is false in some way. Use economic principles and concepts to
explain why each statement is false. Use graphs and examples if you feel they will
add to your explanation. 1 point each question
1. Measles has become an epidemic here in Orange County. About 1 in 1000 people
will die after contracting the disease. Because this is such a high rate, health
officials in Orange County would be well advised to pay for anyone to get a
vaccination.
2. When prices fall, the best thing for suppliers to do is to produce more output to
try to protect profits from falling.
3. Because a steep demand curve indicates prices can increase quickly when the
quantity demanded rises only a little bit, steep demand curves represent goods
that are very elastic.
4. When price controls are implemented, one group wins at the expense of the other
group, but society as a whole doesn’t suffer. For instance, when you raise the
minimum wage, it simply represents a transfer from producers to workers, and
has no real effect on total economic activity.
5. In order to create more revenues for government, taxes should be implemented
on either wealthy individuals or on the luxury items they buy (i.e. jewelry,
yachts, stocks and bonds, expensive cars) because they can afford them the most.
Name: ID: Class Day/Time:
Section2 (make your answers fit on 1 typed, double sided page)
Use the table to answer questions 6-12. Assume that the demand and supply
relationships are linear between any two prices. For all questions, show some work
that explains how you arrived at your answer, or provide a written explanation.
Answers by themselves will not receive any credit.
P Qd Qs
12 0 52
10 20 48
8 30 44
6 40 40
4 44 30
2 48 20
0 52 0
6. What is the equilibrium price and quantity in the market? 1 point
7. What is the initial consumer surplus in the market? the initial producer surplus?
1 point
8. A tax of $2 per unit is imposed onto the sellers in this market. Construct the new
supply schedule and determine the new equilibrium price and quantity. If you
.
1. Kopiereg voorbehou / Copyright reserved NOORD-KAAP / NORTHERN CAPE Blaai om asseblief / Please turnover
PUNTE/MARKS: 150
TYD/TIME: 1 ½ hours
Hierdie vraestel bestaan uit 12 bladsye./
This question paper consists of 12 pages.
DEPARTMENT OF EDUCATION
DEPARTMENT VAN ONDERWYS
LEFAPHA LA THUTO
ISEBE LEZEMFUNDO
PROVINSIALE GEMEENSKAPLIKE VRAESTEL/
PROVINCIAL COMMON PAPER
GRAAD/GRADE 12
EKONOMIE/ECONOMICS
VRAESTEL/PAPER 2
SEPTEMBER 2014
2. Economics P2 Grade 12 2 September 2014
Copyright reserved Please turn over
INSTRUCTIONS AND INFORMATION
1. Answer FOUR questions as follows in the ANSWER BOOK:
SECTION A: COMPULSORY.
SECTION B: Answer TWO of the three questions.
SECTION C: Answer ONE of the two questions.
2. Answer only the required number of questions. Answers in excess of the required
number will not be marked.
3. Number the answers correctly according to the numbering system used in this
question paper.
4. Write the question number above each answer.
5. Read the questions carefully.
6. Start EACH question on a NEW page.
7. Leave 2–3 lines between subsections of questions.
8. Answer questions in full sentences and ensure that the format, content and
context of your responses comply with the cognitive requirements of the
questions.
9. Use only black or blue ink.
10. You may use a non-programmable pocket calculator.
11. Write neatly and legibly.
3. Economics P2 Grade 12 3 September 2014
Copyright reserved Please turn over
SECTION A (COMPULSORY)
QUESTION 1 30 MARKS – 15 MINUTES
1.1 Various options are provided as possible answers to the following questions.
Choose the answer and write only the letter (A–C) next to the question number
(1.1.1–1.1.8) in the ANSWER BOOK.
1.1.1 A perfectly competitive firm cannot make a long-term economic profit
because there are no …
A competitors.
B barriers to entry.
C fixed costs.
1.1.2 The slope of the demand curve for all imperfect markets is …
A downward sloping.
B upward sloping.
C horizontal.
1.1.3 Public goods are a cause of market failure because they are …
A rival
B divisible
C non-excludable
1.1.4 A firm who is producing at a quantity where average revenue is equal to
average cost is making a(n) …
A economic profit.
B economic loss.
C normal profit.
1.1.5 When consumers’ desire to purchase goods increases more quickly
than producers’ ability to supply goods, this can cause …
A cost-push inflation.
B demand-pull inflation.
C deflation.
1.1.6 An American who is entering South Africa is known as a(n) … tourist.
A inbound
B outbound
C business
1.1.7 An example of a renewable resource is …
A coal.
B oil.
C trees.
4. Economics P2 Grade 12 4 September 2014
Copyright reserved Please turn over
1.1.8 The … measures inflation and deflation for suppliers.
A CPI
B PPI
C CPIX
(8 x 2) (16)
1.2 Choose a description from COLUMN B that matches an 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.
COLUMN A COLUMN B
1.2.1 price-taker
1.2.2 perfect information
1.2.3 natural monopoly
1.2.4 demerit good
1.2.5 inflation targeting
1.2.6 domestic tourism
1.2.7 acid rain
1.2.8 stagflation
A A product that has a negative
externality
B Access to all relevant knowledge
regarding a product and its market
C travel within the borders of one’s
own country
D a market structure that occurs as a
result of continuing economies of
scale
E a situation in which low economic
growth and sustained price
increases occur at the same time
F a result of pollution that can cause
serious damage to the environment
G a policy in which a central bank tries
to keep price increases at a certain
percentage
H a consumer or producer who has no
control over the price
I a consumer or producer who has
some control over the price
(8 x 1) (8)
5. Economics P2 Grade 12 5 September 2014
Copyright reserved Please turn over
1.3 Identify the concept described in each of the following statements. Write only the
term next to the question number (1.3.1–1.3.6) in the ANSWER BOOK.
1.3.1 a characteristic of goods in perfect competition in which they are exactly
the same
1.3.2 a usually illegal form of collusion in which businesses make a formal,
public agreement to limit competition
1.3.3 the combination of internal and external costs
1.3.4 price increases that occur as a result of the factors of production
becoming more expensive
1.3.5 Travel to places outside the borders of one’s own country
1.3.6 the gradual increase of the earth’s temperature as a result of
greenhouse gases
(6 x 1) (6)
TOTAL SECTION A: 30
6. Economics P2 Grade 12 6 September 2014
Copyright reserved Please turn over
SECTION B
Answer TWO of the three questions in this section in the ANSWER BOOK.
QUESTION 2: MICROECONOMICS 40 marks – 20 minutes
2.1 Answer the following questions.
2.1.1 Name two market structures that are imperfect markets.
(2 x 1) (2)
2.1.2 Explain why firms will engage in price-fixing.
(2)
2.2 Study the graph below, and answer the questions that follow.
2.2.1 What important point does point S represent?
(2)
2.2.2 Why is the average cost curve always above the average variable cost
curve?
(2)
2.2.3 Explain why the demand curve is horizontal.
(2)
2.2.4 What quantity will a firm produce when the price is P? Explain why.
(2 x 2) (4)
MC
D
AC AVCPrice,
Revenue,
Cost
Quantity
Individual Firm - Perfect Competition
MR
AR
P
S
0
7. Economics P2 Grade 12 7 September 2014
Copyright reserved Please turn over
2.3 Study the graph below, and answer the questions that follow.
2.3.1 What is the name for this kind of graph?
(2)
2.3.2 What kind of inefficiency does point I represent?
(2)
2.3.3 If a firm is producing at point E, but point O is more reflective of
consumers’ demand, what kind of inefficiency is occurring?
(2)
2.3.4 Will a firm produce at point M? Why or why not?
(2 x 2) (4)
2.4 Explain what negative externalities are and why they are a cause of market failure.
(2 x 4) (8)
2.5 How do the different competition authorities in South Africa promote competition?
(2 x 4) (8)
[40]
Quantity
of Good B
Quantity of Good A
Production Possibilities Frontier
0
B
B2
B1
B3
A A1
M
E
I
O
8. Economics P2 Grade 12 8 September 2014
Copyright reserved Please turn over
QUESTION 3: CONTEMPORARY ECONOMIC ISSUES 40 marks – 20 minutes
3.1 Answer the following questions.
3.1.1 Name two institutions that produce inflation data.
(2 x 1) (2)
3.1.2 Explain why tourism can cause improvements in infrastructure.
(2)
3.2 Study the table below, and answer the questions that follow.
Change in enterprise-surveyed formal non-agricultural employment by sector*
Sector
Change over one
quarter at annualised
rate 3rd
qr 2013
Change over four
quarters to 3rd
qr
2013
Cumulative job
losses (-) gains (+)
Number Per cent Number Per cent
4th
qr
2008 to
1st
qr 2010
2nd
qr
2010 to
3rd
qr 2013
Finance, insurance, real-
estate and business services
-6 500 -1,4 10 600 0,6 -163 400 86 400
Manufacturing -2 500 -0,9 -5 000 -0,4 -118 300 -37 500
Trade, catering and
accommodation services
7 300 1,7 7 300 0,4 -75 700 62 000
Construction -3 600 -3,3 -7 700 -1,8 -52 100 7 200
Total mining -9 100 -6,9 -13 400 -2,6 -35 900 8 600
Electricity -200 -1,6 -600 -1,0 -3 300 6 200
Private transport, storage and
communication services
-600 -0,9 -2 400 -0,9 -2 000 700
Community, social and
personal services
4 500 4,3 1 500 0,3 13 400 12 700
Private sector -10 700 -0,7 -9 700 -0,2 -437 300 146 300
* Seasonally adjusted
Source: South African Reserve Bank, Quarterly Bulletin March 2014
3.2.1 Which two sectors listed above will be most affected by tourism?
(2 x 2) (4)
3.2.2 Why does tourism create more jobs than most other industries?
(2)
3.2.3 The data above is seasonally adjusted. How is tourism affected by
different seasons?
(2 x 2) (4)
9. Economics P2 Grade 12 9 September 2014
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3.3 Study the table below, and answer the questions that follow.
Headline consumer price inflation expectations
Per cent, as surveyed in the fourth quarter of 2013
Average inflation
expected for:
Financial
analysts
Business
representatives
Trade union
representatives
All surveyed
participants
2013 5,9 6,2 6,0 6,0
2014 5,6 6,4 6,1 6,1
2015 5,5 6,5 6,4 6,1
Source: Bureau for Economic Research, Stellenbosch University
3.3.1 Why is consumer price inflation referred to as “headline” inflation?
(2)
3.3.2 How do inflation expectations influence actual inflation?
(2)
3.3.3 Did financial analysts think that inflation was going to increase or
decrease over the following years?
(2)
3.3.4 Why are trade union representatives concerned about inflation, and
how do they use inflation statistics in their negotiations with employers?
(2 x 2) (4)
3.4 Explain how tourism can be effective in reducing poverty.
(4 x 2) (8)
3.5 How can the government use market-related measures to protect the
environment?
(4 x 2) (8)
QUESTION 4: MICROECONOMICS AND CONTEMPORARY ECONOMIC ISSUES
40 marks – 20 minutes
4.1 Answer the following questions.
4.1.1 Name two forms of collusion.
(2 x 1) (2)
4.1.2 Explain why externalities make it necessary for the government to
intervene to protect the environment.
(2)
10. Economics P2 Grade 12 10 September 2014
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4.2 Study the graph below, and answer the questions that follow.
4.2.1 What is the purpose of a minimum wage?
(2)
4.2.2 With the minimum wage above, what quantity of labour is demanded
and what quantity of labour is supplied?
(2 x 2) (4)
4.2.3 If the minimum wage were not present, how would the wage be
determined?
(2)
4.2.4 What is the unintended effect of the minimum wage shown above?
(2)
D
D
S
S
Wage
Quantity
Minimum Wage
W
Q0 Q1 Q2
Unemployment
W1
E
11. Economics P2 Grade 12 11 September 2014
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4.3 Study the extract below, and answer the questions that follow.
Within an environment of slowing output growth in 2013, the annual average headline consumer
price inflation rate in South Africa remained contained within the inflation target range at 5,7
percent, having accelerated only marginally compared with the preceding year. Having slightly
exceeded the inflation target range in July and August 2013, headline inflation moderated to 5,4
per cent in December, before quickening to 5,8 percent in January 2014. Recent movements in
consumer price inflation can largely be ascribed to fluctuations in food and petrol price, with
underlying inflationary pressures remaining fairly stable.
The inflationary impact of the lower exchange value of the rand has thus far been more visible in
domestic producer price inflation than in consumer price inflation.
Source: South African Reserve Bank, Quarterly Bulletin March 2014
4.3.1 What is the inflation target range for South Africa?
(2)
4.3.2 Which measurement of inflation excludes the prices of things like food
and petrol?
(2)
4.3.3 Why would a lower exchange value of the rand cause inflation?
(2)
4.3.4 What is the difference between producer price inflation and consumer
price inflation?
(2 x 2) (4)
4.4 Explain why perfect competition is the most beneficial market structure for
consumers.
(4 x 2) (8)
4.5 Discuss why global warming is a problem and what can be done to fight it.
(2 x 4) (8)
12. Economics P2 Grade 12 12 September 2014
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SECTION C
Answer ONE question in this section in the answer book.
STRUCTURE OF THE ESSAY
MARK
ALLOCATION
Introduction Max. 2
Body:
Main part: Discuss in detail / In-depth discussion/ Examine /
Critically discuss / Analyse / Compare / Evaluate / Distinguish
/ Explain / Assess / Debate
Max. 26
Additional part: Give own opinion / Critically discuss /
Evaluate / Critically evaluate / Draw a graph and explain / Use
the graph given and explain / Complete the given graph /
Calculate/ Deduce / Compare / Explain / Distinguish /
Interpret / Briefly debate
Max. 10
Conclusion Max. 2
TOTAL 40
QUESTION 5: MODULE 40 marks – 35 minutes
The government sometimes intervenes in the market in order to make prices more
favourable for the consumer or producer.
Discuss how the government uses maximum prices, minimum prices and subsidies
to influence the price and what the effects of such interventions are
Draw a fully-labelled graph demonstrating a maximum price
QUESTION 6: MODULE 40 marks – 35 minutes
Inflation is sometimes referred to as public enemy number one because of its negative
effects on society.
Discuss the different types of inflation and their causes, the ways of measuring
inflation, as well as the negative effects that inflation brings
Explain the different methods the South African Reserve Bank can use to fight
inflation
TOTAL SECTION C: 40
GRAND TOTAL: 150