Economic Environment Supplementary NCV Level 2 — Document
March 2018 — NCV Level 2 — Economic Environment Supplementary
NCV Level 2
2018
NCV Business
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Q1— Section header —
1.1Various options are given as possible answers to the following questions. Choose the answer and write only the letter (A D\ next to the question number (1.1.1
1.1.10\in the ANSWER BOOK.
1.1.1The law of supply states that when the price of a product remains constant Increases
1.1.2The physical environment does not function in isolation, it is integrated with the ... social environment. economic environment.
1.1.3dicates that our exports exceed our imports negative
1.1.4visiting another country dislike of foreigners. actively looking for a job unsuccessful ly
1.1.5In running the business, the of goods and services. legal forces culture technology
1.1.6positive downward unfavorable
1.1.7Which ONE of the following f orces will create changes in society?
1.1.8The rate charged by the South African Reserve Bank to commercial banks is the rate.
1.1.9Expansion Trough Peak Contraction
1.1.10Ministers Pravin Gordhan and Mcebisi Jonas were in the news when they were dismissed from which department: Sports
1.2Choose description from COLUMN B that matches the word(s\ in COLUMN A. Write only the letter (A J\ next to the question number (1.2.1
1.2.10\in the ANSWER BOOK. COLUMN A COLUMN B
1.2.1
1.2.6
1.210 Cyclical changes Trade bloc Demand pull inflation HIV/AID
Q2— Section header —
2.10\in the ANSWER BOOK.
2.1The best alternative given up is called opportunity cost.
2.2To be able to make better decisions and becoming a better citizen is a good reason to study economics
2.3The fact that my grandmother keeps her money under her bed is a good example of using money as a standard of deferred payments.
2.4Minister Fikile Mbalula has been appointed as the new Finance Minister.
2.5Cu stoms and excise duty refunds are a form of an incentive for exports.
2.6The turning point before an expansion starts is the peak.
2.7Petrol is an example of a semi durable good.
2.8Cost push inflation happens when demand for goods and services increases much faster than production.
2.9Coal is an example of a non renewable natural resource
2.1030
Q3— Section header —
3.1Job creation increases the tax revenue for the government:
3.1.1Which tax revenue is generated by car manufacturer Mercedes Benz South Africa (1\
3.1.2Name other TWO forms of tax that are source of revenue for the South Africa government. (2\
3.1.3What effect does an increase in taxation have on the South African economy? (3\
3.2Briefly explain FOUR causes of unemployment. (4 2\ (8\
3.3Briefly explain how the partnership between Buffalo city metro council and Mercedes Benz will benefit the people who stay in that region. (6\
3.4Explain TWO consequences that Buffalo City metro council would encounter if Mercedes Benz decides to withdraw the agreement. (4\
3.530
Q4— Section header —
4.1Read the extract below and answer the questions JONAS: NEW POLITICAL LEADERSHIP NEEDED TO SAVE ECONOMY A change in political leadership may be what South Africa needs to save the economy, says former deputy Finance Minister Mcebisi Jo
4.1.1In your own words, explain the concept corruption (2\
4.1.2Give TWO examples of corruption that are currently taking place in South Africa. (2\
4.1.3
4.2Explain the following political situations that could affect the economy of country:
4.2.1Unstable political situations (2\
4.2.2Stable political situations (2\
4.2.3Would you agree or disagree with the former deputy minister s view of South Africa s political situation. (4\
4.3Differentiate between formal and informal sector and give an example of each. (4\
4.4Deputy Central Bank Governor Francois Groepe said South Africa monetary policy stance remains accommodative and its tightening cycle would have been more aggressive had economic growth been strong.
4.4.1In your own words, explain the concept monetary policy (2\
4.4.2Who is the current Governor of the South African Reserve Bank? (2\
4.4.3State FOUR functions of South African Reserve Bank. (4\ [30] (3011022\ NC830
Q5— Section header —
5.2Read the extract below and answer the questions CHINA'S HUGE INVESTMENT IN AFRICA NOT WITHOUT CHALLENGES Although China is Africa s largest infrastructure financier with 40% year growth in foreign direct
5.1.1Briefly explain the difference between direct investment and portfolio investment. (4\
5.1.2Explain how imports from China put pressure on local companies. (6\
5.1.3Explain the importance of importing goods and services from China on the local economy. (4\
5.1.4Give TWO reasons why dumping is not good for the economy. (2\
5.1.5Explain THREE measures that can be put in place to avoid exploitation by countries like China. (6\
5.2Cosatu threatened strikes against corruption, for the nuclear project to be put on hold and against state capture which has compromised the revolution against the closure of coal mines
5.2.1Identify TWO groups of people likely to be affected by strikes. (2\
5.2.2What impact does strikes have on the business sector? (6\ [30] (3011022\ 10 NC830
Q6— Section header —
6.1Study the table below and answer the questions PRICE(IN RANDS\ FIRM A FIRM B FIRM C MARKET SUPPLY
6.1.1Calculate the market supply at each price level (a e\ (5\
6.1.2Use the information from above to draw the market supply curve. (5\
6.1.3Which ONE of the above firms (suppliers\ shows confidence in the market? (1\
6.2Give FOUR kinds of non renewable natural resources. (4\
6.3List FOUR factors of production. (4\
6.4Give an example of a mobile telecommunication network operator. (1\
6.5Explain how an increase in population size can impact on business (6\
6.6Identify FOUR government services that can be in high demand because of urbanisation. (4\ [30] TOTAL SECTION B: GRAND TOTAL: 120 15030
Multiple Choice Options
1A)Write only the letter (A
Topics Identified
4
Business EnvironmentsForms of OwnershipBusiness FunctionsLeadership
Mark Allocation
Total120 marks
Sections20 + 30 + 30 + 30 + 30 + 30 = 170 marks
Key Information
Websitewww.fin24.com
Paper information
TitleDocument
SubjectEconomic Environment Supplementary
LevelNCV Level 2
Document typeQuestion paper
Year2018
MonthMarch
Pages10
Downloads4
Examination context
Decade2010s
Years ago8y
SeasonAutumn (SH)
Start dayThursday
Exam periodMarch 2018
Days since exam3,145
About Economic Environment Supplementary examination preparation
This TVET examination resource can be used as part of a structured revision programme. Past papers are most useful when learners attempt questions independently, work within a realistic time limit, and review their answers afterwards.
How to use this resource for revision
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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.
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A practical revision approach
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