Economics N5 — Document
June 2019 — N5 — Economics
N5
2019
Nated 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\n the ANSWER BOOK.
1.1.1The baker bought flour for R1,20 to bake one muffin and sold it for R2 00. The miller bought wheat from the farmer for 75c. How much will be included in the National Income?
1.1.2In closed econom ies part in the economic process
1.1.3The largest component of South Africa private fixed investment.
1.1.4add up all payments made in respect of the four factors of production. income taxation output
1.1.5In his budget speech, t he Minister of Finance announced the following change in taxation Employees who earn above R1 m will
1.2Indicate whether the following statements are TRUE or FALSE. Choose the answer and write only True or False
1.2.10\the ANSWER BOOK.
1.2.1Sound infrastructure is characteristic of a developing economy.
1.2.2Removal or elimination of government power in a particular industry to create more competition within the industry is called deregulation.
1.2.3If labour supply increases while labour demand is constant, the equilibrium wage rate will increase.
1.2.4In order to convert the GDP to the GNP, the primary income from the rest of the world must be deducted.
1.2.5Monetary economics concern the policy on economic variables including prices, interest rates, consumption and production.
1.2.6Goods in process refer to those goods ready for human consumption.
1.2.7The economic progress of South Africa can be compared with that of the United States of America by making a study of the general price level.
1.2.8Informal businesses in the economy pay tax to the government.
1.2.9Poverty is more concentrated in cities than in suburbs.
1.2.10
1.3Choose a description from COLUMN B that matches a term in COLUMN A. Write only the letter (A J\ next to the question number (1.3.1
1.3.10\in the ANSWER BOOK. COLUMN A COLUMN B
1.3.10Economic cycle Urbanisation Inflation Recessionary gap Balance of trade Census method Protection Affirmative action Budget
Q2— Section header —
2.1State whether the following are examples of DEMAND PULL or COST PUSH inflation:
2.1.1The demand for goods and services rising more rapidly than production
2.1.2Rapid increase in the price of imported goods
2.1.3An i ncrease in salaries and wages not accompanied by proportional increase in productivity
2.1.4The government reduces tax and the consumers have more money to spend on goods and services
2.1.5
2.2Read the following statement and answer the questions: South Africa s trade union ha ve played an influential role in determining
2.2.1Briefly explain the term trade union. (3\
2.2.2Discuss the aims of trade union (4\
2.3Read the extract below and answer the questions: EXAMINING SOUTH AFRICA S TRADE POLICY OF 2012 One of the defining features of trade policy in South Africa today is its demotion from being a key driver of growth to
2.3.1Define the term international trade (3\
2.3.2Differentiate between export promotion and import substitution (4\
2.3.3Differentiate between evaluation and appreciation of currency. (4\
2.3Give any TWO types of tariffs. (4\ 22020095
2.4Study the table below and answer the questions. The information in the table is based on South Africa s 2015 information. The figures are calculated in millions
2.4.1Calculate the GNP at basic prices (5\
2.4.2Calculate the GDP at market prices (5\
2.5Give any THREE consequences of unemployment. (6\
2.6Indicate whether the following statement is TRUE or FALSE. Choose the answer and write only True or False
Q3— Section header —
3.1Read the extract below and answer the questions: SURPRISE CUT IN SOUTH AFRICA S INTEREST RATE, RAND HIT The South African Reserve Bank governor, Lesetja Kganyago , announced on
20.07.2017
3.1.1Briefly explain the term repo rate. (3\
3.1.2Explain w ith the aid of graph what happens to interest rate if money supply increases.
3.1.3What is the meaning of 25 basis points? (2\
3.1.4Name FOUR components of money. (4\ 22020095
3.1.5Choose the correct word from those betwee brackets. Write only the word next to the question number ( \in the ANSWER BOOK. If money supply decreases, interest rates will
3.2Study the table below and answer the questions. he t able refers to a demand for labour and the supply of labour in the bed industry. WAGE (R\ LABOUR DEMAND
3.2.1Define the concept labour demand (2\
3.2.2Choose the correct word from those betwee brackets. Write only the word next to the question number (3.
2.2\in the ANSWER BOOK. At a wage rate of R750 (shortage/surplus\f labour occurs. (1\
Q3— Section header —
3.2.4Briefly explain what happens at a wage rate of R900. (2\
3.3Study the following information and answer the questions: On 27 August 2017, the exchange rate was $1 R13 03
3.3.1Explain the term exchange rate. (3\
3.3.2Due to the unstable political situation in South Africa, the value of the rand to the dollar decrease by 20%. Calculate the rand to dollar
3.3.3
3.4Give ONE term for each of the following descriptions . Write only the term next to the question number (3.4.1
3.4.5\n the ANSWER BOOK.
3.4.1The process whereby the productive capacity of the economy increases over time so that there is an increase in the level of national income
3.4.2The payment which one person (or group\receives and then pays over to another person (or group\without a productive service being rendered
3.4.3The sum of the contribution of all factors in the process of producing goods and services, including wages, salaries, rent, interest and profit
3.4.4alculating national income by adding both finished and unfinished goods
3.4.550
Q4— Section header —
4.1Give ONE term for each of the following by choosing term from the list below. Write only the term next to the question number ( 4.
1.14. 1. \in the ANSWER BOOK. structural; cyclical; technological; frictional; seasonal
4.1.1of downturn in the demand for goods and services.
4.1.2When people are between jobs or looking for jobs, that is called unemployment.
4.1.3When there is mismatch between the available jobs and the skills level of the unemployed, it is called unemployment.
4.1.4When people are unemployed at certain times of the year because they work in industries where they are not needed all year round, it is called
4.1.5The introduction of capital intensive type of job replacing labour
4.2People save money for different important reasons. Differentiate between precautionary and speculative motives for holding money and provide
4.3Describe the uses of national income figures. (12\
4.4Discuss fiscal policy under the following headings:
4.4.1Definition (3\
4.4.2Fiscal policy instruments (9\
4.550
Q5— Section header —
5.1The instruments of monetary policy used by the central bank depend on the level of development of the economy. Considering th statement above
5.2Study the table below and answer the questions 2014 2015 2016 Population
5.2.1
5.2.2Calculate the real per capita income for 2015. Show ALL calculations. (4\
5.2.3Calculate the real national income for 2016. Show ALL calculations. (3\
5.2.4Indicate whether there was a decrease or an increase in economic growth between 2015 and 2016. Show ALL calculations. (3\
5.2.5Distinguish between gross domestic production and gross national production. (4\ 22020095
5.3Read the following statement and briefly explain South Africa s labour problem: The labour market requires leadership, and it needs real change
5.4Differentiate between the following
5.4.1Direct and indirect taxation lso give an example
5.4.2Tax evasion and tax avoidance (4\
5.5Indicate whether the following statement is TRUE or FALSE. Choose the answer and write only True or False
Topics Identified
3
MicroeconomicsMacroeconomicsInternational Trade
Mark Allocation
Total200 marks
Sections50 + 50 + 50 + 50 + 50 = 250 marks
Key Information
Websitewww.fin24.com
Paper information
TitleDocument
SubjectEconomics
LevelN5
Document typeQuestion paper
Year2019
MonthJune
Pages11
Downloads5
Examination context
Decade2010s
Years ago7y
SeasonWinter (SH)
Start daySaturday
Exam periodJune 2019
Days since exam2,688
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