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Grade 12 - Economics -SBA Assignment - Task 1 - Term 1 - updated

This document is a Grade 12 Economics question paper for SBA Task 1, prepared by examiner A. Vawda and moderator S. K Cassim, with a total of 50 marks and a duration of 2 hours. It includes instructions for submission, a series of questions related to the South African Budget Review of 2024, and calculations involving GDP, tax revenue, and fiscal policy. Students are required to analyze data, define economic terms, and perform calculations based on the provided economic information.

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naseehabera
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7 views4 pages

Grade 12 - Economics -SBA Assignment - Task 1 - Term 1 - updated

This document is a Grade 12 Economics question paper for SBA Task 1, prepared by examiner A. Vawda and moderator S. K Cassim, with a total of 50 marks and a duration of 2 hours. It includes instructions for submission, a series of questions related to the South African Budget Review of 2024, and calculations involving GDP, tax revenue, and fiscal policy. Students are required to analyze data, define economic terms, and perform calculations based on the provided economic information.

Uploaded by

naseehabera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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QUESTION PAPER

Grade 12

Subject Economics

Assessment SBA TASK 1

Examiner A. Vawda

Moderator S. K Cassim

Total Marks 50

Duration 2 Hours

Examination Period TERM 1 - SBA

This paper consists of (3) pages

1
INSTRUCTIONS:

1. Answer Books must be submitted in PDF format only. Other formats


will not be marked.
2. Number each answer according to the Question Paper.
3. The declaration on the cover page must be signed.
4. Follow the instructions of each question and submit supporting material
where required.
5. Workings must be shown in order to achieve part-marks.
6. Where applicable, show all calculations to ONE decimal point.
7. Assessments must be submitted within the time frames provided.

1
QUESTIONS:

1.1 The following information relates to the South African Budget


Review of 2024 compiled by the National Treasury. Analyse the
data and answer the following information.

Rand value in billions


(bn)
Household consumption 1,3 bn
Gross fixed capital formation 3,7 bn
Exports 2,1 bn
Imports 1,9 bn
Government expenditure 2,37 bn
Tax revenue 2,04 bn

1.1.1 Define the term “GDP” and elaborate on the importance (2×2) (4)
of this calculation.

1.1.2 Which financial institution is responsible for the recording


and publishing of GDP figures in South Africa? (1×1) (1)

1.1.3. What is meant by “Tax revenue”? (2×1) (2)

1.1.4 Refer to the annexure and read the Budget Review of 2024.

What was the real GDP growth in 2023 AND 2024?


(2×1) (2)

1.1.5 The following equation is used to calculate GDP in an open


economy:

Y= C + I + G + (X – M)
Using the table above and the GDP equation, calculate the
GDP in 2024. (5)

1.1.6 Identify and calculate the total injections. (4)

1.1.7 If the country has a marginal propensity to consume (mpc) of


0.3, calculate the value of the multiplier. (4)

2
1.1.8 The president of South Africa, Mr Cyril Ramaphosa,
announced that there will be an inflow of R10 billion investment
in South Africa in the following year. Use the multiplier formula
to calculate the eventual change in aggregate expenditure due
to this R10 billion injection. The marginal propensity to save
(mps) is 0,4.
(7)
Remember to show all formulas and calculations!

1.1.9 Describe the relationship between the mpc and the multiplier.
(3)
1.1.10 The government wants to conduct an expansionary fiscal
policy to stimulate production. Explain TWO policy instruments
which they can use to conduct an expansionary fiscal policy as
well as the overall effect that these policy instruments have on
(3×2) (6)
the overall economy.

1.2 The following table shows the GDP in the different sectors of
the economy using the production method. Study the table and
answer the questions that follow.

Value added
Primary sector R155 400
Secondary sector R333 450
Tertiary sector R248 500
Gross value added at basic R737 350
prices
Taxes on products R172 300
Subsidies on products R45 580
Gross domestic product at A
market prices.
1.2.1 Explain the production (value added) method of calculating GDP.
(2×1) (2)

1.2.2 What is the difference between basic prices and market prices.
(2×1) (2)

1.2.3 Explain the term “Subsidies on products” and give an example.


(3×1) (3)

1.2.4 Calculate the value of A. (3)

1.2.5 Give TWO examples of taxes on products. (2×1) (2)

GRAND TOTAL: 50

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