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2024 Econ Grade 12 Assignment

This document outlines the Grade 12 Economics Term 1 Assignment for the Sekhukhune South District, focusing on both macroeconomics and microeconomics. It includes instructions for completion, a variety of questions covering economic concepts, and a total of 50 marks. The assignment is to be administered under controlled conditions on February 16, 2024.

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katlegomakgoro43
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6 views6 pages

2024 Econ Grade 12 Assignment

This document outlines the Grade 12 Economics Term 1 Assignment for the Sekhukhune South District, focusing on both macroeconomics and microeconomics. It includes instructions for completion, a variety of questions covering economic concepts, and a total of 50 marks. The assignment is to be administered under controlled conditions on February 16, 2024.

Uploaded by

katlegomakgoro43
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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SEKHUKHUNE SOUTH DISTRICT

ECONOMICS

GRADE 12

2024 TERM 1
ASSIGNMENT
MACROECONOMICS

MICRO-ECONOMICS

MARKS : 50
DURATION: 2 HOURS
DATE OF ADMINISTRATION: 16 FEBRUARY 2024

1
INSTRUCTIONS:

● Answer ALL questions


● This assignment must be completed in 2 hours.
● The assignment must be administered in a classroom, under controlled conditions.
● All questions must be answered.

● Number the answers correctly according to the numbering system used in the task.

● Read the questions carefully.

● Answer the questions in full sentences and ensure that the format, content and
context of your responses comply with the cognitive requirements of the question.

● Use only black or blue ink.

● You may use a non- programmable calculator.

● Write neatly and legibly.

2
QUESTION 1
1.1 Various options are provided as answers to the following questions. Write only the
letters (A – D) of the correct answer next to the question numbers (1.1.1 – 1.1.5)
in the answer book.

1.1.1 The best measure of production or output in an economy is …


A Gross national Income
B Unemployment rate
C Gross Domestic Product
D Prime Rate

1.1.2 The … is used to indicate the relationship between tax revenue and tax rate.
A Lorenz curve
B Phillips curve
C Laffer curve
D Indifference curve
1.1.3 Which of the following sector forms part of the open economy circular flow?
A public
B business
C foreign
D domestic
1.1.4 The main source of the state revenue in the economy is …
A tax
B donations
C traffic fines
D unclaimed funds
1.1.5 Labour can be bought and sold in the … market.
A factor
B goods
C financial
D consumer (5x2) (10)

3
QUESTION 2

2.1 Study the diagram below and answer the questions that follow:

2.1.1 Identify the main economic participant in the diagram above. (1)

2.1.2 Name the money flow represented by Letter B. (1)

2.1.3 Briefly describe the concept circular flow. (2)

2.1.4 Why is taxation regarded as a leakage? (2)

2.1.5 If the government charges an income tax rate of 15%, what will be
the amount collected from tax represented by letter A?
Show ALL calculations. (4)
/10/

4
QUESTION 3

3.1 Study the information below and answer the questions that follow:

3.1.1 How long does the juggler cycle last? (1)


3.1.2 What is the slope of the trend line in the above graph? (1)
3.1.3 Describe the term composite indicator. (2)
3.1.4 Explain briefly the government’s aim with business cycle policies. (2)
3.1.5 How can the length be used in forecasting of business cycles. (4)
/10/

5
QUESTION 4

4.1 Study the table below and answer the questions that follow:

NATIONAL ACCOUNT AGGREGATES SOUTH


AFRICA GROSS DOMESTIC PRODUCT

R millions
Primary sector 324 365
Secondary sector 556 708
Tertiary sector 1 789 431
Gross value added at basic prices A
Gross domestic product at market prices 2 964 261
[Source: SARB Quarterly Bulletin]

4.1.1 Give an example of taxes on products. (1)

4.1.2 Name the alternative term used for gross value added in national
accounts. (1)

4.1.3 Briefly describe the term secondary sector. (2)

4.1.4 How are basic prices converted to market prices? (2)

4.1.5 Calculate the value of A. Show ALL calculations. (4)


/10/

QUESTION 5

Analyse the negative impact of business cycles on the economy. (10 marks)

TOTAL MARKS : [50]

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