GRADE 10 ECONOMICS PAPER 1 OCT/NOV EXAMINATION 2015

[Pages:30]GRADE 10 ECONOMICS PAPER 1 OCT/NOV EXAMINATION

2015

MARKS: 150 TIME: 2 HOURS

This question paper consists of 13 pages including the cover page 1

INSTRUCTIONS AND INFORMATION 1 Answer FOUR questions as follows in the ANSWER BOOK:

SECTION A: SECTION B: SECTION C:

COMPULSORY Answer any TWO of the three questions. Answer any 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 the 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.

2

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, for example 1.1.9 C .

1.1.1 Economics is a ... science

A physical B natural C social

1.1.2

For the ... approach, economists will gather lots of data and use it as a basis for generalisation A inductive B deductive C combination

1.1.3

...studies quantities and the relationship between different quantities A Statistics B Accounting C Mathematics of finance

1.1.4

The ... of a household is the money that is left after members of the household have paid their taxes A savings B disposable income C taxable income

1.1.5

The economically active population of a country excludes children and... A women B illiterate people C retired people

1.1.6

The first bank in South Africa established in 1793 was called... A Cape of the Good Hope Bank B Lombard Bank C London Bank

3

1.1.7

The first gold in South Africa was discovered on the... in 1886 A Gariep River B Witwatersrand C Mapungubwe

1.1.8

The economic law which prevailed between 1500 and 1800 to govern commercial transactions was known as... A Mercantilism B Feudalism C Guild

(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 SHEET.

COLUMN A 1.2.1 Imperial bank 1.2.2 Scarcity 1.2.3 Manufacturing 1.2.4 Opportunity cost 1.2.5 Interest rates

1.2.6 Division of labour 1.2.7 Bartering 1.2.8 Demography

COLUMN B

A The use of machines, tools, and labour to make goods to sell or use

B When goods are exchanged for goods.

C The application of goods and services

D The study of populations E The approach that assumed that the

wealth of a country depended on the possession of precious metals F The main economic problem G Had all its shareholders and headquarters in England H Each worker specialises in doing a specific task. I The main monetary policy instrument J The value of the product that is sacrificed to buy another product

(8 X 1) (8)

4

1.3 Give ONE term for each of the following descriptions. Write only the term next to the question number (1.3.1 ? 1.3.6) in the ANSWER BOOK.

1.3.1 1.3.2 1.3.3 1.3.4 1.3.5 1.3.6

The movement of people from the rural to the urban areas of a country.

Changes at the same time as the economy change.

Flow of goods and services in the circular flow diagram.

The branch of economics that focuses on strategies and policies that help countries to develop and grow.

The economic system in which the state provides for all the needs of all individuals.

The first indigenous people in South Africa.

(6 X 1) (6)

TOTAL SECTION A: 30 MARKS

5

SECTION B Answer any TWO of the three questions in this section in the ANSWER SHEET.

QUESTION 2:

(MACROECONOMICS)

40 MARKS ? 25 MINUTES

2.1 Answer the following questions:

2.1.1 List any TWO difficulties faced by the social sciences (2 X 1) (2)

2.1.2 In your opinion, what effect does the contractionary phase has on the government's revenue?

(1 X 2) (2)

/4/

2.2 Study the table below and answer the questions that follow.

Year

2008 2009

Nominal GDP

(R millions) 2 274 139

2 395 969

Real GDP (R millions)

1 814 134 1 783 617

Economic Growth(%)

3.6

Source: SARB, Quarterly Bulletin, December 2010

2.2.1 Define the term GDP.

( 2 )

2.2.2 What is the base year according to the above scenario?

( 2 )

2.2.3 What does an increase in the nominal GDP indicates?

( 2 )

2.2.4 Calculate the economic growth rate for 2009.

( 4 )

/10/

6

2.3 Study the diagram below and answer the questions that follow.

B

R1 200

Factor

market

A

Households

Government

Firms

Government spending (R100)

Goods market

R250 Financial market

R 200

2.3.1

2.3.2 2.3.3 2.3.4

Use the information below to determine the values of A and B: ( 2 )

Total income R 1 200 Savings R 250 Taxation R 50

Which type of an economy is illustrated above?

( 2 )

Explain the interaction between households and firms from the ( 2 ) diagram above.

Use the information from the completed diagram to calculate the total leakages.

(4 ) /10/

7

2.4 Explain how consumers spend their income on goods and services.

(8)

2.5 With the aid of examples, discuss normative and positive statements.

(8)

[40]

QUESTION 3: (ECONOMIC PURSUITS)

40 MARKS ? 25 MINUTES

3.1 Answer the following questions:

3.1.1 Name any TWO commercial banks in South Africa today.

(2 X 1) (2)

3.1.2 What effect does the discovery of minerals had on South Africa `s unemployment levels?

(1 X 2) (2)

/4/

3.2 Study the diagram below and answer the questions that follow.

South Africa Unemployment Rate Declines to 24.3% in Q4

South Africa jobless rate decreased to 24.3 percent in the last three months of 2014 from 25.4 percent in the previous quarter. It is the lowest rate in a year as employment rose for the third consecutive quarter and the labour force decreased.

Between 3rd Quarter 2014 and 4th Quarter 2014, the number of unemployed people decreased by 242 000 to 4.909 million. Yet, the labour force decreased by 39 000 to 20.22 million. The number of discouraged work-seekers decreased by 111 000 and the other (not economically active) group increased by 305 000, resulting in a net increase of 194 000 among the not economically active population.

Statistics South Africa / joana.taborda@

3.2.1 Describe unemployment according to the strict definition.

( 2 )

3.2.2 What do you understand by the concept `economically active population?

( 2 ) 8

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