miss
1
This partial fill-in paper consists of 14 pages plus instructions for the completion of a mark-reading sheet.
Read the following instructions CAREFULLY before answering the paper.
The paper is divided into two sections: Section A and Section B.
SECTION A
Candidates must answer ALL the questions in this section.
SECTION B
In this section ALL the questions must be answered on the mark-reading sheet which is supplied.
Carefully follow the instructions for the completion of the mark-reading sheet.
Please ensure that you use the correct unique number on the mark-reading sheet:
If you are registered for ECS102-8, use the unique number 497757.
If you are registered for REC102-Y, use the unique number 489493.
As your mark-reading sheet can get lost, you MUST also write down your answers for this section. On the last page of this paper space is provided for this purpose.
[TURN OVER]
2
ECS1028/REC102Y
October/November 2010
SECTION A [50 MARKS]
Answer ALL the following questions in the blocks provided.
QUESTION 1
[9]
(i)
Define the Gross Domestic Product (GDP).
(4)
(ii)
List any two reasons why Gross Domestic Product may not be a good indicator of economic activity. (2)
(iii)
Define ad valorem tax and give one example of an ad valorem tax.
(3)
[TURN OVER]
3
ECS1028/REC102Y
October/November 2010
QUESTION 2
(i)
(ii)
[6]
Use the following diagram to show how the equilibrium in the money market changes if the level of income in the economy decreases. Remember to label your diagram.
(3)
If the number of United States of America tourists coming to South Africa increases, iIllustrate on the following diagram the impact on the value of the Rand on the South African foreign exchange market. Remember to label your diagram.
(3)
[TURN OVER]
4
ECS1028/REC102Y
October/November 2010
QUESTION 3
[13]
The following information about a Keynesian model is given:
Autonomous
This partial fill-in paper consists of 14 pages plus instructions for the completion of a mark-reading sheet.
Read the following instructions CAREFULLY before answering the paper.
The paper is divided into two sections: Section A and Section B.
SECTION A
Candidates must answer ALL the questions in this section.
SECTION B
In this section ALL the questions must be answered on the mark-reading sheet which is supplied.
Carefully follow the instructions for the completion of the mark-reading sheet.
Please ensure that you use the correct unique number on the mark-reading sheet:
If you are registered for ECS102-8, use the unique number 497757.
If you are registered for REC102-Y, use the unique number 489493.
As your mark-reading sheet can get lost, you MUST also write down your answers for this section. On the last page of this paper space is provided for this purpose.
[TURN OVER]
2
ECS1028/REC102Y
October/November 2010
SECTION A [50 MARKS]
Answer ALL the following questions in the blocks provided.
QUESTION 1
[9]
(i)
Define the Gross Domestic Product (GDP).
(4)
(ii)
List any two reasons why Gross Domestic Product may not be a good indicator of economic activity. (2)
(iii)
Define ad valorem tax and give one example of an ad valorem tax.
(3)
[TURN OVER]
3
ECS1028/REC102Y
October/November 2010
QUESTION 2
(i)
(ii)
[6]
Use the following diagram to show how the equilibrium in the money market changes if the level of income in the economy decreases. Remember to label your diagram.
(3)
If the number of United States of America tourists coming to South Africa increases, iIllustrate on the following diagram the impact on the value of the Rand on the South African foreign exchange market. Remember to label your diagram.
(3)
[TURN OVER]
4
ECS1028/REC102Y
October/November 2010
QUESTION 3
[13]
The following information about a Keynesian model is given:
Autonomous