Term 1 Test Section A
Term 1 Test Section A
Term 1 Test Section A
SECTION A
QUESTION 1
1.1 There are 3 possible options provided for the following questions. Choose the
correct answer and write only the letter (A C) next to the question number.
1.1.1 Economic models can be used to simplify as well as to
A. Make economic forecasts
B. To differentiate between economic concepts
C. Support economists with different studies
(1)
1.1.2 The following economic activity occurs in the secondary sector.
A. Exploitation
B. Manufacturing
C. Services
(1)
1.1.3 The question: How does a firm decide how much of an item to produce?,
refers to
A. Microeconomics
B. Macroeconomics
C. Normative economics
(1)
1.1.4 This sector comprises of all these enterprises that are not legally registered
and whose production is not recorded.
A. Tertiary sector
B. Informal sector
C. Formal sector
(1)
1.1.5 There are participants in an open economy.
A. Four
B. Three
C. Five
(1)
1.1.6 The real flow will always be in the direction.
A. Same
B. Opposite
C. Downward
(1)
1.1.7 An example of a leakage is
A. Exports
B. Imports
C. Government spending
(1)
1.1.8 An indicator that will change at the same time as quantity of output
change, is called a
A. Leading indicator
B. Coincident indicator
C. Lagging indicator
(1)
1.1.9 The difference between the amount of economic activity at the peak of the
cycle and the trough is called the
A. Gradient
B. Length of the business cycle
C. Amplitude
(1)
1.1.10 The capacity of the economy to produce more goods and services is
called
A. Economic growth
B. Economic development
C. Production
(1)
(10 X 1) (10 marks)
TOTAL SECTION A: 10 MARKS
SECTION B
QUESTION 2
2.1 Indicate if the following statements are TRUE or FALSE:
2.3 Study the table below and answer the questions that follow:
2.3.1 Calculate the contribution of the primary sector in 2003 (in R billion).
(3)
2.3.2 Calculate GDP @ basic price for 2009.
(3)
2.3.3 Which sector made the second largest contribution to the GDP @ basic
prices in 2009? (2)
2.3.4 Define GDP
(2)
(10 marks)
1
1.1
1.2
2
2.1
2.2
2.3
3
Primary sector
Agricultural, Forestry
Mining
Secondary sector
Manufacturing
Electricity, gas and water
Construction
Tertiary sector
3.1
3.2
3.3
3.4
4
62
158
62
158
71
228
95
237
440
??
TOTAL
MARKS: 50