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GROSS VALUE ADDED BY KIND OF ECONOMIC ACTIVITY 2016 (Rm) Primary Sector 298 849 Secondary Sector 550 195 Tertiary Sector 1 945 557 Gross value added at basic prices 2 794 601 Taxation on products 30 600 Subsidies on products 5 900 Gross Domestic Product at market prices A [Adapted from SARB Quarterly Bulletin, March 2017] 2.3.1 Identify the base year used by the SARB above. 2.3.2 Which sector above contributed most towards the gross domestic product of South Africa? 2.3.3 Briefly describe the term gross value added (GVA) at constant prices. 2.3.4 How would the GDP at market prices be converted to GNP at market prices? 2.3.5 Calculate the gross domestic product at market prices (A). (Show ALL calculations.) 2.4 Briefly explain the measures to reduce a deficit on the balance of payments. (4 x 2) 2.5 Why should South Africa follow a policy of free trade?QUESTION 2: 2.1 Answer the following questions. 2.1.1 Name any TWO member countries of the BRICS trade protocol 2.1.2 How can indirect subsidies benefit the export producer? 2.2 Study the diagram below and answer the questions that follow. BUSINESS CYCLE K G E Index of economic activities D Time 2.2.1 Identify the trend line in the business cycle above. 2.2.2 Which letter represents a trough in the diagram above? 2.2.3 Briefly describe the term business cycle. 2.2.4 Explain economic activity during phase EF in the business cycle. 2.2.5 How can the length (BF) be used in forecasting of business cycles?2.3 Study the diagram below and answer the questions that follow. HOUSEHOLDS FACTORS INCOMES SPENDING GOODS CABPET FIRMS 2.3.1 What is depicted in the diagram above? 2.3.2 Which participant is the major consumer in the economy? 2.3.3 Briefly describe the term circular flow. 2.3.4 Discuss the role of the factor market in the circular flow. 2.3.5 How does the multiplier effect influence the government in making decisions? (2 x 2) 2.4 Differentiate between specialisation and choice as arguments in favour of free trade. (4 x 2) 2.5 How does the government use the fiscal policy to restrict the economy?QUESTION 2.1 Answer the following questions. 2.1.1 Name any TWO methods to determine a GDP. 2.1.2 How can export promotion con'ect the balance of payment disequilibria? 2.2 Study the graph below and answer the questions that follow. Price level 95 2.2.1 What is illustrated in the graph above'iI 2.2.2 At which point will ination prevail? 2.2.3 Briefly describe the term new economic paradigm. 2.2.4 What would happen to the output if supply did not respond to the change in demand? 2.2.5 How will the government reduce cost of production to stimulate the supply side of the economy? 2.1 Answer the following questions. 2.1.1 Name any TWO member countries of BRICS. 2.1.2 Why is the GDP at market prices normally higher than the GDP at factor cost? 2.2 Study the information below and answer the questions that follow. KEYNESIAN ECONOMICS The concept of the multiplier process became important in the 1930s when John Maynard Keynes suggested it as a tool to help governments in decision-making. This 'demand-management approach' was designed to help measure the amount needed to reach high levels of national income. Analysts believe that an increase in government spending generally have a multiplier effect on economic growth, while uplifting living standards for affected people and communities. 2.2.1 Give an example of a leakage. 2.2.2 What factor influences the size of the multiplier? 2.2.3 Briefly describe the term multiplier. 2.2.4 Explain the effect on national income when injections are more than leakages. 2.2.5 Suppose the South African government spends R250 m on the economy. Calculate the multiplier effect if mpc = 0,7. Show all calculations