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QUESTION 6: ECONOMIC PURSUITS Supply-side policies focus on the ability of markets to supply enough goods and services to meet aggregate demand. Discuss this statement by focusing on effectiveness and efficiency of markets in the South African context. (26 marks) In your opinion, how successful is the South African government in providing for the basic needs of the poor? (10 marks)4.3 Study the extract below and answer the questions that follow. SPECIAL ECONOMIC ZONES TO EMPLOY REGIONAL STRENGTHS The announcement that 10 potential special economic zones have been identified in conjunction with the provinces could be a game-changer for South African manufacturers. Such zones are intended to bring mainstream economic activity to poor and isolated parts of South Africa by leveraging the commercial potential of the particular regions. This will include industry clustering, or targeted development. Upington, in the Northern Cape, is a natural home for solar energy research and development. Saldanha Bay will service the growing oil and gas industry on Africa's west coast, while expanding iron ore exports. The Department of Trade and Industry is devising a draft of regulations that will see the country's industrial development zones (IDZs) in Richards Bay, East London and Coega, near Port Elizabeth, taken into a new special economic zones framework. This envisages zones including free ports, free trade zones, and sector development zones. A special corporate tax rate of 15% is proposed, well below the 28% currently applied. There was, however, a concern that the incentive would cause dislocation and would have 'distorting effects' on the economy. [Source: www.bdlive.co.za] 4.3.1 Define the concept /DZ. 4.3.2 Identify TWO new proposed economic regions. 4.3.3 What is the main difference between an /DZ and an SEZ? 4.3.4 What, in your opinion, would be the 'distorting effects' on the economy? 4.4 Explain leading and lagging business cycle indicators. (2 x 4) 4.5 Explain the TWO social indicators used for children under the age of five. (2 x4)4.1 Answer the following questions. 4.1.1 Name TWO problems of public sector provisioning. (2 x 1) (2) 4.1.2 What effect will low labour productivity have on inflation? (1 x 2) (2) 4.2 Study the graph below and answer the questions that follow. SUPPLY AND DEMAND OF US$ D S D Price of R12 dollars (R/$) R10 Di S D 0 100 130 Quantity 4.2.1 At what point on the graph does the equilibrium for foreign exchange originally occur? (2) 4.2.2 What happens to the value of the rand when DD shifts to DID,? Motivate your answer. (4) 4.2.3 How can the Central Bank of South Africa intervene in the market to influence the exchange rate? (4)2.3 Study the graph below that depicts a simplified two-sector economy (where E = C + 1) and answer the questions that follow. Expenditure (E) E = Y E1 = 30 + 0,5Y 60 Eo = 20 + 0,5Y 40 30 20 45 0 40 60 Income (Y) 2.3.1 Identify ONE participant in the economy above. (2) 2.3.2 What does the line E = Y represent? (2 ) 2.3.3 Calculate the multiplier using the following formula: k = = (1-mpg) The marginal propensity to consume (mpc) = 0,8. (Show ALL calculations.) (4) 2.3.4 What is the relationship between the marginal propensity to consume (mpc) and the multiplier? (2) 2.4 Explain the new economic paradigm. (4 x 2) (8) 2.5 Argue ONE case in favour of free trade and ONE case against protectionism. (2 x 4) (8) [40]