1. The following table contains information on the exchange rate for two countries. study the table and then answer the questions that follow.

Period Direct quotation of the exchange rate

2010 $1 = R9.00

2011 $1 = R12.50

1.1. Identify the two countries and their corresponding currency.

1.2. Using the exchange rate, explain what happened to the value of both currencies from period 2010 to period 2011

1.3. What will the effect in 4.3. have on the imports of South Africa?

1.4. What will the effect in 4.3 have on domestic prices and the current account of south Africa?

2. List and briefly explain three (3) possible measures of the equality or inequality of the distribution of income

3 List and briefly explain three (3) different approaches to estimating total production and income in the economy