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Ecs1601 Assignment 3 2024 (complete answers) due date 13 August 2024 distinction guaranteed
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Economics IB (Macroeconomics I) - ECS1601
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Summary notes for Economics 1A - PMIC5112
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Chapter 2 and Chapter 3 of Economics 1A
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ECS 1601ASSIGNMENT 3
DUE DATE: 13 August 2024
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, Started on Saturday, 10 August 2024, 1:47 PM
State Finished
Completed on Saturday, 10 August 2024, 2:06 PM
Time taken 19 mins 23 secs
Marks 17.00/18.00
Grade 94.44 out of 100.00
Question 1 If GDP at constant prices increases from R900 000 to R990 000, it means that …
Correct
Mark 1.00 out of a. production has increased by 10%.
1.00
b. production has increased by 5% and prices increased by 5%.
Flag
question c. nominal GDP increased by 10%
d. prices increased by 10% during the year.
See section 5.1 of the textbook under the heading Measurement under current prices and constant prices. GDP at constant prices
measures the actual production that has taken place. Price increases are excluded from calculating GDP at constant. What we do know is
that the production has increased by R90 000, which is an increase of 10%.
Question 2 If GDP is greater than GDE,
Correct
Mark 1.00 out of a. the country has a deficit in the current account.
1.00
b. exports are greater than imports.
Flag
question c. taxes are more than government expenditure.
d. the country is consuming more than it is producing.
See section 5.2 on the difference between GDP and GDE. In this case, the difference lies in the fact that the contribution of the foreign
sector is positive to GDP (i.e X>Z).
Question 3 Which statement(s) regarding the national accounts is/are correct?
Correct
Mark 1.00 out of a) Fixed capital formation refers to the purchase of capital goods such as buildings, machinery, and equipment.
1.00 b) GDP at market prices = C + I + G + X – Z.
c) Gross domestic expenditure (GDE) does not include spending on imported goods and services.
Flag
question d) GNI at market prices = GDP at market prices – net primary income payments._____.
a. a, b, c and d
b. a, b and d
c. c
d. None of the above.
Fixed capital formation refers to spending on buildings, machinery and equipment used to facilitate economic activity. Fixed capital
formation forms part of the investment expenditure in the national accounts. Refer to section 5.2 on page 93 of the prescribed textbook.
GDP at market prices is calculated by adding consumption, investment, and government expenditure (C + I + G) to net exports (X – Z). Refer
to section 5.2 on page 94 of the prescribed textbook. Gross Domestic Expenditure (GDE) includes import expenditure (Z). Refer to section
5.2 on pages 94 and 95 of the prescribed textbook. Primary income payments are deducted from GDP at market prices. Refer to section 5.2
on page 92 of the prescribed textbook.
Question 4 Which of the following statements are correct examples of final goods and intermediate goods?
Incorrect
Mark 0.00 out of a) Thabo buys cake and milk for breakfast at the local supermarket.
1.00 b) Sne is a baker and buys milk, flour, sugar and so on to make delicious scones, which she sells to the community.
c) Sibusiso, a farmer, buys seed to plant vegetables.
Flag
question
a and b
b and c
b
c
, a, b and c
Final goods are sold to the consumer and the intermediate goods are sold to be used as part of the production process.
Question 5 One of the main objectives of the South African Reserve Bank (SARB) is to maintain price stability. Which statement/s is/are correct about
Correct the instrument that the SARB uses to achieve this goal?
Mark 1.00 out of
1.00 a) The SARB will try to maintain the inflation rate between 3 to 6% within the target range.
b) The SARB will ensure that a negative inflation rate is not attained, as this will decrease prices, which is not desirable because it will
Flag
question discourage production.
c) The SARB will use inflation rate targeting to ensure that the price of the particular product or service is stable.
a and b
b and c
c
b
a, b and c
Price stability refers to the general stability for all products or services, not an increase in a particular product or service. Some products
may become more expensive, for example, when demand for the product increase due to it being in fashion. This does not form part of
inflation but is due to market forces.
Question 6 Suppose the total value of goods and services in South Africa increased from R250 million in 2021 to R350 million in 2022, while the
Correct quantity of goods and services produced remained the same. Which of the following statements is correct?
Mark 1.00 out of
1.00
a. Nominal GDP increased and real GDP decreased.
Flag
question b. Nominal GDP is unchanged and real GDP increased.
c. Nominal GDP increased and real GDP is unchanged.
d. Nominal GDP decreased and real GDP is unchanged.
Nominal GDP can be due to an increase in the price level and /or an increase in real production. While real GDP the effect of inflation is
excluded form the real value.
Question 7 The table below contains hypothetical information about an economy that produces mangos and oranges. Suppose the base year is 2005.
Correct Use the information to answer the question bellow.
Mark 1.00 out of
1.00
Flag
question
What is the value of nominal GDP in 2006?
a. R800
b. R1 460
c. R1 060
d. R1 200
Your answer is correct.
Refer to section 5.2 of the textbook. The calculation is given as: Nominal GDP in 2006 = (R3 x 120) + (R12 x 70) = R360 + R840 = R1 200.
Question 8 Which of the following is likely to shift the consumption schedule upwards?
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