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FINAL ONLINE SUMMATIVE ASSESSMENTBachelor of Business Administration
Bachelor of Public Administration
Bachelor of Commerce in Accounting
Bachelor of Commerce in Entrepreneurship
Bachelor of Commerce in Project Management
PROGRAMME Bachelor of Commerce in Retail Management
Bachelor of Commerce in International Business
Bachelor of Commerce in Financial Management
Bachelor of Commerce in Marketing Management
Bachelor of Commerce in Supply Chain Management
Bachelor of Commerce in Information and Technology Management
MODULE Economics 1B
YEAR One (1)
INTAKE January 2023 Semester 2
DATE 13 November 2023
,SECTION A [100 MARKS]
Answer ALL the questions in this section.
Type ONLY the letter that represents the correct answer next to the corresponding number in your online answer
booklet. E.g. 26 B
Question 1 (4 Marks)
Which of the following is NOT a macroeconomic topic?
A. National GDP trends
B. The increase in consumer demand for smartphones in the last five years
C. The effect of an increasing unemployment rate in South Africa
D. Global oil prices in 2023
Question 2 (4 Marks)
“Australia has aimed to achieve full employment by implementing various employment and labor market
programs”. Achieving full employment would indicate that:
A. Everyone in the Australian economy has a job.
B. There is no unemployment in the economy.
C. Australia has reached the level of employment where all workers are fully utilized, and there is no
cyclical unemployment.
D. Only a small percentage of the Australian workforce is unemployed.
Question 3 (4 Marks)
In March 2023, imports for the US exceeded their exports by $60.6 billion. In June 2023, the imports
exceeded the exports by $74.6 billion. If this trend continues, what impact can this have on the US in the long
term?
A. Increased foreign investment
B. Stronger domestic currency
C. Decreased trade protectionism
D. Accumulation of foreign debt
,Question 4 (4 Marks)
In the context of the circular flow model of the economy, which of the following best describes the relationship
between households, businesses, and the government?
A. Households earn income by buying goods and services in the product market, spend that income
on businesses, and pay taxes to the government, which then uses the revenue to provide
resources.
B. Households earn income by providing resources, spend that income on goods and services in the
product market, and pay taxes to the government, which then uses the revenue for public services.
C. Households earn income by paying taxes to the government, which then uses that revenue to buy
goods and services from businesses, and businesses use the income to pay wages to households.
D. Households earn income by providing resources to the government, which then redistributes that
income among businesses to stimulate production and spending.
Question 5 (4 Marks)
Assume you have the following data for a hypothetical country for a specific year (in billions of ZAR):
Wages and Salaries: R2,500
Interest: R300
Rent: R200
Profits: R1,000
Taxes (Indirect Taxes Minus Subsidies): R400
Depreciation: R500
Given the data above, which of the following methods of calculating Gross Domestic Product (GDP) may be
used?
A. Expenditure approach
B. Income approach
C. Product approach
D. Trade approach
Read the following statement and answer questions 6 and 7:
“In 2022, India’s GDP was $3,386.4 billion whereas its GNP was $3,370.15 billion”.
Question 6 (4 Marks)
The reason for the difference in the two figures is that:
A. GDP includes foreign investment, while GNP does not.
B. GNP is used for developed countries, while GDP is used for developing countries.
C. GDP is a measure of the overall wealth of a nation, while GNP focuses on the distribution of
income within a country.
D. GDP measures the total economic output within a country's borders, while GNP considers the
income earned by a country's residents domestically and abroad.
, Question 7 (4 Marks)
Why should India be cautious about using Gross Domestic Product (GDP) as the primary measure of
economic growth?
A. GDP does not account for the value of services, only goods.
B. GDP provides an accurate reflection of income inequality.
C. GDP does not consider changes in a country's population.
D. GDP is unaffected by changes in government policies.
Question 8 (4 Marks)
Imagine you have R1,000 in cash, and you deposit this money into a savings account at a bank. What
function of money is this action demonstrating?
A. Medium of Exchange
B. Unit of Account
C. Store of Value
D. Measure of Value
Read the following statement and answer questions 9 and 10:
“Earlier this year, the South African Reserve Bank raised its interest rate to a 14-year high, a move Governor Lesetja
Kganyago described as "bitter medicine" needed to tame inflation”.
Question 9 (4 Marks)
What is the primary function of the South African Reserve Bank (SARB) being demonstrated in this case?
A. Regulation of the stock market
B. Conducting of monetary policy and ensuring price stability
C. Management of the country's foreign affairs
D. Overseeing of the national healthcare system
Question 10 (4 Marks)
Which of the following measures may assist the SARB in decreasing the money supply in the economy to
“tame inflation”?
A. An increase in the currency held by the public
B. An increase in government spending
C. A decrease in interest rates
D. An increase in bank lending
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