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  3. University Of South Africa (Unisa)
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  5. Economics IB (ECS1601)

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2025 - ECS1601 - ASSESSMENT 3 - QUESTIONS AND ANSWERS
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  • January 6, 2025
  • 94
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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2024 – S2 – ECS1601 – ASSESSMENT 3 – Q&A



Assessment 3
Started on Tuesday, 6 August 2024,
State Finished
Completed on Tuesday, 6 August 2024,
Time taken
Marks 18.00/18.00
Grade 100.00 out of 100.00


Question 1
If GDP at constant prices increases from R900 000 to R990 000, it means that …

a.
production has increased by 10%.
b.
production has increased by 5% and prices increased by 5%.
c.
nominal GDP increased by 10%
d.
prices increased by 10% during the year.

Feedback
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,

a.
the country has a deficit in the current account.
b.
exports are greater than imports.

1

, 2024 – S2 – ECS1601 – ASSESSMENT 3 – Q&A


c.
taxes are more than government expenditure.
d.
the country is consuming more than it is producing.

Feedback
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
The next question is based on the information in the table below:
The South African consumer price index (all urban areas) 2018 and 2019 (December
2016 = 100)




Source: South African Reserve Bank, Quarterly Bulletin, December 2020
Which category of goods had the highest percentage change between 2018 and
2019?

a.
Food and non-alcoholic beverages
b.

2

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