economics memo

@ Education KwaZulu-Natal Department of Education REPUBLIC OF SOUTH AFRICA MEMO Winter Classes GRADE 12 Time: 40 minutes Marks: 40

1.1.3 A 1.14 B 1.1.5 B 1.1.6 B 1.1.7 C 1.1.10B =20) 1.2.1 D 1.2.2 E 1.2.3 F 1.24 J 1.2.5 A 12.8 G 1.2.7 B 1.2.8 H 1.2.9 K 1.2.10C =10) (reduces economic activity) (4) (an import tariff) (net exports decrease, aggregate demand decrease) (E <1) (average variable cost) (technical superiority) (advertising) (monopolistic competition) (market) (10x2 (10x 1

1.3.1 Minimum wage 1.3.2 Short run 1.3.3 Terms of trade 1.3.4 Opportunity cost 1.3.5 Deregulation 1.3.6 Perfect market 1.3.7 Social costs 1.3.8 Privatisation 1.3.9 Administered goods 1.3.10 Economic profit =10) (10x14 [40 marks)