Economics Grade 11 P2 Eastern Cape November 2023 QP (Eng)

Downloaded from hlayiso.com NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2023 ECONOMICS P2 MARKS: 150 TIME: 2 hours *IECONE2* This question paper consists of 12 pages.

Downloaded from hlayiso.com 2 ECONOMICS P2 (EC/NOVEMBER 2023) INSTRUCTIONS AND INFORMATION 1. Answer FOUR questions as follows in the ANSWER BOOK. x SECTION A: COMPULSORY x SECTION B: Answer TWO of the three questions. x SECTION C: Answer ONE of the two questions. 2. Number the answers correctly according to the numbering system used in this question paper. 3. Write the question number above EACH answer. 4. Read the questions carefully and start EACH question on a NEW page. 5. Leave 2–3 lines between subsections of questions. 6. Answer the questions in full sentences and ensure that the format, content and context of your responses comply with the cognitive requirements of the questions. 7. Answer only the required number of questions. Answers in excess of the required number will NOT be marked. 8. Use only black or blue ink. 9. You may use a non-programmable pocket calculator. 10. Write neatly and legibly. Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2023) ECONOMICS P2 3 SECTION A (COMPULSORY) 30 MARKS – 20 MINUTES QUESTION 1 1.1 Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A–D) next to the question numbers (1.1.1 to 1.1.8) in the ANSWER BOOK, for example 1.1.9 D. 1.1.1 A market situation dominated by a few large businesses is known as a/an … A monopoly. B oligopoly. C monopolistic competition. D perfect market. 1.1.2 Firms that determine their own prices are known as price … A negotiators. B -takers. C -makers. D searchers. 1.1.3 A period during which at least one factor of production is fixed: A Long run B Short run C Immediate D First 1.1.4 In all market structures, profits are maximised at the point where … A MC = MR. B MC > AC. C MC = AR. D AR > MR. 1.1.5 A change in quantity demanded due to a change in income is called … elasticity. A price B supply C income D demand Copyright reserved Please turn over

Downloaded from hlayiso.com 4 ECONOMICS P2 (EC/NOVEMBER 2023) 1.1.6 An economic system that is a contributor to the North-South divide is known as … A socialism. B mixed economy. C federal. D capitalism. 1.1.7 Investment in the form of buildings, machines and equipment in a foreign country is known as ... A immobility of factors of production. B restricting trade between countries. C poor standard of living. D foreign direct investment. 1.1.8 Resources that may become exhausted if they are not managed sustainably are known as …resources. A renewable B non-renewable C finite D man-made (8 x 2) (16) 1.2 Choose a description from COLUMN B that matches a term in COLUMN A. Write only the letter (A–I) next to the question numbers (1.2.1 to 1.2.8) in the ANSWER BOOK, for example 1.2.9 J. COLUMN A COLUMN B 1.2.1 Product market A aggregate demand is equal to aggregate supply 1.2.2 Accounting profits B demand in smaller quantities when income increases 1.2.3 Market equilibrium C disputes international trade agreements 1.2.4 Opportunity cost D introduction of contaminants that damage the natural environment 1.2.5 Inferior goods E when costs per unit decrease and quantity increases 1.2.6 United Nations F difference between total income from the sale of goods and explicit costs 1.2.7 Economies of scale G the next best alternative that is given up 1.2.8 Pollution H goods and services are traded I demand increase with an increase in income (8 x 1) (8) Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2023) ECONOMICS P2 5 1.3 Give ONE term for each of the following descriptions. Write only the term next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK. Abbreviations, acronyms and examples will NOT be accepted. 1.3.1 Products that are exactly the same 1.3.2 Costs recognised in accounting statements but not considered in making business decisions 1.3.3 Degree of satisfaction that a consumer gains from consuming an extra unit of a product 1.3.4 A scenario where a country produces a product more efficiently than others 1.3.5 Knowledge that has practical application for the daily survival of local communities 1.3.6 Future change in rainfall and temperature (6 x 1) (6) TOTAL SECTION A: 30 Copyright reserved Please turn over

Downloaded from hlayiso.com 6 ECONOMICS P2 (EC/NOVEMBER 2023) SECTION B Answer any TWO of the three questions from this section in your ANSWER BOOK. QUESTION 2: MICROECONOMICS 40 MARKS – 30 MINUTES 2.1 Answer the following questions. 2.1.1 Name any TWO examples of fixed costs. (2) 2.1.2 How are businesses affected by inelastic demand? (2) 2.2 Study the graph below and answer the questions that follow. PERFECT MARKET MC Cost/revenue AC R60 R50 100 Quantity 2.2.1 At which quantity is output maximised? (1) 2.2.2 What is represented by the shaded area in the above graph? (1) 2.2.3 Describe the term perfect market. (2) 2.2.4 Why are sellers in a perfectly competitive market known as price takers? (2) 2.2.5 How do consumers benefit from perfect competition? (4) Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2023) ECONOMICS P2 7 2.3 Read the information below and answer the questions that follow. [Adapted from google images] 2.3.1 From the extract above, which price displays that the product is elastic? (1) 2.3.2 Name any ONE other degree of elasticity of demand. (1) 2.3.3 Describe the term price elasticity of demand. (2) 2.3.4 Briefly explain perfectly inelastic demand. (2) 2.3.5 Examine the importance of price elasticity of demand and demand forecasting. (4) 2.4 Briefly discuss any TWO objectives of a business that makes use of the SMART PRINCIPLE. (8) 2.5 How do monopolies come into existence? (8) [40] Copyright reserved Please turn over

Downloaded from hlayiso.com 8 ECONOMICS P2 (EC/NOVEMBER 2023) QUESTION 3: CONTEMPORARY ECONOMIC ISSUES 40 MARKS – 30 MINUTES 3.1 Answer the following questions. 3.1.1 Name any TWO methods of protecting the environment. (2) 3.1.2 How can the government intervene to ensure sustainable development? (2) 3.2 Study the information below and answer the questions that follow. NORTH-SOUTH DIVIDE Countries using this model of South-South cooperation see it as a ‘mutually beneficial relationship that spreads knowledge, skills, expertise and resources to address their development challenges such as high population pressure, poverty, hunger, disease, environmental deterioration, conflict and natural disasters].’ These countries also work together to deal with “cross border issues” such as environmental protection, HIV/Aids ,and the movement of capital and labour. [Adapted from Wikipedia.org/wiki/global North] 3.2.1 Give any ONE challenge encountered by countries of the South. (1) 3.2.2 Give ONE example of a cross border issue that countries of the South are experiencing. (1) 3.2.3 Briefly describe the term North-South divide. (2) 3.2.4 Explain the term free trade areas. (2) 3.2.5 Examine the negative impact of Covid-19 on developing countries in Africa. (4) Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2023) ECONOMICS P2 9 3.3 Study the extract below and answer the questions that follow. NATIONAL FRAMEWORK FOR SUSTAINABLE DEVELOPMENT The world is facing severe pressures that put sustainable development at risk for most people. Population growth, growing inequalities, climate change, and emerging zoonotic diseases are setting back many recent human well-being achievements while rapidly worsening planetary health. The NFSD aims to enhance the quality of life in the country and includes 5 pillars: nature, environmental health, climate change, living organisms and biosecurity. [Source: nature.com/articles/s41467-022-32415-9] 3.3.1 Identify from the extract above ONE pillar of the National Framework for Sustainable Development (NFSD). (1) 3.3.2 Give any ONE example of a green tax. (1) 3.3.3 Describe the term National Framework for Sustainable Development. (2) 3.3.4 Briefly explain the environmental impact assessment as an approach to sustainability. (2) 3.3.5 How can economic growth and environmental protection be balanced? (4) 3.4 Briefly discuss change in employment conditions and environmental deterioration as consequences of globalisation. (8) 3.5 Analyse the importance of conserving biodiversity. (8) [40] Copyright reserved Please turn over

Downloaded from hlayiso.com 10 ECONOMICS P2 (EC/NOVEMBER 2023) QUESTION 4: MICROECONOMICS AND CONTEMPORARY ECONOMIC ISSUES 40 MARKS – 30 MINUTES 4.1 Answer the following questions. 4.1.1 Name any TWO objectives of the Millennium Development Goal. (2) 4.1.2 How can businesses minimise costs? (2) 4.2 Study the graph below and answer the questions that follow. PROFIT Costs B A p Marginal Revenue q Quantity 4.2.1 Identify curve B. (1) 4.2.2 Name the type of profit illustrated above. (1) 4.2.3 Explain Marginal Revenue. (2) 4.2.4 Briefly describe diseconomies of scale. (2) 4.2.5 Examine the importance of marginal costs. (4) Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2023) ECONOMICS P2 11 4.3 Study the extract below and answer the questions that follow. HOW DIGITAL MULTINATIONALS ARE TRANSFORMING GLOBAL TRADE AND INVESTMENT The international production footprint of digital Multinational Enterprises (MNEs), which was already expanding, has grown even faster during the Covid-19 pandemic. UNCTAD Global Investment Trend Monitor published on 27 April, unveils new rankings of the top 100 digital MNEs, whose total sales were almost 160% higher in 2021 than in 2016, with an average increase of 215 per year. The top 100 digital MNEs include leading players such as Uber, Twitter and Meta. [Adapted from unctad.org/news. Accessed on 16 May 2022.] 4.3.1 From the extract, identify a leading Multinational Enterprise. (1) 4.3.2 Name ONE advantage of Multinational Enterprises. (1) 4.3.3 Describe the term Multinational Enterprise. (2) 4.3.4 Briefly explain free trade zones. (2) 4.3.5 Analyse the social impact of globalisation on developing countries. (4) 4.4 Briefly discuss the level of space capacity in the industry and level of employment as degrees of elasticity of supply. (8) 4.5 Examine the positive impact of globalisation on the South African economy. (8) [40] TOTAL SECTION B: 80 Copyright reserved Please turn over

Downloaded from hlayiso.com 12 ECONOMICS P2 (EC/NOVEMBER 2023) SECTION C Answer any ONE of the two questions from this section in the ANSWER BOOK. Your answer will be assessed as follows. STRUCTURE OF ESSAY MARK ALLOCATION Introduction The introduction is a lower-order response. x A good starting point would be to define the main concept related to the question topic. x Do NOT include any part of the question in your introduction. Max. 2 x Do NOT repeat any part of the introduction in the body. x Avoid mentioning in the introduction what you are going to discuss in the body. Body Main part: Discuss in detail/In-depth discussion/Examine/Critically Max. 26 discuss/Compare/Evaluate/Distinguish/Differentiate/Explain/Assess/ Debate/Draw a graph and explain/Use the graph given and explain/ Complete the given graph A maximum of 8 marks may be allocated for headings/examples. Additional part: Give own opinion/Critically discuss/Evaluate/Critically evaluate/ Deduce/Compare/Distinguish/Interpret/Briefly debate/How/ Max. 10 Suggest/Analyse A maximum of 2 marks may be allocated for mere listing of facts. Conclusion Any higher-order conclusion should include: x A brief summary of what has been discussed without repeating facts already mentioned x Any opinion or value judgment on the facts discussed Max. 2 x Additional support information to strengthen the discussion/analysis x A contradictory viewpoint with motivation, if required x Recommendations TOTAL 40 QUESTION 5: MICROECONOMICS 40 MARKS – 40 MINUTES x Discuss in detail demand side relationships with the aid of graphs. (26 marks) x Examine the importance of relative price. (10 marks) [40] QUESTION 6: CONTEMPORARY ECONOMIC ISSUES 40 MARKS – 40 MINUTES x Discuss in detail the problems threatening the environment. (26 marks) x Analyse the importance of protecting the environment. (10 marks) [40] TOTAL SECTION C: 40 GRAND TOTAL: 150 Copyright reserved Please turn over

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