Economics Grade 10 P2 Gauteng November 2016 QP (Eng)

Downloaded from hlayiso.com GAUTENG PROVINCE EDUCATION REPUBLIC OF SOUTH AFRICA GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2016 GRADE 10 ECONOMICS PAPER 2 MARKS: 150 TIME: 2 hours 12 pages *K4P2* P.T.O.

Downloaded from hlayiso.com ECONOMICS 2 (PAPER 2) GRADE 10 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ECONOMICS (PAPER 2) MARKS: 150 TIME: 2 hours INSTRUCTIONS AND INFORMATION 1. 10. 11. Answer FOUR questions as follows in the ANSWER BOOK. SECTION A: COMPULSORY SECTION B: Answer any TWO of the THREE questions. SECTION C: Answer any ONE of the TWO questions. Answer only the required number of questions. Answers in excess of the required number will NOT be marked. Number the answers correctly according to the numbering system used in this question paper. Write the question number above each answer. Read the questions carefully. Start EACH question on a NEW page. Leave 2 — 3 lines between subsections of questions. Answer the questions in full sentences and ensure that the format, content and context of your responses comply with the requirements of the questions. Use only black or blue ink. You may use a non-programmable pocket calculator. Write neatly and legibly. P.T.O.

Downloaded from hlayiso.com ECONOMICS 3 (PAPER 2) GRADE 10 SECTION A (COMPULSORY) QUESTION 1 30 MARKS — 20 MINUTES 1.1. MULTIPLE-CHOICE QUESTIONS Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A-C) next to the question number (1.1.1 — 1.1.8) in the ANSWER BOOK, for example 1.1.9 C. 1.1.1 The law of supply states that ... A as the price increases the quantity supplied decreases. B as the price increases the quantity supplied increases. Cc as the price increases the quantity supplied remains constant. 1.1.2 Which form of government strategy is implemented when government imposes a price below the equilibrium price in order to allow more people an opportunity to buy the product? A Subsidy B Minimum price Cc Maximum price 1.1.3. An imperfect market would NOT have the following characteristic: A The seller has control over the price B Easy entry and exit into the market Cc Imperfect information 1.1.4. The institution that conducts labour force surveys in South Africa is ... A Statistics South Africa. B the Department of Labour. Cc the CCMA. 1.1.5 The Employment Equity Act No. 55 of 1998 consists of, inter alia ... A learnership agreements. B fair discrimination. Cc affirmative action. 1.1.6 This can be an effect of inefficiency. A Inflation B Equal opportunity Cc Sustainable resources P.T.O.

Downloaded from hlayiso.com ECONOMICS 4 (PAPER 2) GRADE 10 1.1.7 Which of the following factors influences the demand for labour? A Productivity of labour B Demand of other factors c Population growth 1.1.8 This is one of the reasons why consumers would pay less for certain goods and services, than the prices charged by producers. A Consumer boycotts B Government subsidies Cc Low disposable income (8x2) (16) MATCHING ITEMS Choose a description from COLUMN B that matches the concept in COLUMN A. WRITE only the letter (A — I) next to the question number (1.2.1 — 1.2.8) in the ANSWER BOOK, for example 1.2.9 K. COLUMN A COLUMN B 1.2.1. Collective Bargaining | A As consumption increases, the satisfaction for the product decreases. 1.2.2 Ceteris paribus B_ Method used for dealing with the 1.2.3 Law of Diminishing relationship between workers and Marginal Utility employers 1.2.4 Constitution C A government system for protecting workers who are retrenched 1.2.5 Unemployment Insurance Fund (UIF) | D People who have high level of skills, but are working in low paying jobs or they are 1.2.66 SETA working fewer hours than they would like to 1.2.7 Underemployed E Everything else stays the same. 1.2.8 SMME F Bill of Rights G_ Small, Medium and Micro-enterprises H_ The suppliers can change the price at will in the market. They are price makers. | Sector Education and Training Authority (8x1) (8) P.T.O.

1.3 Downloaded from hlayiso.com ECONOMICS 5 (PAPER 2) GRADE 10 TERMINOLOGY Give ONE term for each of the following descriptions. Write only the term next to the question number (1.3.1 — 1.3.6) in the ANSWER BOOK. 1.3.1 This Act tries to address the wrongs of the past. 1.3.2 This line is sometimes called the consumption possibilities curve. 1.3.3 A market where suppliers are price-takers 1.3.4 The lowest wage that an employer is allowed to pay a worker per month 1.3.5 This institution makes it possible for entrepreneurs to get involved in infrastructure development. 1.3.6 The impact on a party that is not directly involved in the transaction (6x1) (6) TOTAL SECTION A: 30 P.T.O.

SECTION B Downloaded from hlayiso.com ECONOMICS 6 (PAPER 2) GRADE 10 Answer any TWO of the three questions from this section in the ANSWER BOOK. QUESTION 2 —- MICRO-ECONOMICS 40 MARKS - 30 MINUTES 2.1 2.2 Answer the following questions. 2.1.1 2.1.2 Name TWO factors that determines the value of a product. (2x1) (2) What does the marginal rate of substitution (MRS) state? (1x2) (2) Study the graph below and answer the questions that follow. Oranges 2.2.1 2.2.2 2.2.3 PRODUCTION POSSIBILITY CURVE A B @A Bread Explain the concept production possibility curve. (2) What takes place at point B compared to point A? (4) Which TWO conditions should a business meet to achieve productive efficiency? (4) P.T.O.

Downloaded from hlayiso.com ECONOMICS 7 (PAPER 2) GRADE 10 2.3 Study the extract below and answer questions that follow. Agricultural demand in South Africa is expected to increase as population and income levels rise. But, it's not as simple as that. It is essentially about the sector adapting to the change in demand trends. Production will increasingly move from ‘production push' to a ‘demand pull’ principle. Both consumers and the agricultural sector are at crucial turning points that will change the way that food is produced and consumed in the country. The one solid fact that is certain is that we will need to continuously produce more food to meet an ever-growing demand. But, the type of food and the nature of its production must continuously adapt to meet consumers’ much more sophisticated needs. SOURCE: www.crsnewssa.co.za, 16/02/2016 2.3.1 Supply the extract with an appropriate heading. (1) 2.3.2 Give any TWO reasons why the demand for agricultural products (food) could increase. (2x1) (2) 2.3.3 Explain what will happen with the demand curve if there is a change in the quantity demanded of food products. (2) 2.3.4. Why do people buy more when prices decrease? (1x2) (2) 2.3.5 What does the Law of Demand imply? (3) 2.4 Discuss income subsidies and production subsidies. (2x4) (8) 2.5 "The shape of the indifference curve is caused by the shifting of the marginal utility advantage, from one good to the other." Evaluate this statement by outlining the common properties (characteristics) of indifference curves. (4x2) (8) [40] P.T.O.

Downloaded from hlayiso.com ECONOMICS 8 (PAPER 2) GRADE 10 QUESTION 3 - CONTEMPORARY ECONOMIC ISSUES 40 MARKS -— 30 MINUTES 3.1. Answer the following questions. 3.1.1. Name any TWO aspects of a Human Resources Development strategy. (2x1) (2) 3.1.2 What is the intention of a convention? (1x2) (2) 3.2 Study the cartoon and answer the questions that follow. [Comrade = can we drop you off somewhere? 3.2.1. What does the abbreviation COSATU stand for? (1) 3.2.2 Explain the word “plight”. (1) 3.2.3. What do you think is the legal responsibility of the union federations such as COSATU? (2x2) (4) 3.2.4 "The CCMA is part of the collective bargaining and dispute resolution process.” Compare mediation and conciliation as part of this process in table format. (2x2) (4) P.T.O.

Downloaded from hlayiso.com ECONOMICS 9 (PAPER 2) GRADE 10 3.3. Study the extract and answer the questions that follow. Equity and Redress For much of their history, progressive political movements in South Africa have advanced a politics of equal recognition, whether in relation to ‘race’, ‘gender’, or ‘ethnicity’. The Freedom Charter statement that ‘South Africa belongs to all’, and its declaration that ‘all national groups shall have equal rights’, is one manifestation of this commitment to a politics of equal recognition. With the advent of democracy, this politics of equal recognition was translated into a constitution that guarantees equality in all spheres of society. The 1996 South African constitution set out the character of the society that was envisaged, proclaiming the values of ‘human dignity, the achievement of equality and the advancement of human rights and freedoms’, and ‘non-racialism and non-sexism’. SOURCE: www.google.com 3.3.1. Explain the word redress. (2) 3.3.2. When was the first democratic election held in South Africa? (2) 3.3.3. In your opinion, how is income distributed in South Africa? (2) 3.3.4 Outline the FOUR key areas of the macroeconomic objectives. (4) 3.4 Briefly explain TWO steps that government took in the democratization of the economy since 1994. (2x4) (8) 3.5 — Highlight the powers of the Labour Court. (4x2) (8) [40] P.T.O.

Downloaded from hlayiso.com ECONOMICS 10 (PAPER 2) GRADE 10 QUESTION 4 —- MICRO-ECONOMICS / CONTEMPORARY ECONOMIC ISSUES 40 MARKS - 30 MINUTES 4.1. Answer the following questions. 4.1.1. List TWO types of indirect taxes. (2x1) (2) 4.1.2 | What is the aim of The Compensation for Occupational Injuries and Diseases Act? (1x2) (2) 4.2 Study the cartoon below and answer the questions that follow. Lisha — the EPWP has But remember, no matter what the economic \ situation is, we must all make a habit of saving and spending our money wisely! UHHH ... created many jobs over the years and helped people to get out of poverty! 4 We must avoid falling into the debt trap and, in your case, Lisha ... I’d say stop shopping and start saving! y) I Did you know? Working together we can do more! . The Deputy Minister of Water and Environmental Affairs, Rejoice Mabudafhasim, launched a R25 million Expanded Public Works Programme (EPWP) at the end of last year. It not only promotes jobs and training, but energy efficiency as well. The Kuyasa Clean Development Mechanism Project (CDM) involves the fitting of solar water heaters, insulated ceilings and energy-efficient lighting in over 2 000 low-cost homes. ig _ ey AN ~ opportunities for women, youth and the disabled \\\ \ y and over 16 500 temporary jobs. i The project has created 85 full-time job SOURCE: Vukuzenzele.gov.za. 2010 P.T.O.

4.3 44 45 Downloaded from hlayiso.com ECONOMICS 11 (PAPER 2) GRADE 10 4.2.1 Write the abbreviation EPWP in full. (2) 4.2.2 Mention TWO levels of government that initiated the public works programme. (2x1) (2) 4.2.3. Explain, in your own words, what is meant by the public works programme? (1x2) (2) 4.2.4 Describe, from the cartoon, how the EPWP aims to achieve poverty relief. (2x2) (4) Read the article below and then answer the questions that follow: Plunging crude oil price not all good news for SA This week the price of crude oil dipped below $30 a barrel — a price last seen over a decade ago — but the long-standing powerhouse of production, OPEC, which produces a third of the world's crude, has no plans to cut production even as new players enter or re-enter the global market. "OPEC is trying to wipe out the US and Russian oil industries. We're getting to price levels that are below the costs of production for many oil supply sources and as a result | wouldn't expect oil prices to remain this low for any length of time," said Econometrix chief economist Azar Jammine. The price of Brent crude has fallen by some 70% in just over a year as the global supply glut continues to languish in storage SOURCE: SUNDAY TIMES BUSINESS - BRENDAN PEACOCK - 2016-01-17 4.3.1. According to the article, what is the purpose of OPEC? (1) 4.3.2 If OPEC controls the production and price of the product, what type of market is being described above? (1) 4.3.3 Give the characteristics of the market structure identified in Question 4.3.2. (2x2) (4) 4.3.4 Summarise the implication for the consumer if OPEC keeps the oil supply low. (2x2) (4) Differentiate between allocative efficiency and pareto efficiency. (2x4) (8) The CCMA is an independent body established in 1996 in terms of the Labour Relations Act. Outline the functions of the CCMA. (4x2) (8) [40] TOTAL SECTION B: 80 P.T.O.

Downloaded from hlayiso.com ECONOMICS 12 (PAPER 2) GRADE 10 SECTION C Answer only ONE of the two questions in this section in the ANSWER BOOK. MARK STRUCTURE OF ESSAY ALLOCATION Introduction Max. 2 Body Main part: Discuss in detail / In-depth discussion / Examine / Critically discuss / Analyse / Compare / Evaluate / Distinguish / Explain / Assess / Debate Max. 26 Additional part: Give own opinion / Critically discuss / Evaluate / Critically evaluate / Draw a graph and explain / Use the graph given and explain / Complete the given graph / Calculate / Deduce / Compare / Explain / Distinguish / Interpret / Max. 10 Briefly debate / How? / Suggest / Use the information and argue / Debate / Evaluate Conclusion Any relevant higher order conclusion that should include: e A brief summary of what has been discussed / analyze without repeating facts already mentioned in the body e Anopinion or value-judgment on the facts discussed Max. 2 e Additional support information to strengthen the discussion / analysis e Acontradictory viewpoint with motivation, if required e Recommendations TOTAL 40 QUESTION 5 MICRO-ECONOMICS 40 MARKS - 40 MINUTES “The most important single central fact about markets is that no exchange takes place unless both parties benefit.” e Critically discuss the functions of markets in the economy and assess why market failures sometimes occur. (26 marks) e Write recommendations on how government could step in to prevent or limit market failure. QUESTION 6 CONTEMPORARY ECONOMIC ISSUES 40 MARKS - 40 “Long term unemployment is regarded worldwide as economically undesirable.” (10 marks) [40] MINUTES e Discuss the impact of unemployment on the economy, individuals and politics. (26 marks) e Suggest how government can solve unemployment through a sound monetary and fiscal policy. (10 marks) [40] TOTAL SECTION C: 40 END TOTAL: 150

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