Economics Grade 10 P2 North West June 2024 Question Paper (Eng)

PROVINCIAL ASSESSMENT GRADE 10 ECONOMICS P2 JUNE 2024 MARKS: 100 TIME: 1½ hours This question paper consists of 9 pages. Copyright reserved Please turn over

Economics/P2 2 NW/June 2024 Grade 10 INSTRUCTIONS AND INFORMATION 1. Answer THREE questions as follows in the ANSWER BOOK: SECTION A: COMPULSORY SECTION B: Answer ONE of the two questions. SECTION C: Answer ONE of the two questions. 2. Answer only the required number of questions. Answers in excess of the required number will NOT be marked. 3. Number the answers correctly according to the numbering system used in this question paper. 4. Write the question number above each answer. 5. Read the questions carefully. 6. Start EACH question on a NEW page. 7. Leave 2-3 lines between subsections of questions. 8. 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. 9. Use only black or blue ink. 10 You may use a non-programmable pocket calculator. 11. Write neatly and legibly. Copyright reserved Please turn over

Economics/P2 3 NW/June 2024 Grade 10 SECTION A (COMPULSORY) QUESTION 1 20 MARKS - 20 MINUTES 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 1.1.5) in the ANSWER BOOK, e.g. 1.1.6 D. 1.1.1 The degree of satisfaction that a household or consumer derives from the consumption of a good or service is called ... A value. B utility. C price. D cost. 1.1.2 A market structure where there are no barriers to entry is called a/an … market. A monopoly B oligopoly C monopolistic competition D perfect competition 1.1.3 A/an … curve shows the alternative combination of any two goods or services that can be produced if all the available resources are fully and efficiently utilised. A indifference B supply C production possibility D demand 1.1.4 A sacrifice made in purchasing a school bag instead of a movie ticket indicates the economic phenomenon of … A opportunity cost. B savings. C exchange. D scarcity. 1.1.5 Prices set by the government below the market price to make goods more affordable are called ... A minimum prices. B maximum prices. C price floor. D marginal. (5 x 2) (10) Copyright reserved Please turn over

Economics/P2 4 NW/June 2024 Grade 10 1.2 Choose a description from COLUMN B that matches an item in COLUMN A. Write only the letter (A–F) next to the question number (1.2.1–1.2.5) in the ANSWER BOOK, e.g. 1.2.6 G COLUMN A COLUMN B 1.2.1 Subsidy A quantities of goods or services produced do not meet the consumers’ tastes and 1.2.2 Law of demand preferences 1.2.3 Allocative inefficiencies B the quantity of a good or service that producers are willing to sell 1.2.4 Sin tax C a cash grant given to manufacturers to 1.2.5 Supply reduce the cost of production D this is based on the assumption that all other determinants are constant. E tax levied on goods that are harmful to society such as alcohol, tobacco, etc F as the price of a product increases the demand for the product decreases (5 x 1) (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 1.3.5) in the ANSWER BOOK. Abbreviations, acronyms and examples will NOT be accepted. 1.3.1 Goods that are used in conjunction with other goods 1.3.2 A market in which illegal goods are bought and sold 1.3.3 Taxes whose incidence cannot be shifted or passed on to consumers 1.3.4 Goods that are provided by the government 1.3.5 An institution that collects taxes on behalf of the South African government (5 x 1) (5) TOTAL SECTION A: 20 Copyright reserved Please turn over

Economics/P2 5 NW/June 2024 Grade 10 SECTION B Answer any ONE of the two questions in this section in the ANSWER BOOK. QUESTION 2: MICROECONOMICS 40 MARKS - 30 MINUTES 2.1 Answer the following questions. 2.1.1 List any TWO examples of indirect taxes. (2 x 1) (2) 2.1.2 What is the effect of scarce resources on producers? (1 x 2) (2) 2.2 Study the cartoon below and answer the questions that follow. 2.2.1 Identify a company that is responsible for supplying electricity in South Africa from the cartoon above. (1) 2.2.3 Name the institution that regulates energy in South Africa. (1) 2.2.3 Briefly describe the term monopoly. (2) 2.2.4 Why is Eskom regarded as a monopoly in South Africa? (2) 2.2.5 Why do state-owned monopolies in South Africa find it difficult to achieve economic profit? (2 x 2) (4) Copyright reserved Please turn over

Economics/P2 6 NW/June 2024 Grade 10 2.3 Study the graph below and answer the questions that follow. 2.3.1 Name any ONE form of utility. (1) 2.3.2 Identify the chocolate bar with a marginal utility of “0”. (1) 2.3.3 Briefly describe the term value. (2) 2.3.4 What happens to total utility when the 6th chocolate bar is consumed? (2) 2.3.5 Explain the relationship between utility and the demand of a product? (2 X 2) (4) 2.4 Discuss in detail the functions of the markets. (2 X 4) (8) 2.5 How would a subsidy on petrol benefit the economy? (4 X 2) (8) [40] Copyright reserved Please turn over

Economics/P2 7 NW/June 2024 Grade 10 QUESTION 3: MICROECONOMICS 40 MARKS- 30 MINUTES 3.1 Answer the following questions. 3.1.1 Name TWO types of inefficiencies. (2 x 1) (2) 3.1.2 How do climatic conditions affect the supply of agricultural produce? (1 x 2) (2) 3.2 Study the table below and answer the questions that follow. POSSIBILITY CAPITAL GOODS CONSUMER GOODS A 15 0 B 14 1 C 12 2 D 9 3 E 5 4 F 0 5 3.2.1 What is the opportunity cost of increasing production of consumer goods from 1-2? (1) 3.2.2 If all the factors of production were spent in the production of capital goods, how many goods would be produced? (1) 3.2.3 Briefly describe the term production. (2) 3.2.4 What is the effect of an outward shift of the production possibility curve on the economy? (2) 3.2.5 Use the information from the table above to construct a fully labelled production possibility curve. (4) Copyright reserved Please turn over

Economics/P2 8 NW/June 2024 Grade 10 3.3 Study the table below and answer the questions that follow. Price of sneakers Quantity Quantity Demanded Supplied R1 000 25 65 R800 35 55 R600 45 45 R400 55 35 R200 65 25 3.3.1 Identify the market price in the table above. (1) 3.3.2 Name ONE factor that influences the demand for goods and services. (1) 3.3.3 Briefly describe the term utility. (2) 3.3.4 Why would the quantity supplied increase when the price of sneakers increases? (2) 3.3.5 Use the above table to draw the original demand and supply curves on the same set of axes. (4) 3.4 Discuss the external reasons why a Production Possibility Curve (PPC) will move to the right. (2 X 4) (8) 3.5 Analyse the impact of the Covid-19 outbreak on the hand sanitizer market. (4 X 2) (8) [40] TOTAL SECTION B: 40 Copyright reserved Please turn over

Economics/P2 9 NW/June 2024 Grade 10 SECTION C Answer any ONE of the two questions in 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. Max. 2  A good starting point will be to define the main concept related to the question topic.  DO NOT include any part of the question in your introduction.  DO NOT repeat any part of the introduction in the body.  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/Analyse/Compare/Evaluate/Distinguish/Differentiate/Explain/Ass ess/Debate A maximum of 8 marks may be allocated for headings/examples. Additional part: Critically discuss/Evaluate/Critically Max. 10 evaluate/Deduce/Compare/Distinguish/Suggest/Interpret/Debate/How A maximum of 2 marks may be allocated for mere listing of facts. Conclusion Any higher-order conclusion should include: Max. 2  A brief summary of what has been discussed without repeating facts already mentioned.  Any opinion or value judgement on the facts discussed  Additional support information to strengthen the discussion/analysis  A contradictory viewpoint with motivation, if required  Recommendations TOTAL 40 QUESTION 4: MICROECONOMICS 40 MARKS - 40 MINUTES  Compare and contrast perfect market and imperfect markets. (26)  How can the government protect consumers against exploitation by imperfect markets? (10) [40] QUESTION 5: MICROECONOMICS 40 MARKS - 40 MINUTES  Discuss in detail the methods that the government uses to intervene in the economy. (26)  Why does the government need to intervene in the economy? (10) [40] TOTAL SECTION C: 40 GRAND TOTAL: 100 Copyright reserved