1.1 Various options are provided as possible answers to the following questions - NSC Consumer Studies - Question 1 - 2022 - Paper 1
Question 1
1.1 Various options are provided as possible answers to the following questions. Choose the answer and write down only the letter (A–D) next to the question numbers ... show full transcript
Worked Solution & Example Answer:1.1 Various options are provided as possible answers to the following questions - NSC Consumer Studies - Question 1 - 2022 - Paper 1
Step 1
1.1.1 A savings club which benefits all its members:
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Answer
The correct answer is B: Stokvel. A Stokvel is a savings club in which members collectively save money and benefit from the contributions.
Step 2
1.1.2 The increase in the price of goods and services:
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Answer
The correct answer is C: Inflation rate. The inflation rate measures the percentage increase in the price level of goods and services over a period of time.
Step 3
1.1.3 The repo rate is the interest rate …
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Answer
The correct answer is B: which the Reserve Bank charges banks. The repo rate is the rate at which the central bank lends money to commercial banks, affecting interest rates across the economy.
Step 4
1.1.4 The consumer price index is used to …
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Answer
The correct answer is A: calculate the official rate of inflation. The consumer price index (CPI) tracks changes in the price level of a basket of consumer goods and services and is a key indicator of inflation.
Step 5
1.1.5 Food items that are exempted from VAT:
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Answer
The correct answer is A: White bread and sugar, B: Vegetables and pasta, C: Cake flour and oil, D: Eggs and rice. These food items are typically exempt from value-added tax (VAT) in many jurisdictions.
