Answer the following questions - NSC Economics - Question 3 - 2024 - Paper 1
Question 3
Answer the following questions.
3.1.1 Name any TWO redress policies in South Africa.
3.1.2 How can import substitution promote industrialisation?
3.2 Study the ex... show full transcript
Worked Solution & Example Answer:Answer the following questions - NSC Economics - Question 3 - 2024 - Paper 1
Step 1
3.1.1 Name any TWO redress policies in South Africa.
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Answer
Two redress policies in South Africa include:
Broad-Based Black Economic Empowerment (BBBEE)
Employment Equity Act (EEA)
Step 2
3.1.2 How can import substitution promote industrialisation?
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Import substitution can promote industrialisation by encouraging the establishment of new businesses to produce goods locally. This reduces reliance on imported goods, stimulates local production, and can lead to greater investment in domestic industries, ultimately fostering economic growth and job creation.
Step 3
3.2.1 Identify a form of tax imposed on imports in the extract above.
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A form of tax imposed on imports mentioned in the extract is tariffs.
Step 4
3.2.2 Name the international trade policy that protects local producers from unfair foreign competition.
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The international trade policy that protects local producers from unfair foreign competition is known as protectionism.
Step 5
3.2.3 Briefly describe the term import quota.
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An import quota is a trade restriction that limits the quantity of goods and services that can be imported into a country during a specified period. This is often implemented to protect local industries from foreign competition.
Step 6
3.2.4 Explain the role of the World Trade Organisation (WTO) in promoting free trade.
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The World Trade Organisation (WTO) plays several critical roles in promoting free trade, including:
Acting as a forum for multilateral trade negotiations.
Administering and implementing trade agreements.
Resolving trade disputes and supervising national trade policies.
Step 7
3.2.5 How can dumping impact on consumers in the importing country?
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Dumping can have both positive and negative impacts on consumers in the importing country:
Short-term effects: Consumers may benefit from lower prices for goods and services.
Long-term effects: However, if local producers are driven out of business due to unfair competition, consumers may face higher prices and reduced choices in the future.
