Various options are provided as possible answers to the following questions - NSC Economics - Question 1 - 2024 - Paper 1
Question 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... show full transcript
Worked Solution & Example Answer:Various options are provided as possible answers to the following questions - NSC Economics - Question 1 - 2024 - Paper 1
Step 1
1.1.1 When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …
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Answer
The correct choice is B residual item. In calculating GDE, residual items are used to make adjustments for errors and omissions that are not captured in direct measurement.
Step 2
1.1.2 The vertical difference between a trough and the next peak of a cycle is known as …
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Answer
The answer is A amplitude. Amplitude refers to the height of the peak or the depth of the trough in a business cycle, indicating the extent of fluctuations.
Step 3
1.1.3 The Minister of Finance presents the Medium-term Budget Policy Statement (MTBPS) in … every year.
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Answer
The correct answer is D October. The MTBPS is typically presented in October, aligning with fiscal planning.
Step 4
1.1.4 The difference between tangible exports and tangible imports is called …
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Answer
This is known as the A trade balance. The trade balance measures the difference in value between a country's exports and imports of goods.
