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 answer is B residual item. In the context of GDE, residual items account for discrepancies in the estimation of GDP.
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 correct answer is A amplitude. Amplitude represents the height of the cycle from its lowest point (trough) to its highest point (peak).
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. This important governmental document is traditionally presented in October in South Africa.
Step 4
1.1.4 The difference between tangible exports and tangible imports is called …
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Answer
The correct answer is A trade balance. Trade balance measures the difference between a country’s exports and imports.
Step 5
1.1.5 The worldwide interfacing and interaction of economies, with trade as an important element, is called …
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Answer
The correct answer is C globalisation. Globalisation refers to the interconnectedness and integration of economies through trade and investment.
