Reference no: EM132364794

Questions 1 and 2 are based on the following dataset for real final consumption expenditure by households on food, beverages and tobacco.

Year          R millions

2010          402 462

2011          414 730

2012         430 123

2013         431 168

2014         433 182

2015         443 028

2016         446 059

2017        452 635

1. Which of the following provides a measure of central tendency for this dataset?

a. the mean

b. the median

c. the moving averages

d. the sum of the yearly expenditures

1. a

2. a and b

3. a, b and c

4. a and c

5. a, b, c and d

2. The mean value of the dataset is ... the median.

1. greater than

2. smaller than

3. equal to

3. Which one of the following symbols, units or numbers is written incorrectly?

1. R/kg

2. 0,13

3. R105,50

4. 2500640

5. 10 watt

4. The following datasets represent the level of employment in the mining and manufacturing sectors in South Africa for 2017:

Mining: 462 275

Manufacturing: 1 193 311

If employment in mining increases by 20% and in manufacturing by 9%, then it can be concluded that ...

1. more jobs have been created in the mining sector.

2. more jobs have been created in the manufacturing sector.

3. the same number of jobs has been created in the mining and manufacturing sectors.

5. Which one of the following statements regarding stocks and flows is incorrect?

1. Stock and flows are both variables.

2. A flow is a quantity which is measured with reference to a period of time.

3. A stock is a quantity which is measurable at a particular point of time.

4. Inventories are a stock while changes in inventories are a flow.

5. Income is a stock while wealth is a flow.

6. This question is based on the following data for a country:

Interest: R5 billion

Profits: R6 billion

Change in inventories Wages: R10 billion

Rent: R4 billion: R1 billion

The total income is ..., the total sales are ..., the total production is ... and the total expenditure is ...

1. R26 billion; R25 billion; R26 billion; R26 billion.

2. R24 billion; R24 billion; R24 billion; R24 billion.

3. R25 billion; R24 billion; R25 billion; R25 billion.

4. R25 billion; R25 billion; R24 billion; R24 billion

7. A friend of yours wants to start a business and gives you the following information:

According to the data for consumption expenditure by households on food, beverages and tobacco, households increased their spending by 7,31% in 2017. Based on this figure she is of the opinion that households are buying so much more food, beverages and tobacco that it is time to start a business in this sector. What would your response be to her opinion?

1. You agree with her but point out that her calculation is wrong since the increase was 7,88%.

2. You disagree with her since she did not take inflation into account and you point out that in real terms the increase was only 1, 47%.

3. You disagree with her since she did not take inflation into account and you point out that in real terms the increase was only 1, 45%.

4. You fully agree with her and suggest that based on this high increase it is a good idea to start a business in this sector.

10. Which one of the following is not included in the figure for gross domestic product?

1. legal informal sector activities

2. illegal activities

3. voluntary unpaid work

4. expenditure by foreign tourists in South Africa

5. flour purchased by a baker to use for baking bread

12. Which one of the following does not form part of gross domestic expenditure?

1. imports

2. exports

3. final consumption expenditure by households

4. final consumption expenditure by general government

5. gross capital formation

13. If gross domestic expenditure increased while expenditure on gross domestic expenditure declined, one can conclude that it might be the result of a/n ...

1. decline in exports and an increase in imports.

2. increase in exports and a decline in imports.

3. decrease in final consumption expenditure of households.

4. negative change in inventories.

14. The difference between gross value added at basic prices and GDP at market prices might be the result of ...

1. all forms of direct taxes.

2. income taxes.

3. subsidies on products.

4. intermediate consumption.

16. Which of the following form part of gross saving?

a. saving by households

b. corporate saving

c. saving of general government

d. consumption of fixed capital

1. only a

2. a and b

3. a, b and c

4. a, b, c and d

5. Neither a, b, c nor d.

22. Which of the following is included in a reference cycle?

1. an upswing and peak only

2. a downswing and a trough only

3. a contraction only

4. a boom only

5. an upswing, a peak, a downswing and a trough

23. Which one of the following statements regarding turning points of the reference cycle is correct?

1. Movements in real GDP are not taken into account since it does not provide sufficient information.

2. Individual time series are not used since we are interested in identifying turning points in the general level of economic activity.

3. In South Africa, an upward turning point was reached in November 2013.

4. Turning points provide valuable information about the intensity and amplitude of the upswings and downswings in economic activity.

29. This question is based on the following information:

employment in the formal private sector: 7 292 501

employment in the public sector: 2 003 957

employment in the informal sector: 2 941 230

people without work and actively searching for work: 3 308 433

people available for work but not actively searching for work: 1 323 373

people who are neither available nor actively searching for work: 2 354 612

The unemployment rate according to the strict definition is ... and according to the expanded definition of unemployment it is ...

1. 17,21%; 24,09%.

2. 19.61%; 27,46%.

3. 17,21%; 24,09%.

4. 21,28%; 27,46%.

30. A decrease in the labour absorption capacity implies ...

1. that a higher percentage of new entrants in the labour market is able to find employment in the formal sector

2. that a lower percentage of new entrants to the labour market is able to find employment in the formal sector.

3. a lower degree of responsiveness of employment to economic growth.

4. a lower percentage between the number of employed people in the formal and informal sector and the total working age population.