ECS2603
EXAM PACK
,ECS2603 - ECONOMIC INDICATORS
FINAL EXAMINATION 2026
EXAM ANSWERS
Section 1: Multiple Choice
Question 1: B — A period (.)
The LMS requires a decimal point when numerical data is entered.
Question 2: C — Quarterly Labour Force Survey vs. Quarterly Employment
Statistics
The QLFS is household-based, while QES is establishment/business-based.
Question 3: C — 50 basis points
\(8.75\%-8.25\%=0.50\%\), and 0.50% = 50 basis points.
Question 4: B — Manipulation
Manipulation is the phase in which price moves temporarily against the eventual
expansion/distribution direction.
Question 5: C — 1-hour
The 1-hour timeframe is used to identify the phases within a weekly PO3 structure.
Question 6: A — GDP = GVA + Taxes on Products − Subsidies on Products
Question 7: C — The Manipulation phase
In the OLHC framework, the manipulation helps establish the relevant low/high of the
daily candle.
Question 8: B — 1.0 to 1.5 Standard Deviations
,Question 9: C — Fixed Capital Stock
A stock is measured at a point in time, whereas GDP, consumption and exports are flow
variables measured over a period.
Question 10: B — Every 30 seconds
Question 11: B — 4.0 Standard Deviations
Question 12: C — Construction
Construction is classified separately from the listed tertiary-sector activities.
Question 13: C — Smart Money Tool (Divergence)
Question 14: C — In the middle (2022)
A three-period moving average covering 2021–2023 is centred on 2022.
Question 15: C — Net current transfers to the rest of the world
Question 16: B — An entry opportunity seeking HTF liquidity within the
distribution phase
Question 17: C — The bullish Manipulation zone
Question 18: C — Annual percentage change in GDP adjusted for inflation
Question 19: B — COICOP
COICOP is the Classification of Individual Consumption According to Purpose.
Question 20: B — 1.5 − 2.5
The percentage-point change is −1.0 percentage point.
Section 2: Short Answers
Question 21
, A. Percentage change in GDP from 2022 to 2023
Given:
2022 GDP = R6 655 524 million
2023 GDP = R7 023 994 million
\[ \text{Percentage change} =\frac{7\,023\,994-6\,655\,524}{6\,655\,524}\times100 \]\[
=\frac{368\,470}{6\,655\,524}\times100 \]\[ =\mathbf{5.5\%} \]
Answer: 5.5%
B. Percentage-point difference in 2019 growth
South Africa = 0.3%
Sub-Saharan Africa = 2.67%
\[ 0.3\%-2.67\%=-2.37 \]
Answer: South Africa's growth was 2.37 percentage points lower than SSA's
growth.
Question 22
Three confirmations indicate that the Manipulation phase has ended and Distribution
has begun:
1. Price reaches the relevant manipulation extreme and begins moving back in
the intended direction.
2. Market structure/price action confirms the reversal, showing that the
manipulation has failed to continue.
3. SMT divergence or another liquidity confirmation supports the conclusion
that the manipulation is complete and expansion/distribution is starting.
Question 23
EXAM PACK
,ECS2603 - ECONOMIC INDICATORS
FINAL EXAMINATION 2026
EXAM ANSWERS
Section 1: Multiple Choice
Question 1: B — A period (.)
The LMS requires a decimal point when numerical data is entered.
Question 2: C — Quarterly Labour Force Survey vs. Quarterly Employment
Statistics
The QLFS is household-based, while QES is establishment/business-based.
Question 3: C — 50 basis points
\(8.75\%-8.25\%=0.50\%\), and 0.50% = 50 basis points.
Question 4: B — Manipulation
Manipulation is the phase in which price moves temporarily against the eventual
expansion/distribution direction.
Question 5: C — 1-hour
The 1-hour timeframe is used to identify the phases within a weekly PO3 structure.
Question 6: A — GDP = GVA + Taxes on Products − Subsidies on Products
Question 7: C — The Manipulation phase
In the OLHC framework, the manipulation helps establish the relevant low/high of the
daily candle.
Question 8: B — 1.0 to 1.5 Standard Deviations
,Question 9: C — Fixed Capital Stock
A stock is measured at a point in time, whereas GDP, consumption and exports are flow
variables measured over a period.
Question 10: B — Every 30 seconds
Question 11: B — 4.0 Standard Deviations
Question 12: C — Construction
Construction is classified separately from the listed tertiary-sector activities.
Question 13: C — Smart Money Tool (Divergence)
Question 14: C — In the middle (2022)
A three-period moving average covering 2021–2023 is centred on 2022.
Question 15: C — Net current transfers to the rest of the world
Question 16: B — An entry opportunity seeking HTF liquidity within the
distribution phase
Question 17: C — The bullish Manipulation zone
Question 18: C — Annual percentage change in GDP adjusted for inflation
Question 19: B — COICOP
COICOP is the Classification of Individual Consumption According to Purpose.
Question 20: B — 1.5 − 2.5
The percentage-point change is −1.0 percentage point.
Section 2: Short Answers
Question 21
, A. Percentage change in GDP from 2022 to 2023
Given:
2022 GDP = R6 655 524 million
2023 GDP = R7 023 994 million
\[ \text{Percentage change} =\frac{7\,023\,994-6\,655\,524}{6\,655\,524}\times100 \]\[
=\frac{368\,470}{6\,655\,524}\times100 \]\[ =\mathbf{5.5\%} \]
Answer: 5.5%
B. Percentage-point difference in 2019 growth
South Africa = 0.3%
Sub-Saharan Africa = 2.67%
\[ 0.3\%-2.67\%=-2.37 \]
Answer: South Africa's growth was 2.37 percentage points lower than SSA's
growth.
Question 22
Three confirmations indicate that the Manipulation phase has ended and Distribution
has begun:
1. Price reaches the relevant manipulation extreme and begins moving back in
the intended direction.
2. Market structure/price action confirms the reversal, showing that the
manipulation has failed to continue.
3. SMT divergence or another liquidity confirmation supports the conclusion
that the manipulation is complete and expansion/distribution is starting.
Question 23
