ECS1601 EXAM MEMO

UNISA Exam Memo May/June 2013 ECS1601

SECTION A (50 MARKS)
QUESTION 1 (9 MARKS)

(i) (4 marks)
 the total value of all final goods and services produced within the boundaries
of a country in a particular year
 Most important barometer of the performance of the economy.
 Real GDP takes into account inflation, i.e. adjusted for changes in the price
level
 Nominal GDP is not adjusted for inflation
 Nominal GDP and GDP at current prices are synonyms.


(ii) (3 marks)
 neutrality,
 equity and
 administrative efficiency.



(iii) (2 marks)
 Current account
 Capital account



QUESTION 2 (9 MARKS)

(i) (3 marks)




1

, (ii) (3 marks)




(iii) (3 marks)




2