ECS2603
SOUTH AFRICAN ECONOMIC INDICATORS
PAST EXAM PACK QUESTIONS AND ANSWERS
(2020 – 2014)
2020 MAY/JUNE EXAM QUESTIONS AND ANSWERS
2020 SUMMARISED NOTES
DISCLAIMER: Extreme care has been used to create this document, however the contents are provided “as is” without any
representations or warranties, express or implied. This document is to be used for comparison, research and reference
purposes ONLY. Directly submitting and/or reselling/ distribution / reproduction any part of this document is not permitted.
, ECS2603: SOUTH AFRICAN ECONOMIC INDICATORS
MAY/JUNE 2020 EXAM MEMO
COMPILED BY RALPH
068 077 9615
ANSWER ALL THE MULTIPLE CHOCIE QUESTIONS IN THIS SECTION.
Use the tables in TL 101 to answer the questions.
There is 40 multiple choice questions.
Each question carries two and half marks.
Total marks is 100.
1. If you require the data on employment in South Africa, the most
reliable source is …
1. the budget review.
2. the Quarterly Labour Force Survey.
3. the Financial Mail.
4. tweets from the Minister of Labour.
The Quarterly Labour Force Survey (QLFS) is a household-based sample
survey conducted by Statistics South Africa (Stats SA). It collects data on the
labour market activities of individuals aged 15 years and older who live in
South Africa. However, this report only covers labour market activities of
,persons aged 15–64 years.
2. When considering the following economic variables, we can say
that …
1. wealth and income are both stock variables.
2. investment is a stock variable while inventories is a flow variable.
3. population and the labour force are both flow variables.
4. investment and income are both flow variables.
5. None of the above options 1 to 4 is correct.
A stock tells us about the fixed amount of an economic variable at a particular
point in time.
Is measured at a specific point in time e.g number of people employed at
giventime
Stocks – Capital stock, money stock, saving balance and wealth of an
individual.
Flows- These are movements of economic variables such as production,
income, spending etc
Economist measure flows over a period of time, irrespective of how short.
3. The following data 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.
4. less jobs have been created in both the mining and manufacturing sectors.
4. The following data is for a hypothetical country. Use this data to
calculate the GDP of
, the country.
Item R Billion
Value of consumer goods imported from the rest of the 22
world
Value of consumer goods produced by foreigners living in 12
the country
Value of intermediate goods produced in the country 50
Value of capital goods such as tractors imported from 5
America
Value of final consumer goods produced by citizens living in 100
the country
Value of motor cars produced the previous year but only 8
sold this year
Value of capital goods such as welding machines produced 18
in the country
The GDP for the country is …
1. R180 billion
2. R130 billion
3. R197 billion
4. R118 billion
5. None of the options 1 to 4 is correct.
GDP- Refers to the total value of all final goods and services produced within
the geographic boundaries of a country in a particular period (usually one
year).
Calculation: Value of consumer goods produced by foreigners living in the
country (12) + Value of final consumer goods produced by citizens living in the
country (100) + Value of capital goods such as welding machines produced in
the country (18) =R130 Billion.
SOUTH AFRICAN ECONOMIC INDICATORS
PAST EXAM PACK QUESTIONS AND ANSWERS
(2020 – 2014)
2020 MAY/JUNE EXAM QUESTIONS AND ANSWERS
2020 SUMMARISED NOTES
DISCLAIMER: Extreme care has been used to create this document, however the contents are provided “as is” without any
representations or warranties, express or implied. This document is to be used for comparison, research and reference
purposes ONLY. Directly submitting and/or reselling/ distribution / reproduction any part of this document is not permitted.
, ECS2603: SOUTH AFRICAN ECONOMIC INDICATORS
MAY/JUNE 2020 EXAM MEMO
COMPILED BY RALPH
068 077 9615
ANSWER ALL THE MULTIPLE CHOCIE QUESTIONS IN THIS SECTION.
Use the tables in TL 101 to answer the questions.
There is 40 multiple choice questions.
Each question carries two and half marks.
Total marks is 100.
1. If you require the data on employment in South Africa, the most
reliable source is …
1. the budget review.
2. the Quarterly Labour Force Survey.
3. the Financial Mail.
4. tweets from the Minister of Labour.
The Quarterly Labour Force Survey (QLFS) is a household-based sample
survey conducted by Statistics South Africa (Stats SA). It collects data on the
labour market activities of individuals aged 15 years and older who live in
South Africa. However, this report only covers labour market activities of
,persons aged 15–64 years.
2. When considering the following economic variables, we can say
that …
1. wealth and income are both stock variables.
2. investment is a stock variable while inventories is a flow variable.
3. population and the labour force are both flow variables.
4. investment and income are both flow variables.
5. None of the above options 1 to 4 is correct.
A stock tells us about the fixed amount of an economic variable at a particular
point in time.
Is measured at a specific point in time e.g number of people employed at
giventime
Stocks – Capital stock, money stock, saving balance and wealth of an
individual.
Flows- These are movements of economic variables such as production,
income, spending etc
Economist measure flows over a period of time, irrespective of how short.
3. The following data 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.
4. less jobs have been created in both the mining and manufacturing sectors.
4. The following data is for a hypothetical country. Use this data to
calculate the GDP of
, the country.
Item R Billion
Value of consumer goods imported from the rest of the 22
world
Value of consumer goods produced by foreigners living in 12
the country
Value of intermediate goods produced in the country 50
Value of capital goods such as tractors imported from 5
America
Value of final consumer goods produced by citizens living in 100
the country
Value of motor cars produced the previous year but only 8
sold this year
Value of capital goods such as welding machines produced 18
in the country
The GDP for the country is …
1. R180 billion
2. R130 billion
3. R197 billion
4. R118 billion
5. None of the options 1 to 4 is correct.
GDP- Refers to the total value of all final goods and services produced within
the geographic boundaries of a country in a particular period (usually one
year).
Calculation: Value of consumer goods produced by foreigners living in the
country (12) + Value of final consumer goods produced by citizens living in the
country (100) + Value of capital goods such as welding machines produced in
the country (18) =R130 Billion.
