2024 Econ Grade 10 Midyear Exam P1 QP

CAPRICORN SOUTH DISTRICT
NATIONAL SENIOR
CERTIFICATE
GRADE 10
ECONOMICS – P1
MIDYEAR EXAMINATION 2024
MARKS: 100
DURATION: 1H30
This question paper consists of 11 pages

Economics/Midyear exam/Grade 10/P1 2 Capricorn South/2024
NSC
INSTRUCTIONS AND INFORMATION
1. Answer THREE questions as follows in your answer book:

 SECTION A: COMPULSORY
 SECTION B: Answer ONE of the TWO questions
 SECTION C: Answer ONE of the TWO questions
2. Number the answers correctly according to the numbering system used in this
question paper.
3. Answer in full sentences and ensure that the format and content of your responses
comply with the cognitive requirements of the question
4. Read the questions carefully and start each question on a new page.
5. Leave 2 lines between sub-sections of questions.
6. Use only blue/black ink.
7. Write neatly and legibly.
8. Answer only the required number of questions. Answers in excess of this number will
not be marked.
9. Non-programmable calculators may be used.

NSC
SECTION A (COMPULSORY)
QUESTION 1
1.1. Various options are provided as possible answers to the following questions.
Choose the correct answer and write only the letter (A – D) next to the question
numbers (1.1.1 – 1.1.5) in the ANSWER BOOK, e.g. 1.1.6 E.
1.1.1 Normative economics...
A depends on opinions
B depends on facts
C depends on research
D depends on questions
1.1.2 Absolute scarcity prevails because...
A there are not enough resources to produce all the goods and services.
B people are too poor to afford the goods and services.
C free goods do not have exchange value.
D resources are enough to produce all the goods and services.
1.1.3 The basic problem faced by all nations is...
A Consumption
B Distribution
C Scarcity
D Production
NSC
1.1.4 Which ONE of the following is NOT one of the four participants in the circular
flow model?
A Household
B Injections
C State
D Business sector
1.1.5 Which period of the business cycle is associated with rising profits and
consumption?
A Trough
B Downswing
C Prosperity
D Peak (5x2) (10)

NSC
1.2 Choose a description in Column B that matches with an item in Column A. Write only
the letter (A-F) next to the question number (1.2.1-1.2.5) in the ANSWER BOOK.
COLUMN A COLUMN B
1.2.1 Equitability A. A. The owners of factors of production.
B. B. The sector that manufactures and processes raw
1.2.2 Secondary sector
C. materials so that they are in a form fit for human
D. consumption.
1.2.3 Household
E. C. Ensures that the benefits of society`s resources are
1.2.4. Boom F. distributed fairly among society members.
G. D. The economic indicator that moves the same way that the
1.2.5 1.2.5. Coincident indicator
H. economy does.
I. E. The period of very high economic activity just before the
1.2.6. Real flow
J. economy slows down.
K. F. The sector that render services to make the product
L. available to consumers.
M. G. The movement of physical goods, services and factors of
N. production.
(6x1) (6)
1.3 Give ONE term for each of the following descriptions. Write only the term next to the
question numbers (1.3.1 – 1.3.4) in the ANSWER BOOK. Abbreviations, acronyms
and examples will NOT be accepted.
1.3.1 The study of application of statistical methods in Economics.
1.3.2 The right that every living person should have.
1.3.3 The type of economy where the foreign sector is excluded.
1.3.4 A country`s record of transaction with the rest of the world. (4x1) (4)
TOTAL SECTION A: 20
NSC
SECTION B
Answer only ONE of the two questions in this section ANSWER BOOK
QUESTION 2
2.1 Answer the following questions:
2.1.1 Name TWO types of scarcity. (2x1) (2)
2.1.2. Explain the term exogenous factors. (2)
2.2 Study the cartoon below and answer the questions that follow
First it was
load
shedding;
now it is
water cuts. I
wonder what
is next .
[Source: www. Google.com]
2.2.1 Which factor of production is depicted by the cartoon above? (1)
2.2.2 Name the economic industry depicted by the above scenario. (1)
2.2.3 Briefly describe the term relative scarcity. (2)
2.2.4 What can the government do to solve the water crisis? (2)
2.2.5 How water crisis affect the economy? (4)

NSC
2.3 Study the table below and answer the following questions that follow
GROSS VALVE ADDED 2021 (MILLION RANDS)
Primary Sector 631 848

Secondary Sector 1 037 270
Tertiary Sector 3 894 359
GVA at basic prices 2.3.5 ?
Taxes on products 658 188
Subsidy on products 15 412
GDP at market prices 6 206 253
2.3.1. Identify the method used to calculate GDP in the table above. (1)
2.3.2. Give ONE example of taxes on products. (1)
2.3.3. Briefly describe the term gross domestic product. (2)
2.3.4. Why subsidies are subtracted when calculating the GDP at market prices?(2)
2.3.5. Calculate the Gross Value Added at basic prices. Show ALL calculations. (4)
2.4. Differentiate between microeconomics and macroeconomics (2×4) (8)
2.5. How can a country benefit by opening its economy to the foreign sector? (8)
[40]
NSC
QUESTION 3
3.1 Answer the following question
3.1.1. Name any TWO fields of study that are related to Economics. (2×1) (2)
3.1.2 Why is recession undesirable for the economy? (2)
3.2 Study the information below and answer the questions that follow
ECONOMIC CONCEPTS
3.2.1. Mention ONE important question economists ask to solve an economic

problem. (1)
3.2.2. Why do we say in Economics that ‘nothing is for free’? (1)
3.2.3. Briefly explain the term opportunity cost. (2)
3.2.4. Give an example of an opportunity cost. (2)
3.2.5. Why do people to make choices? (4)

NSC
3.3. Study the extract below and answer the questions that follow
BUDGET – STILL AT THE CROSSROADS
There were no surprises in Budget to pre-Budget expectations, which maps out a

credible path to the stabilisation of the government debt ratio over the medium term. This
is the message from Arthur Kamp of Sanlam investments. Importantly, government
revenue is projected to exceed non interest spending on the main budget by 2018/19. The
treasury forecasts will consolidate budget deficit from -3,4% of GDP in 2016/2017 to -2.6%
of GDP in 2019/2020, while gross loan debt , which investors must fund, is expected to
peak at 52.9% of GDP in 2018/19.
[Source: newspaper]
3.3.1. Which measure is used by economists to make growth forecast from the
extract? (1)
3.3.2. Which concept from the extract means “predict”? (1)
3.3.3. Which branch of Economics does a budget relate to? (2)
3.3.4. Quote ONE positive statement and ONE normative statement in the extract.(2)
3.3.5. Distinguish between a command and a traditional economy. (2x2) (4)
3.4. Explain any TWO categories of consumer goods, provide an examples. (8)
3.5. How do business cycle fluctuations affect employment in the economy? (8)
Total 40 marks
TOTAL SECTION B : 40
NSC
SECTION C
Answer ONE of the two questions from this section in the ANSWER BOOK.
Your answer will be assessed as follows:
MARK
STRUCTURE OF ESSAY:
ALLOCATION:
Introduction Max 2
The introduction is a lower-order response.
• A good starting point would be to the main concept
related to the question topic
• Do not include any part of the question in your
introduction.
• Do not repeat any part of the introduction in the body
• Avoid saying in the introduction what you are going
to discuss in the body
Body:
Main part: Discuss in detail/ In-depth discussion/ Examine/ Max 26
Critically discuss/
Analyse / Compare/ Distinguish/ Differentiate/ Explain/
Evaluate Max 10
Additional part: Critically discuss/ Evaluate/ Critically
evaluate/ Draw a graph and explain/ Use the graph given and
explain/ Complete the given graph/ Calculate/ Deduce/
Compare/ Explain Distinguish / Interpret/ Briefly debate/ How/
Suggest / Construct a graph
Conclusion
Any Higher or conclusion include: Max 2
• A brief summary of what has been discussed without
repeating facts already mentioned in the body
• Any opinion or value judgement on the facts
discussed
• Additional support information to strengthen the
discussion/analysis
• A contradictory viewpoint with motivation, if required
• Recommendations
TOTAL 40
NSC
QUESTION 4
 Discuss in detail the features of business cycles. Use a fully labelled business cycle in your
answer. (26)
 Why would a recession negatively affect the economically vulnerable? (10)
[40]
QUESTION 5
 Discuss the role of the four participants in an open economy. (26)

 Why is it important to have foreign sector in the South African economy? (10)
[40]
TOTAL SECTION C: 40
GRAND TOTAL: 100

2024 Econ Grade 10 Midyear Exam P1 QP

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CAPRICORN SOUTH DISTRICT

MIDYEAR EXAMINATION 2024

This question paper consists of 11 pages

INSTRUCTIONS AND INFORMATION

1. Answer THREE questions as follows in your answer book:

5. Leave 2 lines between sub-sections of questions.

6. Use only blue/black ink.

7. Write neatly and legibly.

9. Non-programmable calculators may be used.

1.1.1 Normative economics...

1.1.2 Absolute scarcity prevails because...

B people are too poor to afford the goods and services.

C free goods do not have exchange value.

D resources are enough to produce all the goods and services.

1.1.3 The basic problem faced by all nations is...

D Peak (5x2) (10)

1.3.1 The study of application of statistical methods in Economics.

1.3.2 The right that every living person should have.

1.3.3 The type of economy where the foreign sector is excluded.

2.1 Answer the following questions:

2.1.1 Name TWO types of scarcity. (2x1) (2)

2.1.2. Explain the term exogenous factors. (2)

[Source: www. Google.com]

2.2.1 Which factor of production is depicted by the cartoon above? (1)

2.2.3 Briefly describe the term relative scarcity. (2)

2.2.5 How water crisis affect the economy? (4)

GROSS VALVE ADDED 2021 (MILLION RANDS)

Primary Sector 631 848

2.3.2. Give ONE example of taxes on products. (1)

2.3.3. Briefly describe the term gross domestic product. (2)

2.4. Differentiate between microeconomics and macroeconomics (2×4) (8)

3.1 Answer the following question

3.1.2 Why is recession undesirable for the economy? (2)

3.2.1. Mention ONE important question economists ask to solve an economic

3.2.2. Why do we say in Economics that ‘nothing is for free’? (1)

3.2.3. Briefly explain the term opportunity cost. (2)

3.2.4. Give an example of an opportunity cost. (2)

3.2.5. Why do people to make choices? (4)

BUDGET – STILL AT THE CROSSROADS

There were no surprises in Budget to pre-Budget expectations, which maps out a

3.3.2. Which concept from the extract means “predict”? (1)

3.3.3. Which branch of Economics does a budget relate to? (2)

3.3.5. Distinguish between a command and a traditional economy. (2x2) (4)

Your answer will be assessed as follows:

 Discuss the role of the four participants in an open economy. (26)

GRAND TOTAL: 100

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