PRACTICE END OF YEAR EXAM PAPER TWO: QUESTION PAPER SECTION A Question 1 minutes) TRUE/FALSE (5 marks; 6 State whether the following statements are TRUE or FALSE: TRUE /FALSE 1.1. 1.2. 1.3. 1.4. 1.5. It is the responsibility of the national government to repair roads in a residential area. An unskilled worker has no formal qualifications and has most likely not finished school. Standard of living is determined by how much people earn and what goods and services they are able to consume. Company tax is paid by individuals who receive a salary. The national government has the responsibility to make policies and laws about the rights and responsibilities of the citizens of the country. [5] QUESTION 2 minutes) CONCEPTS (5 marks; 6 Choose the correct answer from the words provided in the table below and complete the sentences that follow: Inflation , Unemployment, Employment ,Water supply, needs and wants , Rent, make policies and laws , Entrepreneur, Remuneration 2.1. The basic economic problem faced by all consumers is that people have ________ but limited resources. 2.2. A/an ____________ coordinates and combines the other factors of production in order to produce goods and services that can be sold at a profit. 2.3. Municipalities are responsible for functions such as _____________ 2.4. ____________________ refers to people who are willing and able to work, but cannot find jobs. 2.5. ____________________ is the amount of money the employee receives for the work that has been done. [5] QUESTION 3 MATCHING COLUMS (5 marks, 6 minutes) Match the terms in column A with the description in column B. write the LETTER of the correct description in ANSWER column. Column A 3.1. Households 3.2. Standard of living 3.3. Self sufficient societies Column B ANSWER A. The remuneration received when making capital available to someone else. B. A Law which states what workers’ rights are. C. The owners of the factors of production. 3.4. Interest D. The level of wealth ,comfort and material goods that the people in a country have. 3.5. Basic Conditions of Employment E. People who can make or find everything they need to satisfy their own needs by Hunting and growing their own crops. F. The remuneration for natural resources. G. The way an individual or groups of people live everyday [5] SECTION B QUESTION 4 minutes) THE ECONOMY GOVERNMENT (5 marks; 6 The diagram below shows how the government interacts with both the households and businesses. Study the diagram and answer the questions that follows 4.1. What do government provide to households and businesses in return for paying tax? (1) 4.2. Name any public good the SA government provides to its people (1) 4.3. What is government? Briefly explain (2) 4.4. Name the level of government responsible for the overall running of the country. (1) QUESTION 5 THE NATIONAL BUDGET (5 marks; 6 minutes) The table below shows the budget highlights from the fiscal year 2023/2024 Use the table to answer the following questions: Revenue Personal Income Tax VAT Corporate Income Tax Customs and Excise Duties Fuel Levies Other 5.1.1. 5.1.2. Amount (R)billions 640.3 471.5 336.1 137,9 90.4 111.3 What are the two major sources of revenue for the government? Identify a source of revenue (on the information provided above) sometimes referred to as ‘sin tax’. (2) (1) Read the passage and answer the questions below: Obesity is a worldwide concern. South Africa has the worst obesity ranking in the Sub- Saharan Africa. This led to a greater risk of heart diseases, diabetes and cancer. Government introduced a tax on sugar-sweetened beverages on 1 April 2017 to help reduce excessive sugar intake. 5.2.1 Why did the SA government implement a tax on sugar sweetened beverages? Give one reason: (1) 5.2.2 What is the type of tax mentioned in the passage called? (1) QUESTION 6 STANDARD OF LIVING (5 marks; 6 minutes) Study the pictures and answer questions that follow: Picture A Picture B 6.1 Which society is represented by picture B? (1) 6.2 List two advantages enjoyed by societies in picture A (2) 6.3 Economic development has caused many challenges. Mention two (2) such problems. (2) SECTION C ENTREPRENEURSHIP QUESTION 7 FACTORS OF PRODUCTION (20 marks; 24 minutes) 7 1 Identify the remuneration for the following factors of production: Picture A Picture C Picture B Picture D A. B. C. D. [8] 7.2. Categorize the types of labour below: Skilled Semi-skilled Unskilled 7.2.1 Carpenter 7.2.2 Cleaner 7.2.3 Accountant 7.2.4 Truck drivers [4] 7.3 Describe the following concepts: 7.3.1 Borrowed capital [2] 7.3 2 Own capital [2] 7.3.3 An entrepreneur 7.3.4 Give ONE example for each of the following concepts: 7.3.4.1 Natural resource (1) 7.3.4.2 Human capital (1) (2) 1