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2.2.2 Which letter represents a trough in the diagram above? (1) 2.2.3 Briefly describe the term business cycle. (2) 2.2.4 Explain economic activity during phase EF in the business cycle. (2) 2.2.5 How can the length (BF) be used in forecasting of business cycles? (2 x 2) (4) 2.3 Study the table below and answer the questions that follow. NATIONAL INCOME AND PRODUCTION ACCOUNTS OF SOUTH AFRICA (GVA at constant 2010 prices) GROSS VALUE ADDED BY KIND OF ECONOMIC ACTIVITY 2016 (Rm) Primary Sector 298 849 Secondary Sector 550 195 Tertiary Sector 1 945 557 Gross value added at basic prices 2 794 601 Taxation on products 30 600 Subsidies on products 5 900 Gross Domestic Product at market prices A [Adapted from SARB Quarterly Bulletin, March 2017] 2.3.1 Identify the base year used by the SARB above. (1) 2.3.2 Which sector above contributed most towards the gross domestic product of South Africa? (1) 2.3.3 Briefly describe the term gross value added (GVA) at constant prices. (2) 2.3.4 How would the GDP at market prices be converted to GNP at market prices? (2) 2.3.5 Calculate the gross domestic product at market prices (A). (Show ALL calculations.) (4) 2.4 Briefly explain the measures to reduce a deficit on the balance of payments. (4 x 2) (8) 2.5 Why should South Africa follow a policy of free trade? (8) [40]QUESTION 2: MACROECONOMICS 40 MARKS - 30 MINUTES 2.1 Answer the following questions. 2.1.1 Name any TWO member countries of the BRICS trade protocol. (2 x 1) (2) 2.1.2 How can indirect subsidies benefit the export producer? (1 x2) (2) 2.2 Study the diagram below and answer the questions that follow. BUSINESS CYCLE K G E Index of economic activities D Time 2.2.1 Identify the trend line in the business cycle above. 3 2.2.2 Which letter represents a trough in the diagram above? (1 ) 2.2.3 Briefly describe the term business cycle. (2) 2.2.4 Explain economic activity during phase EF in the business cycle. (2) 2.2.5 How can the length (BF) be used in forecasting of business cycles? (2 x 2) (4)The practice of selling goods in a foreign country at lower prices than in the country of origin is known as ... A exportation. B dumping importation. D import substitution. 1.1.2 Savings flow back into the circular flow as ... A investments. B government spending. exports. D imports. 1.1.3 The new economic paradigm that relates to the smoothing of business cycles is rooted in ... policies. A public relations B trade international D demand-and-supply side 1.1.4 When import duties are imposed as a percentage of the value of the imported goods, it is known as ... duties. composite specific ad valorem D average 1.1.5 An increase in the productive capacity of the economy over a specific period of time is called ... economic development. spatial development. DOWD economic growth. developmental economics. 1.1.6 The interaction of economies with trade as an important element is known as ... privatisation. globalisation. entrepreneurship. export promotion. 1.1.7 The number of employed persons as a percentage of the economically active population (EAP) is called the ... A employment rate. B economic growth. C productivity rate. D labour productivity. 1.1.8 Economic activities which create value-added products in all sectors is known as ... development. A social employment mining industrial (8 x 2) (16)