CH 3 SUM: Economic Pursuits

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What is the primary goal of protectionism?

To protect local businesses and jobs from foreign competition (correct)

To reduce dependency on imports

To enhance consumer choice and foster innovation

To promote specialization and economies of scale

What is free trade?

A tool to implement protectionism

A policy to restrict international trade

A policy to eliminate discrimination against imports and exports (correct)

A way to promote national security

What is the infant industry argument for protectionism?

To prevent dumping of goods at a lower cost than they are produced domestically

To preserve jobs against cheaper imported goods

To protect emerging domestic industries that are not yet competitive enough to withstand international competition (correct)

To ensure the self-sufficiency of crucial industries

What is the benefit of free trade in terms of consumer choice?

Consumers have access to a wider variety of goods and services, often at lower prices Signup and view all the answers

What is a common tool used to implement protectionism?

Tariff and quota Signup and view all the answers

What is the national security argument for protectionism?

To ensure the self-sufficiency of crucial industries that are vital for national security Signup and view all the answers

What is the dumping argument for protectionism?

Protecting local businesses from foreign companies that might dump goods at a lower cost than they are produced domestically Signup and view all the answers

What is the benefit of specialization in free trade?

Countries can focus on producing goods for which they have a comparative advantage Signup and view all the answers

What is the primary goal of free trade?

To enhance consumer choice and foster innovation Signup and view all the answers

What is the preservation of jobs argument for protectionism?

Safeguarding jobs against the threats posed by cheaper imported goods Signup and view all the answers

What is the primary goal of Export Promotion policies in South Africa?

To encourage local firms to export their goods Signup and view all the answers

What is the main difference between economic growth and economic development?

Economic growth focuses on GDP growth, and economic development focuses on income equity Signup and view all the answers

What is the aim of Redistribution of Income policies in the demand-side approach to economic growth?

To increase consumption among lower-income earners Signup and view all the answers

Which of the following is a characteristic of the Supply-side approach to economic growth?

Improving the quality of the labor force Signup and view all the answers

What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?

To meet basic needs and develop human resources Signup and view all the answers

What is the main characteristic of the North/South divide?

Disparity in income levels between developed and developing countries Signup and view all the answers

What is the primary goal of the Growth, Employment and Redistribution (GEAR) approach in South Africa?

To aim at market-led growth, fiscal and monetary discipline, and enhancing investor confidence Signup and view all the answers

What is a key aspect of the New Growth Path (NGP) framework in South Africa?

Focus on job creation and identifying job drivers like infrastructure and agriculture Signup and view all the answers

What is the main goal of Import Substitution policies in South Africa?

To encourage local production of goods that were previously imported Signup and view all the answers

What is a key aspect of South Africa's trade policies?

Involvement in SACU, SADC, and partnerships with major economies like China and the EU Signup and view all the answers

What is the main objective of South Africa's industrial policies?

To promote economic growth and sustainable development Signup and view all the answers

What is the purpose of the National Industrial Policy Framework (NIPF)?

To guide the overall industrial strategy of South Africa Signup and view all the answers

What is the main goal of South Africa's industrial development policies regarding regional development?

To reduce economic disparities between regions Signup and view all the answers

What is an important aspect of South Africa's industrial strategies in line with international best practices?

Ensuring governance and transparency Signup and view all the answers

What is a key focus area of South Africa's National Research and Development Strategy (NRDS)?

Boosting innovation across industries Signup and view all the answers

What is the purpose of Industrial Development Zones (IDZs) and Special Economic Zones (SEZs)?

To offer incentives like tax breaks and infrastructure support to attract investments Signup and view all the answers

What is an important consideration when evaluating the effectiveness of South Africa's industrial strategies?

The impact on economic growth Signup and view all the answers

What is a challenge facing South Africa's industrial policies?

Implementation gaps Signup and view all the answers

What is the purpose of Spatial Development Initiatives (SDIs)?

To target underdeveloped areas for infrastructure and industrial development Signup and view all the answers

What is a key justification for South Africa's industrial policies?

Economic diversification and job creation Signup and view all the answers

What is the primary purpose of economic and social indicators in South Africa?

To assess the country's economic and social performance and inform policy decisions Signup and view all the answers

Which indicator measures the average price change of goods and services purchased by households?

Consumer Price Index (CPI) Signup and view all the answers

What does the Employment Rate indicate?

The proportion of the EAP that is employed Signup and view all the answers

What is the Exchange Rate in the context of foreign trade?

The value of the South African rand against other currencies Signup and view all the answers

What is the primary purpose of the Repo Rate?

To influence other interest rates across the economy Signup and view all the answers

What is the significance of Life Expectancy as a social indicator?

It measures the overall health and longevity of the population Signup and view all the answers

What is the purpose of international comparisons in the context of economic and social indicators?

To gauge the country's progress and alignment with global standards Signup and view all the answers

What is the significance of Access to Basic Services as a social indicator?

It is essential for quality of life and a basic indicator of infrastructural development Signup and view all the answers

What is the purpose of the Terms of Trade in the context of foreign trade?

To compare the rate of export prices to import prices Signup and view all the answers

What is the significance of Enrollment Rates as a social indicator?

It impacts future workforce skills and economic growth Signup and view all the answers

Which of the following promotes more efficient allocation of resources globally?

Economic Efficiency Signup and view all the answers

What is the primary goal of Import Substitution policies in South Africa?

To reduce dependency on foreign goods Signup and view all the answers

What is the focus of the Reconstruction and Development Programme (RDP) in South Africa?

Meeting basic needs Signup and view all the answers

What is a characteristic of the North/South divide?

Significant disparity in income levels Signup and view all the answers

What is the aim of Redistribution of Income policies in the demand-side approach to economic growth?

To enhance consumption among lower-income earners Signup and view all the answers

What is the primary goal of the Growth, Employment and Redistribution (GEAR) approach in South Africa?

Market-led growth Signup and view all the answers

Which of the following is a key aspect of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?

Halving unemployment and poverty Signup and view all the answers

What is the primary goal of the New Growth Path (NGP) framework in South Africa?

Job creation Signup and view all the answers

What is the benefit of Economic Efficiency?

Enhanced productivity and innovation Signup and view all the answers

Which of the following is a characteristic of the Supply-side approach to economic growth?

Improving the quality of the labor force Signup and view all the answers

What is the primary focus of South Africa's industrial policies?

Increasing industrial activity and diversifying the economy Signup and view all the answers

What is the purpose of the National Industrial Policy Framework (NIPF)?

To guide the overall industrial strategy of South Africa Signup and view all the answers

What is a key justification for South Africa's industrial policies?

All of the above Signup and view all the answers

What is the main goal of Industrial Development Zones (IDZs) and Special Economic Zones (SEZs)?

To offer incentives to attract businesses and stimulate economic activities Signup and view all the answers

What is an important aspect of South Africa's industrial strategies in line with international best practices?

All of the above Signup and view all the answers

What is an important consideration when evaluating the effectiveness of South Africa's industrial strategies?

All of the above Signup and view all the answers

What is a challenge facing South Africa's industrial policies?

All of the above Signup and view all the answers

What is the primary purpose of Spatial Development Initiatives (SDIs)?

To target underdeveloped areas for infrastructure and industrial development Signup and view all the answers

What is a key focus area of South Africa's National Research and Development Strategy (NRDS)?

Boosting innovation across industries Signup and view all the answers

What is the main goal of South Africa's industrial development policies regarding regional development?

Reducing economic disparities between regions Signup and view all the answers

What is the primary purpose of Skills Development in South Africa?

To address skills gap in the workforce Signup and view all the answers

What does the Producer Price Index (PPI) reflect?

The average movement of selling prices from domestic production over time Signup and view all the answers

What is the purpose of the Repo Rate?

To influence other interest rates across the economy Signup and view all the answers

What is the primary goal of government policies that restrict or restrain international trade?

To protect local businesses and jobs from foreign competition Signup and view all the answers

What does the Unemployment Rate measure?

The percentage of the labor force that is unemployed but actively seeking employment Signup and view all the answers

Which of the following is a benefit of free trade?

Fostering innovation Signup and view all the answers

What is the main argument for protecting emerging domestic industries?

Infant industry argument Signup and view all the answers

What is the purpose of International Comparisons in the context of economic and social indicators?

To gauge South Africa's economic performance compared to other countries Signup and view all the answers

What is the benefit of specialization in international trade?

Nations can focus on the production of goods for which they have a comparative advantage Signup and view all the answers

What does the Enrollment Rate measure?

The proportion of eligible children attending schools Signup and view all the answers

What is the primary goal of implementing tariffs, quotas, and subsidies?

To protect local businesses and jobs Signup and view all the answers

What is the purpose of Economic and Social Indicators?

To gauge South Africa's economic performance and identify areas needing intervention Signup and view all the answers

What is the benefit of free trade in terms of economic growth?

Fostering innovation and improved international relations Signup and view all the answers

What does the Terms of Trade measure?

The comparison of the rate of export prices to import prices Signup and view all the answers

What is the primary goal of reducing dependency on imports?

To support the development of diverse local industries Signup and view all the answers

What is the purpose of Infrastructure Development in South Africa?

To support industrial activities through continued investment in infrastructure Signup and view all the answers

What is the significance of Access to Basic Services as a social indicator?

It is an essential indicator of economic stability and quality of life Signup and view all the answers

What is the benefit of protectionism in terms of job preservation?

Safeguarding jobs against the threats posed by cheaper imported goods Signup and view all the answers

What is the primary goal of ensuring the self-sufficiency of crucial industries?

To ensure national security Signup and view all the answers

What is the primary goal of preventing dumping?

To protect local businesses from foreign companies that might dump goods at a lower cost Signup and view all the answers

What is the primary implication of protectionism on international trade?

Discouragement of international trade Signup and view all the answers

Which of the following is a benefit of free trade that is not an argument for protectionism?

Access to a wider variety of goods and services Signup and view all the answers

What is the primary goal of economic policies that promote infant industry protection?

To protect local businesses from foreign competition Signup and view all the answers

Which of the following is a common effect of tariffs, a tool used to implement protectionism?

Increased prices of imported goods Signup and view all the answers

What is the primary advantage of specialization, a key aspect of free trade?

Improved efficiency and productivity Signup and view all the answers

Which of the following is a potential consequence of dumping, a concern addressed by protectionism?

Local businesses going out of business Signup and view all the answers

What is the primary goal of economic diversification, an argument for protectionism?

To reduce dependency on imports Signup and view all the answers

Which of the following is a characteristic of free trade that is not a characteristic of protectionism?

Elimination of discrimination against imports Signup and view all the answers

What is the primary implication of protectionism on local industries?

Protection from foreign competition Signup and view all the answers

Which of the following is a benefit of free trade that is not a direct benefit of protectionism?

Increased innovation Signup and view all the answers

What is the primary purpose of economic and social indicators in South Africa?

To assess the country's economic and social well-being and inform policy decisions Signup and view all the answers

Which economic indicator reflects the average movement of selling prices from domestic production over time?

Producer Price Index (PPI) Signup and view all the answers

What does the Unemployment Rate measure?

The percentage of the labor force that is unemployed but actively seeking employment Signup and view all the answers

What is the significance of Life Expectancy as a social indicator?

It reflects the overall health and longevity of the population Signup and view all the answers

What is the primary purpose of international comparisons in the context of economic and social indicators?

To compare South Africa's performance with other countries and identify areas for improvement Signup and view all the answers

What is the primary objective of South Africa's industrial policies?

To reduce dependence on traditional sectors like mining and promote growth in manufacturing and services Signup and view all the answers

What is the significance of Access to Basic Services as a social indicator?

It reflects the government's ability to provide essential services Signup and view all the answers

What is the primary purpose of the Repo Rate?

To influence other interest rates across the economy Signup and view all the answers

What is the main focus of the Integrated Manufacturing Strategy (IMS)?

To enhance competitiveness in the manufacturing sector Signup and view all the answers

What is a key justification for South Africa's industrial policies?

To address high unemployment rates through industrial activities Signup and view all the answers

What is the significance of Enrollment Rates as a social indicator?

It reflects the government's commitment to improving education Signup and view all the answers

What is the primary purpose of the Terms of Trade?

To compare the rate of export prices to import prices Signup and view all the answers

What is the purpose of Special Economic Zones (SEZs)?

To offer incentives to attract businesses and stimulate economic activities Signup and view all the answers

What is a key aspect of South Africa's industrial strategies in line with international best practices?

Focusing on sustainable industrial practices Signup and view all the answers

What is the significance of Infant and Under-5 Mortality Rates as social indicators?

They reflect the effectiveness of healthcare systems Signup and view all the answers

What is the purpose of Spatial Development Initiatives (SDIs)?

To promote regional development and reduce economic disparities between regions Signup and view all the answers

What is a key consideration when evaluating the effectiveness of South Africa's industrial strategies?

All of the above Signup and view all the answers

What is a challenge facing South Africa's industrial policies?

Implementation gaps between policy goals and actual outcomes Signup and view all the answers

What is the purpose of the National Research and Development Strategy (NRDS)?

To boost innovation across industries Signup and view all the answers

What is a key focus area of South Africa's industrial development policies?

Promoting regional development and reducing economic disparities between regions Signup and view all the answers

What is the primary benefit of Economic Efficiency?

Promotes more efficient allocation of resources globally, enhancing productivity and innovation. Signup and view all the answers

What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?

To meet basic needs, develop human resources, build the economy, and democratize state and society. Signup and view all the answers

What is the main characteristic of the North/South divide?

A significant disparity exists between the developed 'North' and the developing 'South' in terms of income levels, economic stability, and access to resources. Signup and view all the answers

What is the primary goal of Export Promotion policies in South Africa?

To support domestic industries to increase their exports, which can lead to higher production and economic growth. Signup and view all the answers

What is the main focus of the Growth, Employment and Redistribution (GEAR) approach in South Africa?

Market-led growth, fiscal and monetary discipline, and enhancing investor confidence. Signup and view all the answers

What is the primary goal of Import Substitution policies in South Africa?

To encourage local production of goods that were previously imported to strengthen domestic industries and reduce dependency on foreign goods. Signup and view all the answers

What is the main characteristic of the Supply-side approach to economic growth?

Improving the Quality of the Labor Force, Managing and Using Natural Resources, Accumulating Capital Goods, Advancements in Technology, and Entrepreneurship. Signup and view all the answers

What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?

To halve unemployment and poverty by improving average economic growth. Signup and view all the answers

What is the primary goal of the New Growth Path (NGP) framework in South Africa?

To focus on job creation and identifying job drivers like infrastructure and agriculture. Signup and view all the answers

What is the main difference between economic growth and economic development?

Economic growth refers to an increase in a country's real GDP or real GDP per capita over time, while economic development encompasses improvements in standards of living, income equity, and general well-being of the population. Signup and view all the answers

What is the primary objective of South Africa's trade policies?

To promote economic growth through expanded markets Signup and view all the answers

What is the focus of the Demand-side approach to economic growth?

Increasing government expenditure and redistribution of income Signup and view all the answers

What is the primary objective of implementing protectionism in a country?

To reduce dependence on imports and support local industries Signup and view all the answers

What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?

To meet basic needs and develop human resources Signup and view all the answers

Which of the following is a benefit of free trade according to the concept of specialization?

Nations can focus on the production of goods for which they have a comparative advantage Signup and view all the answers

What is the significance of the Human Development Index (HDI) in the context of the North/South divide?

It measures the standard of living of a country Signup and view all the answers

What is the primary concern of the national security argument for protectionism?

Ensuring the self-sufficiency of crucial industries vital for national security Signup and view all the answers

What is the primary goal of Export Promotion policies in South Africa?

To support domestic industries and increase exports Signup and view all the answers

What is the primary objective of implementing tariffs in a country?

To restrict international trade and protect local industries Signup and view all the answers

What is the primary benefit of free trade in terms of access to goods and services?

Consumers have access to a wider variety of goods and services at lower prices Signup and view all the answers

What is the characteristic of the Supply-side approach to economic growth?

It focuses on improving the quality of the labor force and managing natural resources Signup and view all the answers

What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?

To halve unemployment and poverty by improving average economic growth Signup and view all the answers

Which of the following is an argument against protectionism?

It promotes economic efficiency and reduces government intervention Signup and view all the answers

What is the primary objective of the preservation of jobs argument for protectionism?

To safeguard jobs against the threats posed by cheaper imported goods Signup and view all the answers

What is the significance of Economic Efficiency in the context of international trade?

It promotes more efficient allocation of resources globally Signup and view all the answers

What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?

To meet basic needs and develop human resources Signup and view all the answers

Which of the following is a characteristic of protectionism?

It involves government actions and policies that restrict or restrain international trade Signup and view all the answers

What is the primary objective of the economic diversification argument for protectionism?

To reduce dependence on imports and promote economic diversification Signup and view all the answers

What is the characteristic of the North/South divide?

A significant disparity exists between the developed and developing countries Signup and view all the answers

Which of the following is a benefit of free trade in terms of innovation?

It promotes innovation and improves international relations Signup and view all the answers

What is the primary goal of Skills Development in South Africa's economy?

To bridge the skills gap in the workforce to meet the demands of new and evolving industries Signup and view all the answers

Which economic indicator measures the average movement of selling prices from domestic production over time?

Producer Price Index (PPI) Signup and view all the answers

What is the significance of the Life Expectancy indicator in South Africa's economy?

It indicates the overall health and longevity of the population Signup and view all the answers

What is the purpose of Infrastructure Development in South Africa's economy?

To support industrial activities through continued investment in infrastructure Signup and view all the answers

Which of the following is a social indicator?

Access to Health Services Signup and view all the answers

What is the significance of the Enrollment Rates indicator in South Africa's economy?

It indicates the percentage of eligible children attending schools Signup and view all the answers

What is the purpose of international comparisons in the context of economic and social indicators?

To compare South Africa's performance with that of other countries Signup and view all the answers

What is the significance of the Access to Basic Services indicator in South Africa's economy?

It is essential for quality of life and a basic indicator of infrastructural development Signup and view all the answers

What is the purpose of the Terms of Trade in the context of foreign trade?

To compare the rate of export prices to import prices Signup and view all the answers

What is the primary purpose of economic and social indicators in South Africa?

To provide insights into the dynamics of the economy and formulate policy responses Signup and view all the answers

What is the primary goal of South Africa's industrial policies?

Increasing economic growth and sustainable development Signup and view all the answers

Which strategy focuses on enhancing competitiveness in the manufacturing sector?

Integrated Manufacturing Strategy (IMS) Signup and view all the answers

What is an important aspect of South Africa's industrial strategies in line with international best practices?

Governance and Transparency Signup and view all the answers

What is the purpose of Special Economic Zones (SEZs)?

To attract businesses and stimulate economic activities Signup and view all the answers

What is a key justification for South Africa's industrial policies?

Economic Diversification Signup and view all the answers

What is the purpose of Spatial Development Initiatives (SDIs)?

To target underdeveloped areas for infrastructure and industrial development Signup and view all the answers

What is an important consideration when evaluating the effectiveness of South Africa's industrial strategies?

All of the above Signup and view all the answers

What is a challenge facing South Africa's industrial policies?

Implementation Gaps Signup and view all the answers

What is the purpose of Industrial Development Zones (IDZs)?

To offer incentives like tax breaks and infrastructure support to attract investments Signup and view all the answers

What is the focus of South Africa's National Research and Development Strategy (NRDS)?

Boosting innovation across industries Signup and view all the answers

Which of the following trade policies may lead to a reduction in the country's dependency on foreign goods?

Import Substitution Signup and view all the answers

What is the primary objective of the Reconstruction and Development Programme (RDP) in South Africa?

Meeting basic needs and developing human resources Signup and view all the answers

What is a key aspect of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?

Targeting halving unemployment and poverty Signup and view all the answers

What is the primary goal of the New Growth Path (NGP) framework in South Africa?

Job creation and identifying job drivers Signup and view all the answers

What is a characteristic of the Supply-side approach to economic growth?

Improving the quality of the labor force through education and training Signup and view all the answers

What is the primary benefit of Economic Efficiency?

Enhancing productivity and innovation Signup and view all the answers

What is a key aspect of South Africa's trade policies?

Involvement in SACU and SADC, and partnerships with major economies Signup and view all the answers

What is the primary goal of Export Promotion policies in South Africa?

Increasing the country's participation in the global market Signup and view all the answers

What is a characteristic of the North/South divide?

All of the above Signup and view all the answers

What is the primary goal of Redistribution of Income policies in the demand-side approach to economic growth?

Enhancing consumption among lower-income earners Signup and view all the answers

Which of the following is a potential drawback of protectionism?

Reduced government revenue Signup and view all the answers

What is the primary advantage of specialization in free trade?

Enhanced productivity Signup and view all the answers

Which of the following is a potential benefit of protectionism?

Job preservation Signup and view all the answers

What is the primary purpose of tariffs in protectionism?

To restrict imports Signup and view all the answers

What is the primary difference between protectionism and free trade?

Restrictions on international trade Signup and view all the answers

What is the primary argument against dumping in protectionism?

Unfair competition Signup and view all the answers

What is the primary goal of economic diversification in protectionism?

Reduced dependency on imports Signup and view all the answers

What is the primary benefit of free trade for consumers?

Access to a wider variety of goods and services Signup and view all the answers

What is the primary argument for national security in protectionism?

Self-sufficiency in crucial industries Signup and view all the answers

What is the primary advantage of free trade for nations?

Comparative advantage Signup and view all the answers

What is the primary focus of South Africa's National Industrial Policy Framework (NIPF)?

Guiding the overall industrial strategy of South Africa Signup and view all the answers

What is the main objective of South Africa's Industrial Development Zones (IDZs) and Special Economic Zones (SEZs)?

To attract foreign investment and stimulate economic activities Signup and view all the answers

What is a key aspect of South Africa's industrial strategies in line with international best practices?

Promoting sustainable industrial practices Signup and view all the answers

What is the primary purpose of Spatial Development Initiatives (SDIs) in South Africa?

To target underdeveloped areas for infrastructure and industrial development Signup and view all the answers

What is a key challenge facing South Africa's industrial policies?

Implementation gaps between policy goals and actual outcomes Signup and view all the answers

What is the primary goal of South Africa's National Research and Development Strategy (NRDS)?

To boost innovation across industries Signup and view all the answers

What is the primary focus of South Africa's Industrial Policy Action Plans (IPAPs)?

Detailing specific actions to implement the National Industrial Policy Framework (NIPF) Signup and view all the answers

What is the main justification for South Africa's industrial policies?

To address high unemployment rates through labor-intensive industrial activities Signup and view all the answers

What is an important aspect of evaluating the effectiveness of South Africa's industrial strategies?

Assessing the impact on economic growth and job creation Signup and view all the answers

What is the primary goal of South Africa's Integrated Manufacturing Strategy (IMS)?

To improve the competitiveness of the manufacturing sector Signup and view all the answers

What is the primary purpose of monitoring the Economically Active Population (EAP) in South Africa?

To gauge the proportion of the population that is employed Signup and view all the answers

What is the significance of the Terms of Trade in the context of foreign trade in South Africa?

It compares the rate of export prices to import prices Signup and view all the answers

What is the primary purpose of tracking the Infant and Under-5 Mortality Rates in South Africa?

To evaluate the effectiveness of healthcare systems Signup and view all the answers

What is the significance of the Enrolment Rates as a social indicator in South Africa?

It impacts future workforce skills and economic growth Signup and view all the answers

What is the primary purpose of international comparisons in the context of economic and social indicators in South Africa?

To understand how South Africa compares to other nations, highlighting areas of strength and those requiring improvement Signup and view all the answers

What is the significance of the Access to Basic Services as a social indicator in South Africa?

It is essential for quality of life and a basic indicator of infrastructural development Signup and view all the answers

What is the primary purpose of the Repo Rate in South Africa?

To influence other interest rates across the economy Signup and view all the answers

What is the significance of the Life Expectancy as a social indicator in South Africa?

It is a measure of the overall health and longevity of the population Signup and view all the answers

What is the primary purpose of tracking the Exchange Rate in the context of foreign trade in South Africa?

To gauge the value of the South African rand against other currencies, affecting trade competitiveness Signup and view all the answers

What is the primary purpose of the Producer Price Index (PPI) in South Africa?

To reflect the average movement of selling prices from domestic production over time Signup and view all the answers

What is the primary objective of South Africa's National Industrial Policy Framework (NIPF)?

To guide the overall industrial strategy of South Africa Signup and view all the answers

What is the primary focus of South Africa's Industrial Development Zones (IDZs) and Special Economic Zones (SEZs)?

To offer incentives to attract businesses and stimulate economic activities Signup and view all the answers

What is an important aspect of South Africa's industrial strategies in line with international best practices?

Ensuring governance and transparency in policy implementation Signup and view all the answers

What is the primary goal of South Africa's industrial development policies regarding regional development?

To mitigate regional disparities and promote equitable economic development Signup and view all the answers

What is a key justification for South Africa's industrial policies?

To address high unemployment rates through industrial activities Signup and view all the answers

What is the primary focus of South Africa's Spatial Development Initiatives (SDIs)?

To target underdeveloped areas for infrastructure and industrial development Signup and view all the answers

What is an important consideration when evaluating the effectiveness of South Africa's industrial strategies?

All of the above Signup and view all the answers

What is a challenge facing South Africa's industrial policies?

All of the above Signup and view all the answers

What is the primary focus of South Africa's National Research and Development Strategy (NRDS)?

To boost innovation across industries Signup and view all the answers

What is the primary goal of South Africa's industrial policies?

To promote economic growth and sustainable development Signup and view all the answers

What is the primary motivation behind governments adopting protectionist policies?

To encourage the development of emerging domestic industries Signup and view all the answers

Which of the following is NOT a benefit of free trade?

Protection of local jobs Signup and view all the answers

What is the primary difference between protectionism and free trade?

Government intervention versus laissez-faire Signup and view all the answers

Which of the following is a common criticism of protectionist policies?

They can lead to trade wars Signup and view all the answers

What is the primary goal of the infant industry argument for protectionism?

To protect emerging domestic industries Signup and view all the answers

Which of the following is NOT an argument for free trade?

Preservation of jobs Signup and view all the answers

What is the primary motivation behind the preservation of jobs argument for protectionism?

To safeguard jobs against cheaper imported goods Signup and view all the answers

Which of the following is a benefit of specialization in free trade?

Economies of scale Signup and view all the answers

What is the primary goal of economic diversification in protectionist policies?

To support the development of diverse local industries Signup and view all the answers

Which of the following is an argument for free trade?

Access to a wider variety of goods and services Signup and view all the answers

What is a key aspect of the Demand-side approach to economic growth?

Increased government expenditure Signup and view all the answers

What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?

Halving unemployment and poverty Signup and view all the answers

What is a characteristic of the North/South divide?

Significant disparity in income levels and economic stability Signup and view all the answers

What is a key aspect of South Africa's trade policies?

Encouraging export promotion and import substitution Signup and view all the answers

What is the primary benefit of economic efficiency?

Promoting more efficient allocation of resources globally Signup and view all the answers

What is a key aspect of the Supply-side approach to economic growth?

Improving the quality of the labor force Signup and view all the answers

What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?

Meeting basic needs and developing human resources Signup and view all the answers

What is a characteristic of economic development?

Improvements in standards of living, income equity, and general well-being Signup and view all the answers

What is the primary goal of the New Growth Path (NGP) framework in South Africa?

Creating jobs and identifying job drivers Signup and view all the answers

What is the primary goal of Import Substitution policies in South Africa?

Encouraging local production of goods that were previously imported Signup and view all the answers

What is the primary purpose of economic and social indicators in South Africa?

To formulate policies and evaluate their impact Signup and view all the answers

Which indicator measures the value of the South African rand against other currencies?

Exchange Rate Signup and view all the answers

What is the significance of Enrolment Rates as a social indicator?

It impacts future workforce skills and economic growth Signup and view all the answers

What is the primary purpose of international comparisons in the context of economic and social indicators?

To compare South Africa's performance with global standards Signup and view all the answers

What is the significance of Life Expectancy as a social indicator?

It measures the overall health and longevity of the population Signup and view all the answers

What is the primary purpose of the Terms of Trade in the context of foreign trade?

To compare export prices to import prices Signup and view all the answers

What is the significance of Access to Basic Services as a social indicator?

It indicates the availability of essential services like electricity, water, and sanitation Signup and view all the answers

What is the primary purpose of the Repo Rate?

To influence other interest rates across the economy Signup and view all the answers

What is the significance of the Employment Rate as an economic indicator?

It indicates the proportion of the economically active population that is employed Signup and view all the answers

What is the primary purpose of economic and social indicators in terms of policy formulation?

To identify areas needing intervention and evaluate policy impact Signup and view all the answers

CH 3 SUM: Economic Pursuits

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Questions and Answers

What is the primary goal of protectionism?

What is free trade?

What is the infant industry argument for protectionism?

What is the benefit of free trade in terms of consumer choice?

What is a common tool used to implement protectionism?

What is the national security argument for protectionism?

What is the dumping argument for protectionism?

What is the benefit of specialization in free trade?

What is the primary goal of free trade?

What is the preservation of jobs argument for protectionism?

What is the primary goal of Export Promotion policies in South Africa?

What is the main difference between economic growth and economic development?

What is the aim of Redistribution of Income policies in the demand-side approach to economic growth?

Which of the following is a characteristic of the Supply-side approach to economic growth?

What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?

What is the main characteristic of the North/South divide?

What is the primary goal of the Growth, Employment and Redistribution (GEAR) approach in South Africa?

What is a key aspect of the New Growth Path (NGP) framework in South Africa?

What is the main goal of Import Substitution policies in South Africa?

What is a key aspect of South Africa's trade policies?

What is the main objective of South Africa's industrial policies?

What is the purpose of the National Industrial Policy Framework (NIPF)?

What is the main goal of South Africa's industrial development policies regarding regional development?

What is an important aspect of South Africa's industrial strategies in line with international best practices?

What is a key focus area of South Africa's National Research and Development Strategy (NRDS)?

What is the purpose of Industrial Development Zones (IDZs) and Special Economic Zones (SEZs)?

What is an important consideration when evaluating the effectiveness of South Africa's industrial strategies?

What is a challenge facing South Africa's industrial policies?

What is the purpose of Spatial Development Initiatives (SDIs)?

What is a key justification for South Africa's industrial policies?

What is the primary purpose of economic and social indicators in South Africa?

Which indicator measures the average price change of goods and services purchased by households?

What does the Employment Rate indicate?

What is the Exchange Rate in the context of foreign trade?

What is the primary purpose of the Repo Rate?

What is the significance of Life Expectancy as a social indicator?

What is the purpose of international comparisons in the context of economic and social indicators?

What is the significance of Access to Basic Services as a social indicator?

What is the purpose of the Terms of Trade in the context of foreign trade?

What is the significance of Enrollment Rates as a social indicator?

Which of the following promotes more efficient allocation of resources globally?

What is the primary goal of Import Substitution policies in South Africa?

What is the focus of the Reconstruction and Development Programme (RDP) in South Africa?

What is a characteristic of the North/South divide?

What is the aim of Redistribution of Income policies in the demand-side approach to economic growth?

What is the primary goal of the Growth, Employment and Redistribution (GEAR) approach in South Africa?

Which of the following is a key aspect of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?

What is the primary goal of the New Growth Path (NGP) framework in South Africa?

What is the benefit of Economic Efficiency?

Which of the following is a characteristic of the Supply-side approach to economic growth?

What is the primary focus of South Africa's industrial policies?

What is the purpose of the National Industrial Policy Framework (NIPF)?

What is a key justification for South Africa's industrial policies?

What is the main goal of Industrial Development Zones (IDZs) and Special Economic Zones (SEZs)?

What is an important aspect of South Africa's industrial strategies in line with international best practices?

What is an important consideration when evaluating the effectiveness of South Africa's industrial strategies?

What is a challenge facing South Africa's industrial policies?

What is the primary purpose of Spatial Development Initiatives (SDIs)?

What is a key focus area of South Africa's National Research and Development Strategy (NRDS)?

What is the main goal of South Africa's industrial development policies regarding regional development?

What is the primary purpose of Skills Development in South Africa?

What does the Producer Price Index (PPI) reflect?

What is the purpose of the Repo Rate?

What is the primary goal of government policies that restrict or restrain international trade?

What does the Unemployment Rate measure?

Which of the following is a benefit of free trade?

What is the main argument for protecting emerging domestic industries?

What is the purpose of International Comparisons in the context of economic and social indicators?

What is the benefit of specialization in international trade?

What does the Enrollment Rate measure?

What is the primary goal of implementing tariffs, quotas, and subsidies?

What is the purpose of Economic and Social Indicators?

What is the benefit of free trade in terms of economic growth?

What does the Terms of Trade measure?

What is the primary goal of reducing dependency on imports?

What is the purpose of Infrastructure Development in South Africa?