Podcast
Questions and Answers
Which sector in the circular flow model provides labor and resources, and receives income that is used for consumption, savings, and taxes?
Which sector in the circular flow model provides labor and resources, and receives income that is used for consumption, savings, and taxes?
What type of flows involve the movement of goods and services in the circular flow model?
What type of flows involve the movement of goods and services in the circular flow model?
Which market facilitates the trading of currencies necessary for international trade?
Which market facilitates the trading of currencies necessary for international trade?
What is the primary function of the government sector in the circular flow model?
What is the primary function of the government sector in the circular flow model?
Signup and view all the answers
What is the term for the total economic output at market prices?
What is the term for the total economic output at market prices?
Signup and view all the answers
Which sector in the circular flow model involves trade activities, where exports add to the economic flow and imports lead to outflows of currency?
Which sector in the circular flow model involves trade activities, where exports add to the economic flow and imports lead to outflows of currency?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity?
What is the term for the extent to which additional spending can amplify economic activity?
Signup and view all the answers
Which market deals in resources like labor and capital?
Which market deals in resources like labor and capital?
Signup and view all the answers
What is the primary difference between Gross National Income and other income measures?
What is the primary difference between Gross National Income and other income measures?
Signup and view all the answers
What is the main focus of the Two-Sector Model in the Multiplier Effect?
What is the main focus of the Two-Sector Model in the Multiplier Effect?
Signup and view all the answers
What is the formula for the multiplier in a simple two-sector model?
What is the formula for the multiplier in a simple two-sector model?
Signup and view all the answers
What is the characteristic of the expansion phase of a business cycle?
What is the characteristic of the expansion phase of a business cycle?
Signup and view all the answers
What is the term for the highest point of economic activity in a business cycle?
What is the term for the highest point of economic activity in a business cycle?
Signup and view all the answers
What is the primary factor influencing business cycles according to the Keynesian Theory?
What is the primary factor influencing business cycles according to the Keynesian Theory?
Signup and view all the answers
What is the primary goal of monetary policy in stabilizing economic activity?
What is the primary goal of monetary policy in stabilizing economic activity?
Signup and view all the answers
What is the term for the lowest point of a business cycle, marking the end of a recession?
What is the term for the lowest point of a business cycle, marking the end of a recession?
Signup and view all the answers
What is the primary focus of the Schumpeterian Theory in explaining business cycles?
What is the primary focus of the Schumpeterian Theory in explaining business cycles?
Signup and view all the answers
What is the primary tool used by governments to stabilize economic activity during downturns?
What is the primary tool used by governments to stabilize economic activity during downturns?
Signup and view all the answers
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
Signup and view all the answers
What is the main difference between economic growth and economic development?
What is the main difference between economic growth and economic development?
Signup and view all the answers
Which of the following is an example of a supply-side approach to economic growth?
Which of the following is an example of a supply-side approach to economic growth?
Signup and view all the answers
What is the main objective of the New Growth Path (NGP) in South Africa?
What is the main objective of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
What is the primary characteristic of the North/South divide?
What is the primary characteristic of the North/South divide?
Signup and view all the answers
What is the primary goal of directing government spending towards public goods and services?
What is the primary goal of directing government spending towards public goods and services?
Signup and view all the answers
Which of the following is an example of an export promotion strategy?
Which of the following is an example of an export promotion strategy?
Signup and view all the answers
What is the primary focus of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary focus of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
What is the Laffer Curve primarily used to illustrate?
What is the Laffer Curve primarily used to illustrate?
Signup and view all the answers
What is a potential consequence of administered prices?
What is a potential consequence of administered prices?
Signup and view all the answers
What is the main objective of industrial policies in South Africa?
What is the main objective of industrial policies in South Africa?
Signup and view all the answers
What is the primary difference between the demand-side and supply-side approaches to economic growth?
What is the primary difference between the demand-side and supply-side approaches to economic growth?
Signup and view all the answers
What is the primary argument of the Infant Industry Argument in favor of protectionism?
What is the primary argument of the Infant Industry Argument in favor of protectionism?
Signup and view all the answers
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
Signup and view all the answers
What is a potential benefit of free trade, according to the concept of specialization?
What is a potential benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is the primary goal of South Africa's export promotion policies?
What is the primary goal of South Africa's export promotion policies?
Signup and view all the answers
What is a potential drawback of excessive bureaucracy in the public sector?
What is a potential drawback of excessive bureaucracy in the public sector?
Signup and view all the answers
What is the primary goal of South Africa's import substitution policies?
What is the primary goal of South Africa's import substitution policies?
Signup and view all the answers
What is a potential consequence of information failure in the public sector?
What is a potential consequence of information failure in the public sector?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is the primary purpose of the Producer Price Index (PPI)?
What is the primary purpose of the Producer Price Index (PPI)?
Signup and view all the answers
What does the Employment Rate measure?
What does the Employment Rate measure?
Signup and view all the answers
What is the term for the value of the South African rand against other currencies?
What is the term for the value of the South African rand against other currencies?
Signup and view all the answers
Which indicator measures the overall health and longevity of the population?
Which indicator measures the overall health and longevity of the population?
Signup and view all the answers
What is the purpose of the Repo Rate?
What is the purpose of the Repo Rate?
Signup and view all the answers
What do the M1, M2, and M3 aggregates represent?
What do the M1, M2, and M3 aggregates represent?
Signup and view all the answers
What is the purpose of International Comparisons?
What is the purpose of International Comparisons?
Signup and view all the answers
What do Infant and Under-5 Mortality Rates indicate?
What do Infant and Under-5 Mortality Rates indicate?
Signup and view all the answers
What is the purpose of the Economically Active Population (EAP) indicator?
What is the purpose of the Economically Active Population (EAP) indicator?
Signup and view all the answers
What do social indicators, such as Education and Health, measure?
What do social indicators, such as Education and Health, measure?
Signup and view all the answers
What is the primary goal of the National Industrial Policy Framework (NIPF) in South Africa?
What is the primary goal of the National Industrial Policy Framework (NIPF) in South Africa?
Signup and view all the answers
What is the main objective of the Industrial Policy Action Plans (IPAP) in South Africa?
What is the main objective of the Industrial Policy Action Plans (IPAP) in South Africa?
Signup and view all the answers
Which of the following is a key aspect of South Africa's industrial policies that aligns with international best practices?
Which of the following is a key aspect of South Africa's industrial policies that aligns with international best practices?
Signup and view all the answers
What is the primary purpose of Spatial Development Initiatives (SDIs) in South Africa?
What is the primary purpose of Spatial Development Initiatives (SDIs) in South Africa?
Signup and view all the answers
What is a key challenge facing South Africa's industrial policies that needs to be addressed?
What is a key challenge facing South Africa's industrial policies that needs to be addressed?
Signup and view all the answers
Which of the following is an indicator of the effectiveness of South Africa's industrial strategies?
Which of the following is an indicator of the effectiveness of South Africa's industrial strategies?
Signup and view all the answers
What is the primary goal of the National Research and Development Strategy (NRDS) in South Africa?
What is the primary goal of the National Research and Development Strategy (NRDS) in South Africa?
Signup and view all the answers
Which of the following is a key aspect of South Africa's industrial policies that addresses regional disparities?
Which of the following is a key aspect of South Africa's industrial policies that addresses regional disparities?
Signup and view all the answers
What is the primary objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
What is the primary objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
Signup and view all the answers
Which of the following is a key challenge facing South Africa's industrial policies that affects the workforce?
Which of the following is a key challenge facing South Africa's industrial policies that affects the workforce?
Signup and view all the answers
What is the primary objective of the New Economic Paradigm?
What is the primary objective of the New Economic Paradigm?
Signup and view all the answers
Which type of indicator confirms trends that are already in process?
Which type of indicator confirms trends that are already in process?
Signup and view all the answers
What is the primary role of Provincial Governments?
What is the primary role of Provincial Governments?
Signup and view all the answers
What is a key challenge faced by the public sector?
What is a key challenge faced by the public sector?
Signup and view all the answers
What is the primary objective of pricing policy in the public sector?
What is the primary objective of pricing policy in the public sector?
Signup and view all the answers
What is a key objective of the public sector?
What is a key objective of the public sector?
Signup and view all the answers
What is the Medium-Term Expenditure Framework (MTEF) used for?
What is the Medium-Term Expenditure Framework (MTEF) used for?
Signup and view all the answers
What is a fiscal policy instrument used to manage economic activity?
What is a fiscal policy instrument used to manage economic activity?
Signup and view all the answers
What is a challenge faced by State-Owned Enterprises (SOEs)?
What is a challenge faced by State-Owned Enterprises (SOEs)?
Signup and view all the answers
What is the primary role of Local Governments?
What is the primary role of Local Governments?
Signup and view all the answers
What is the primary function of the financial market in the circular flow model?
What is the primary function of the financial market in the circular flow model?
Signup and view all the answers
What is the term for the total economic output at market prices in a country?
What is the term for the total economic output at market prices in a country?
Signup and view all the answers
Which sector in the circular flow model injects spending into the economy through public services and infrastructure?
Which sector in the circular flow model injects spending into the economy through public services and infrastructure?
Signup and view all the answers
What type of flows involve the movement of goods and services in the circular flow model?
What type of flows involve the movement of goods and services in the circular flow model?
Signup and view all the answers
Which market facilitates the exchange of resources like labor and capital?
Which market facilitates the exchange of resources like labor and capital?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity?
What is the term for the extent to which additional spending can amplify economic activity?
Signup and view all the answers
Which sector in the circular flow model involves trade activities, where exports add to the economic flow and imports lead to outflows of currency?
Which sector in the circular flow model involves trade activities, where exports add to the economic flow and imports lead to outflows of currency?
Signup and view all the answers
What does the circular flow model illustrate?
What does the circular flow model illustrate?
Signup and view all the answers
What is the primary objective of government spending directed towards public goods and services?
What is the primary objective of government spending directed towards public goods and services?
Signup and view all the answers
What is the Laffer Curve primarily used to illustrate?
What is the Laffer Curve primarily used to illustrate?
Signup and view all the answers
What is the main argument of the Infant Industry Argument in favor of protectionism?
What is the main argument of the Infant Industry Argument in favor of protectionism?
Signup and view all the answers
What is a potential consequence of administered prices in the public sector?
What is a potential consequence of administered prices in the public sector?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is the primary goal of South Africa's import substitution policies?
What is the primary goal of South Africa's import substitution policies?
Signup and view all the answers
What is a potential drawback of excessive bureaucracy in the public sector?
What is a potential drawback of excessive bureaucracy in the public sector?
Signup and view all the answers
What is the primary goal of South Africa's export promotion policies?
What is the primary goal of South Africa's export promotion policies?
Signup and view all the answers
What is a potential consequence of information failure in the public sector?
What is a potential consequence of information failure in the public sector?
Signup and view all the answers
What is the primary benefit of free trade, according to the concept of specialization?
What is the primary benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is the primary objective of the New Economic Paradigm?
What is the primary objective of the New Economic Paradigm?
Signup and view all the answers
What is the primary difference between Gross National Income and other income measures?
What is the primary difference between Gross National Income and other income measures?
Signup and view all the answers
Which of the following models includes government and foreign transactions in the multiplier effect?
Which of the following models includes government and foreign transactions in the multiplier effect?
Signup and view all the answers
Which of the following is an example of a lagging indicator?
Which of the following is an example of a lagging indicator?
Signup and view all the answers
What is the primary characteristic of the contraction phase of a business cycle?
What is the primary characteristic of the contraction phase of a business cycle?
Signup and view all the answers
What is the primary role of the public sector in providing essential services?
What is the primary role of the public sector in providing essential services?
Signup and view all the answers
According to the Schumpeterian Theory, what is the primary cause of business cycles?
According to the Schumpeterian Theory, what is the primary cause of business cycles?
Signup and view all the answers
What is the primary challenge faced by the public sector in terms of efficiency?
What is the primary challenge faced by the public sector in terms of efficiency?
Signup and view all the answers
What is the primary objective of the Medium-Term Expenditure Framework (MTEF)?
What is the primary objective of the Medium-Term Expenditure Framework (MTEF)?
Signup and view all the answers
What is the primary goal of fiscal policy during times of economic downturn?
What is the primary goal of fiscal policy during times of economic downturn?
Signup and view all the answers
What is the primary goal of fiscal policy in terms of taxation?
What is the primary goal of fiscal policy in terms of taxation?
Signup and view all the answers
What is the formula for the multiplier in a simple two-sector model?
What is the formula for the multiplier in a simple two-sector model?
Signup and view all the answers
What is the primary focus of the Keynesian Theory in explaining business cycles?
What is the primary focus of the Keynesian Theory in explaining business cycles?
Signup and view all the answers
What is the primary purpose of the Laffer Curve?
What is the primary purpose of the Laffer Curve?
Signup and view all the answers
What is the primary goal of monetary policy in stabilizing economic activity?
What is the primary goal of monetary policy in stabilizing economic activity?
Signup and view all the answers
What is the primary challenge faced by State-Owned Enterprises (SOEs)?
What is the primary challenge faced by State-Owned Enterprises (SOEs)?
Signup and view all the answers
What is the primary goal of the public sector in terms of income distribution?
What is the primary goal of the public sector in terms of income distribution?
Signup and view all the answers
What is the term for the lowest point of a business cycle, marking the end of a recession?
What is the term for the lowest point of a business cycle, marking the end of a recession?
Signup and view all the answers
What is the primary factor influencing business cycles according to the Classical and Neoclassical Theories?
What is the primary factor influencing business cycles according to the Classical and Neoclassical Theories?
Signup and view all the answers
What is the primary focus of forecasting business cycles?
What is the primary focus of forecasting business cycles?
Signup and view all the answers
Which of the following is NOT a justification for South Africa's industrial policies?
Which of the following is NOT a justification for South Africa's industrial policies?
Signup and view all the answers
What is the primary focus of the National Research and Development Strategy (NRDS)?
What is the primary focus of the National Research and Development Strategy (NRDS)?
Signup and view all the answers
What is the main objective of the Integrated Manufacturing Strategy (IMS)?
What is the main objective of the Integrated Manufacturing Strategy (IMS)?
Signup and view all the answers
What is the primary goal of the Special Economic Zones (SEZs) in South Africa?
What is the primary goal of the Special Economic Zones (SEZs) in South Africa?
Signup and view all the answers
What is the primary focus of South Africa's industrial strategies in terms of alignment with international best practices?
What is the primary focus of South Africa's industrial strategies in terms of alignment with international best practices?
Signup and view all the answers
What is the primary goal of the Spatial Development Initiatives (SDIs) in South Africa?
What is the primary goal of the Spatial Development Initiatives (SDIs) in South Africa?
Signup and view all the answers
What is the primary focus of evaluating South Africa's industrial strategies?
What is the primary focus of evaluating South Africa's industrial strategies?
Signup and view all the answers
What is a challenge that needs to be addressed to enhance the effectiveness of South Africa's industrial policies?
What is a challenge that needs to be addressed to enhance the effectiveness of South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of the National Industrial Policy Framework (NIPF) in South Africa?
What is the primary goal of the National Industrial Policy Framework (NIPF) in South Africa?
Signup and view all the answers
What is the primary focus of the Industrial Policy Action Plans (IPAP) in South Africa?
What is the primary focus of the Industrial Policy Action Plans (IPAP) in South Africa?
Signup and view all the answers
Which of the following approaches to economic growth focuses on increasing government expenditure and redistributing income to enhance consumption among lower-income earners?
Which of the following approaches to economic growth focuses on increasing government expenditure and redistributing income to enhance consumption among lower-income earners?
Signup and view all the answers
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
Signup and view all the answers
Which of the following is a characteristic of the North/South divide?
Which of the following is a characteristic of the North/South divide?
Signup and view all the answers
What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
Which of the following is an example of a supply-side approach to economic growth?
Which of the following is an example of a supply-side approach to economic growth?
Signup and view all the answers
What is the primary goal of industrial policies in South Africa?
What is the primary goal of industrial policies in South Africa?
Signup and view all the answers
What is the primary difference between economic growth and economic development?
What is the primary difference between economic growth and economic development?
Signup and view all the answers
Which of the following is an example of an export promotion strategy?
Which of the following is an example of an export promotion strategy?
Signup and view all the answers
What is the primary focus of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
What is the primary focus of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
Signup and view all the answers
What is the primary goal of the New Growth Path (NGP) in South Africa?
What is the primary goal of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
What is the primary function of the Producer Price Index (PPI)?
What is the primary function of the Producer Price Index (PPI)?
Signup and view all the answers
What is the purpose of the Economically Active Population (EAP) indicator?
What is the purpose of the Economically Active Population (EAP) indicator?
Signup and view all the answers
What is the primary focus of International Comparisons?
What is the primary focus of International Comparisons?
Signup and view all the answers
What is the purpose of the Repo Rate?
What is the purpose of the Repo Rate?
Signup and view all the answers
What do Infant and Under-5 Mortality Rates indicate?
What do Infant and Under-5 Mortality Rates indicate?
Signup and view all the answers
What is the primary purpose of the M1, M2, and M3 aggregates?
What is the primary purpose of the M1, M2, and M3 aggregates?
Signup and view all the answers
What is the primary goal of Policy Formulation?
What is the primary goal of Policy Formulation?
Signup and view all the answers
What is the primary focus of Education as a social indicator?
What is the primary focus of Education as a social indicator?
Signup and view all the answers
What is the primary purpose of the Exchange Rate?
What is the primary purpose of the Exchange Rate?
Signup and view all the answers
What is the primary goal of Investment Decisions?
What is the primary goal of Investment Decisions?
Signup and view all the answers
What is the primary function of the foreign sector in the circular flow model?
What is the primary function of the foreign sector in the circular flow model?
Signup and view all the answers
Which market facilitates the exchange of resources like labor and capital?
Which market facilitates the exchange of resources like labor and capital?
Signup and view all the answers
What is the term for the total economic output at market prices?
What is the term for the total economic output at market prices?
Signup and view all the answers
What is the multiplier effect capturing in the circular flow model?
What is the multiplier effect capturing in the circular flow model?
Signup and view all the answers
What is the primary function of the government sector in the circular flow model?
What is the primary function of the government sector in the circular flow model?
Signup and view all the answers
What type of flows involve the exchange of goods and services in the circular flow model?
What type of flows involve the exchange of goods and services in the circular flow model?
Signup and view all the answers
Which sector provides labor and resources, and receives income used for consumption, savings, and taxes?
Which sector provides labor and resources, and receives income used for consumption, savings, and taxes?
Signup and view all the answers
What is the purpose of the financial market in the circular flow model?
What is the purpose of the financial market in the circular flow model?
Signup and view all the answers
Which of the following is a feature of the contraction phase of a business cycle?
Which of the following is a feature of the contraction phase of a business cycle?
Signup and view all the answers
What is the primary goal of fiscal policy in stabilizing economic activity?
What is the primary goal of fiscal policy in stabilizing economic activity?
Signup and view all the answers
Which of the following theories suggests that business cycles are driven by changes in aggregate demand?
Which of the following theories suggests that business cycles are driven by changes in aggregate demand?
Signup and view all the answers
What is the term for the marginal propensity to consume in the multiplier formula?
What is the term for the marginal propensity to consume in the multiplier formula?
Signup and view all the answers
Which of the following is an example of an endogenous factor influencing business cycles?
Which of the following is an example of an endogenous factor influencing business cycles?
Signup and view all the answers
What is the term for the highest point of economic activity in a business cycle?
What is the term for the highest point of economic activity in a business cycle?
Signup and view all the answers
Which of the following is a characteristic of the expansion phase of a business cycle?
Which of the following is a characteristic of the expansion phase of a business cycle?
Signup and view all the answers
What is the primary focus of the Schumpeterian Theory in explaining business cycles?
What is the primary focus of the Schumpeterian Theory in explaining business cycles?
Signup and view all the answers
Which of the following is a feature of the multiplier effect?
Which of the following is a feature of the multiplier effect?
Signup and view all the answers
What is the term for the lowest point of a business cycle, marking the end of a recession?
What is the term for the lowest point of a business cycle, marking the end of a recession?
Signup and view all the answers
What is the primary argument in favor of protectionism according to the National Security argument?
What is the primary argument in favor of protectionism according to the National Security argument?
Signup and view all the answers
What is the primary benefit of free trade, according to the concept of specialization?
What is the primary benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is the primary goal of South Africa's industrial policies?
What is the primary goal of South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of directing government spending towards public goods and services?
What is the primary goal of directing government spending towards public goods and services?
Signup and view all the answers
What is the primary consequence of information failure in the public sector?
What is the primary consequence of information failure in the public sector?
Signup and view all the answers
What is the main objective of the National Research and Development Strategy (NRDS)?
What is the main objective of the National Research and Development Strategy (NRDS)?
Signup and view all the answers
What is the primary purpose of the Laffer Curve?
What is the primary purpose of the Laffer Curve?
Signup and view all the answers
What is the primary goal of the Integrated Manufacturing Strategy (IMS)?
What is the primary goal of the Integrated Manufacturing Strategy (IMS)?
Signup and view all the answers
What is the primary goal of South Africa's import substitution policies?
What is the primary goal of South Africa's import substitution policies?
Signup and view all the answers
What is the primary goal of Special Economic Zones (SEZs)?
What is the primary goal of Special Economic Zones (SEZs)?
Signup and view all the answers
What is the primary goal of the Industrial Policy Action Plans (IPAP)?
What is the primary goal of the Industrial Policy Action Plans (IPAP)?
Signup and view all the answers
What is the primary drawback of excessive bureaucracy in the public sector?
What is the primary drawback of excessive bureaucracy in the public sector?
Signup and view all the answers
What is the primary focus of South Africa's industrial strategies?
What is the primary focus of South Africa's industrial strategies?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is the primary consequence of administered prices?
What is the primary consequence of administered prices?
Signup and view all the answers
What is the primary goal of regional development initiatives in South Africa?
What is the primary goal of regional development initiatives in South Africa?
Signup and view all the answers
What is the primary goal of South Africa's export promotion policies?
What is the primary goal of South Africa's export promotion policies?
Signup and view all the answers
What is the primary challenge facing South Africa's industrial policies?
What is the primary challenge facing South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of evaluating South Africa's industrial strategies?
What is the primary goal of evaluating South Africa's industrial strategies?
Signup and view all the answers
What is the primary benefit of South Africa's industrial policies?
What is the primary benefit of South Africa's industrial policies?
Signup and view all the answers
What is the primary focus of South Africa's Reconstruction and Development Programme (RDP)?
What is the primary focus of South Africa's Reconstruction and Development Programme (RDP)?
Signup and view all the answers
Which of the following approaches to economic growth focuses on increasing industrial activity, diversifying the economy, and enhancing regional development?
Which of the following approaches to economic growth focuses on increasing industrial activity, diversifying the economy, and enhancing regional development?
Signup and view all the answers
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
Signup and view all the answers
What is the primary difference between economic growth and economic development?
What is the primary difference between economic growth and economic development?
Signup and view all the answers
Which of the following is an example of a supply-side approach to economic growth?
Which of the following is an example of a supply-side approach to economic growth?
Signup and view all the answers
What is the primary characteristic of the North/South divide?
What is the primary characteristic of the North/South divide?
Signup and view all the answers
What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
What is the primary focus of the New Growth Path (NGP) in South Africa?
What is the primary focus of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
What is the primary goal of South Africa's industrial policies?
What is the primary goal of South Africa's industrial policies?
Signup and view all the answers
Which of the following is an example of a demand-side approach to economic growth?
Which of the following is an example of a demand-side approach to economic growth?
Signup and view all the answers
What is the primary objective of the New Economic Paradigm in achieving stable growth?
What is the primary objective of the New Economic Paradigm in achieving stable growth?
Signup and view all the answers
What type of economic indicators confirm trends that are already in process?
What type of economic indicators confirm trends that are already in process?
Signup and view all the answers
What is the primary focus of supply-side policies?
What is the primary focus of supply-side policies?
Signup and view all the answers
What is the primary role of State-Owned Enterprises (SOEs)?
What is the primary role of State-Owned Enterprises (SOEs)?
Signup and view all the answers
What is a common challenge faced by the public sector?
What is a common challenge faced by the public sector?
Signup and view all the answers
What is the primary objective of the Medium-Term Expenditure Framework (MTEF)?
What is the primary objective of the Medium-Term Expenditure Framework (MTEF)?
Signup and view all the answers
What is the primary focus of fiscal policy instruments?
What is the primary focus of fiscal policy instruments?
Signup and view all the answers
What is the primary goal of understanding and analyzing business cycles?
What is the primary goal of understanding and analyzing business cycles?
Signup and view all the answers
What is the primary objective of the public sector?
What is the primary objective of the public sector?
Signup and view all the answers
What is the primary focus of the Laffer Curve?
What is the primary focus of the Laffer Curve?
Signup and view all the answers
Which of the following indicators is used to track changes in population size and its impact on demand for goods and services?
Which of the following indicators is used to track changes in population size and its impact on demand for goods and services?
Signup and view all the answers
What is the primary purpose of the Terms of Trade indicator?
What is the primary purpose of the Terms of Trade indicator?
Signup and view all the answers
Which indicator is used to evaluate the government's ability to provide adequate housing?
Which indicator is used to evaluate the government's ability to provide adequate housing?
Signup and view all the answers
What is the primary purpose of the Producer Price Index (PPI)?
What is the primary purpose of the Producer Price Index (PPI)?
Signup and view all the answers
Which indicator measures the proportion of the Economically Active Population (EAP) that is employed?
Which indicator measures the proportion of the Economically Active Population (EAP) that is employed?
Signup and view all the answers
What is the primary purpose of International Comparisons?
What is the primary purpose of International Comparisons?
Signup and view all the answers
Which indicator reflects the government's commitment to improving education?
Which indicator reflects the government's commitment to improving education?
Signup and view all the answers
What is the primary purpose of the Repo Rate?
What is the primary purpose of the Repo Rate?
Signup and view all the answers
Which indicator measures the percentage of the labor force that is unemployed but actively seeking employment?
Which indicator measures the percentage of the labor force that is unemployed but actively seeking employment?
Signup and view all the answers
What is the primary purpose of the M1, M2, and M3 aggregates?
What is the primary purpose of the M1, M2, and M3 aggregates?
Signup and view all the answers
What is the primary role of the foreign sector in the circular flow model?
What is the primary role of the foreign sector in the circular flow model?
Signup and view all the answers
Which of the following markets deals in resources like labor and capital?
Which of the following markets deals in resources like labor and capital?
Signup and view all the answers
What is the term for the total economic output at market prices?
What is the term for the total economic output at market prices?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity?
What is the term for the extent to which additional spending can amplify economic activity?
Signup and view all the answers
Which sector in the circular flow model utilizes labor and resources to produce goods and services?
Which sector in the circular flow model utilizes labor and resources to produce goods and services?
Signup and view all the answers
What is the primary function of the government sector in the circular flow model?
What is the primary function of the government sector in the circular flow model?
Signup and view all the answers
What is the primary difference between real flows and money flows in the circular flow model?
What is the primary difference between real flows and money flows in the circular flow model?
Signup and view all the answers
What is the primary purpose of the markets in the circular flow model?
What is the primary purpose of the markets in the circular flow model?
Signup and view all the answers
What is the primary reason why the Multiplier Effect is significant in understanding economic output?
What is the primary reason why the Multiplier Effect is significant in understanding economic output?
Signup and view all the answers
Which of the following is a characteristic of the contraction phase of a business cycle?
Which of the following is a characteristic of the contraction phase of a business cycle?
Signup and view all the answers
What is the primary goal of the New Economic Paradigm?
What is the primary goal of the New Economic Paradigm?
Signup and view all the answers
What type of economic indicator confirms trends that are already in process?
What type of economic indicator confirms trends that are already in process?
Signup and view all the answers
What is the primary goal of directing government spending towards public goods and services?
What is the primary goal of directing government spending towards public goods and services?
Signup and view all the answers
What is the primary role of Fiscal Policy in stabilizing economic activity?
What is the primary role of Fiscal Policy in stabilizing economic activity?
Signup and view all the answers
What is the primary argument of the Infant Industry Argument in favor of protectionism?
What is the primary argument of the Infant Industry Argument in favor of protectionism?
Signup and view all the answers
What is the primary role of the public sector?
What is the primary role of the public sector?
Signup and view all the answers
Which of the following is an example of an endogenous factor influencing business cycles?
Which of the following is an example of an endogenous factor influencing business cycles?
Signup and view all the answers
What is the primary characteristic of free trade?
What is the primary characteristic of free trade?
Signup and view all the answers
What is the primary objective of fiscal policy instruments?
What is the primary objective of fiscal policy instruments?
Signup and view all the answers
What is the primary focus of the Classical and Neoclassical Theories of business cycles?
What is the primary focus of the Classical and Neoclassical Theories of business cycles?
Signup and view all the answers
Which of the following is a critical point in a business cycle?
Which of the following is a critical point in a business cycle?
Signup and view all the answers
What is the primary challenge facing the public sector?
What is the primary challenge facing the public sector?
Signup and view all the answers
What is the primary drawback of administered prices?
What is the primary drawback of administered prices?
Signup and view all the answers
What is the primary difference between Gross National Income and other income measures?
What is the primary difference between Gross National Income and other income measures?
Signup and view all the answers
What is the primary goal of South Africa's import substitution policies?
What is the primary goal of South Africa's import substitution policies?
Signup and view all the answers
What is the primary goal of the Medium-Term Expenditure Framework (MTEF)?
What is the primary goal of the Medium-Term Expenditure Framework (MTEF)?
Signup and view all the answers
What is the primary goal of Monetary Policy in stabilizing economic activity?
What is the primary goal of Monetary Policy in stabilizing economic activity?
Signup and view all the answers
What is the primary consequence of information failure in the public sector?
What is the primary consequence of information failure in the public sector?
Signup and view all the answers
What is the primary goal of the Laffer Curve?
What is the primary goal of the Laffer Curve?
Signup and view all the answers
Which of the following is a characteristic of the Schumpeterian Theory of business cycles?
Which of the following is a characteristic of the Schumpeterian Theory of business cycles?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is the primary objective of the public sector's economic growth strategy?
What is the primary objective of the public sector's economic growth strategy?
Signup and view all the answers
What is the primary challenge facing state-owned enterprises (SOEs)?
What is the primary challenge facing state-owned enterprises (SOEs)?
Signup and view all the answers
What is the primary goal of Fiscal Policy during times of economic downturn?
What is the primary goal of Fiscal Policy during times of economic downturn?
Signup and view all the answers
What is the primary goal of the Laffer Curve?
What is the primary goal of the Laffer Curve?
Signup and view all the answers
What is the primary goal of forecasting business cycles?
What is the primary goal of forecasting business cycles?
Signup and view all the answers
What is the primary argument for protectionism?
What is the primary argument for protectionism?
Signup and view all the answers
What is the primary benefit of free trade, according to the concept of specialization?
What is the primary benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is the primary difference between economic growth and economic development?
What is the primary difference between economic growth and economic development?
Signup and view all the answers
Which of the following approaches is associated with the Reconstruction and Development Programme (RDP) in South Africa?
Which of the following approaches is associated with the Reconstruction and Development Programme (RDP) in South Africa?
Signup and view all the answers
What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary goal of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
Which of the following is a characteristic of the North/South divide?
Which of the following is a characteristic of the North/South divide?
Signup and view all the answers
What is the primary goal of industrial policies in South Africa?
What is the primary goal of industrial policies in South Africa?
Signup and view all the answers
What is the primary difference between the demand-side and supply-side approaches to economic growth?
What is the primary difference between the demand-side and supply-side approaches to economic growth?
Signup and view all the answers
Which of the following is an example of an export promotion strategy?
Which of the following is an example of an export promotion strategy?
Signup and view all the answers
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
Signup and view all the answers
What is the primary focus of South Africa's industrial policies?
What is the primary focus of South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of the New Growth Path (NGP) in South Africa?
What is the primary goal of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
What is the primary goal of the National Research and Development Strategy (NRDS) in South Africa?
What is the primary goal of the National Research and Development Strategy (NRDS) in South Africa?
Signup and view all the answers
What is the main objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
What is the main objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
Signup and view all the answers
What is the primary justification for South Africa's industrial policies?
What is the primary justification for South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of the Special Economic Zones (SEZs) in South Africa?
What is the primary goal of the Special Economic Zones (SEZs) in South Africa?
Signup and view all the answers
What is the primary focus of the evaluation of South Africa's industrial strategies?
What is the primary focus of the evaluation of South Africa's industrial strategies?
Signup and view all the answers
What is the primary challenge facing South Africa's industrial policies?
What is the primary challenge facing South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of the Spatial Development Initiatives (SDIs) in South Africa?
What is the primary goal of the Spatial Development Initiatives (SDIs) in South Africa?
Signup and view all the answers
What is the primary focus of the Industrial Development Zones (IDZs) and Special Economic Zones (SEZs) in South Africa?
What is the primary focus of the Industrial Development Zones (IDZs) and Special Economic Zones (SEZs) in South Africa?
Signup and view all the answers
What is the primary goal of South Africa's industrial policies in terms of regional development?
What is the primary goal of South Africa's industrial policies in terms of regional development?
Signup and view all the answers
What is the primary goal of the governance and transparency aspect of South Africa's industrial policies?
What is the primary goal of the governance and transparency aspect of South Africa's industrial policies?
Signup and view all the answers
What is the primary function of the Consumer Price Index (CPI)?
What is the primary function of the Consumer Price Index (CPI)?
Signup and view all the answers
What is the primary difference between the Unemployment Rate and the Employment Rate?
What is the primary difference between the Unemployment Rate and the Employment Rate?
Signup and view all the answers
What is the primary purpose of the Terms of Trade?
What is the primary purpose of the Terms of Trade?
Signup and view all the answers
What is the primary impact of the Repo Rate on the economy?
What is the primary impact of the Repo Rate on the economy?
Signup and view all the answers
What do the M1, M2, and M3 aggregates represent?
What do the M1, M2, and M3 aggregates represent?
Signup and view all the answers
What is the primary purpose of International Comparisons?
What is the primary purpose of International Comparisons?
Signup and view all the answers
What do Infant and Under-5 Mortality Rates indicate?
What do Infant and Under-5 Mortality Rates indicate?
Signup and view all the answers
What is the primary purpose of the Employment Rate indicator?
What is the primary purpose of the Employment Rate indicator?
Signup and view all the answers
What is the primary goal of using economic and social indicators in policymaking?
What is the primary goal of using economic and social indicators in policymaking?
Signup and view all the answers
What is the primary purpose of the Life Expectancy indicator?
What is the primary purpose of the Life Expectancy indicator?
Signup and view all the answers
What is the primary function of the foreign sector in the circular flow model?
What is the primary function of the foreign sector in the circular flow model?
Signup and view all the answers
Which of the following markets facilitates the trading of currencies necessary for international trade?
Which of the following markets facilitates the trading of currencies necessary for international trade?
Signup and view all the answers
What is the term for the total economic output at market prices?
What is the term for the total economic output at market prices?
Signup and view all the answers
What is the primary function of households in the circular flow model?
What is the primary function of households in the circular flow model?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity?
What is the term for the extent to which additional spending can amplify economic activity?
Signup and view all the answers
What is the primary characteristic of the goods market?
What is the primary characteristic of the goods market?
Signup and view all the answers
What is the primary function of the government sector in the circular flow model?
What is the primary function of the government sector in the circular flow model?
Signup and view all the answers
What is the primary difference between the circular flow model in an open economy and a closed economy?
What is the primary difference between the circular flow model in an open economy and a closed economy?
Signup and view all the answers
In the Multiplier Effect, what determines the increase in economic output?
In the Multiplier Effect, what determines the increase in economic output?
Signup and view all the answers
What is the term for the highest point of economic activity in a business cycle?
What is the term for the highest point of economic activity in a business cycle?
Signup and view all the answers
According to the Keynesian Theory, what drives business cycles?
According to the Keynesian Theory, what drives business cycles?
Signup and view all the answers
What is the primary goal of monetary policy?
What is the primary goal of monetary policy?
Signup and view all the answers
Which approach focuses on the role of technological innovation in causing business cycles?
Which approach focuses on the role of technological innovation in causing business cycles?
Signup and view all the answers
What is the term for the overall increase in economic output resulting from an initial increase in spending?
What is the term for the overall increase in economic output resulting from an initial increase in spending?
Signup and view all the answers
Which phase of the business cycle is marked by a decrease in economic activity?
Which phase of the business cycle is marked by a decrease in economic activity?
Signup and view all the answers
What is the term for the lowest point of a business cycle?
What is the term for the lowest point of a business cycle?
Signup and view all the answers
According to the Classical and Neoclassical Theories, what drives business cycles?
According to the Classical and Neoclassical Theories, what drives business cycles?
Signup and view all the answers
What is the primary goal of fiscal policy during an economic downturn?
What is the primary goal of fiscal policy during an economic downturn?
Signup and view all the answers
What is the primary goal of directing government spending towards public goods and services?
What is the primary goal of directing government spending towards public goods and services?
Signup and view all the answers
What is the Laffer Curve primarily used to illustrate?
What is the Laffer Curve primarily used to illustrate?
Signup and view all the answers
What is a potential consequence of administered prices?
What is a potential consequence of administered prices?
Signup and view all the answers
What is the primary argument of the Infant Industry Argument in favor of protectionism?
What is the primary argument of the Infant Industry Argument in favor of protectionism?
Signup and view all the answers
What is the primary goal of South Africa's export promotion policies?
What is the primary goal of South Africa's export promotion policies?
Signup and view all the answers
What is a potential drawback of excessive bureaucracy in the public sector?
What is a potential drawback of excessive bureaucracy in the public sector?
Signup and view all the answers
What is the primary goal of South Africa's import substitution policies?
What is the primary goal of South Africa's import substitution policies?
Signup and view all the answers
What is a potential consequence of information failure in the public sector?
What is a potential consequence of information failure in the public sector?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is the primary benefit of free trade, according to the concept of specialization?
What is the primary benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is the primary objective of the Reconstruction and Development Programme (RDP) in South Africa?
What is the primary objective of the Reconstruction and Development Programme (RDP) in South Africa?
Signup and view all the answers
Which of the following approaches is MOST likely to lead to sustainable income redistribution in South Africa?
Which of the following approaches is MOST likely to lead to sustainable income redistribution in South Africa?
Signup and view all the answers
What is the primary difference between the Growth, Employment, and Redistribution (GEAR) strategy and the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary difference between the Growth, Employment, and Redistribution (GEAR) strategy and the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
What is the primary objective of South Africa's industrial policies?
What is the primary objective of South Africa's industrial policies?
Signup and view all the answers
What is the primary characteristic of the North/South divide?
What is the primary characteristic of the North/South divide?
Signup and view all the answers
What is the primary goal of the New Growth Path (NGP) in South Africa?
What is the primary goal of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
Which of the following is an example of a supply-side approach to economic growth?
Which of the following is an example of a supply-side approach to economic growth?
Signup and view all the answers
What is the primary difference between economic growth and economic development?
What is the primary difference between economic growth and economic development?
Signup and view all the answers
What is the primary goal of South Africa's export promotion policies?
What is the primary goal of South Africa's export promotion policies?
Signup and view all the answers
What is the primary focus of South Africa's industrial development policies?
What is the primary focus of South Africa's industrial development policies?
Signup and view all the answers
What is the primary goal of the National Research and Development Strategy (NRDS) in South Africa?
What is the primary goal of the National Research and Development Strategy (NRDS) in South Africa?
Signup and view all the answers
What is the main objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
What is the main objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
Signup and view all the answers
What is the primary goal of the Special Economic Zones (SEZs) in South Africa?
What is the primary goal of the Special Economic Zones (SEZs) in South Africa?
Signup and view all the answers
What is the primary justification for South Africa's industrial policies?
What is the primary justification for South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of Spatial Development Initiatives (SDIs) in South Africa?
What is the primary goal of Spatial Development Initiatives (SDIs) in South Africa?
Signup and view all the answers
What is the primary evaluation criterion for South Africa's industrial strategies?
What is the primary evaluation criterion for South Africa's industrial strategies?
Signup and view all the answers
What is the primary challenge facing South Africa's industrial policies?
What is the primary challenge facing South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of the Industrial Development Zones (IDZs) in South Africa?
What is the primary goal of the Industrial Development Zones (IDZs) in South Africa?
Signup and view all the answers
What is the primary characteristic of South Africa's industrial policies?
What is the primary characteristic of South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of the National Industrial Policy Framework (NIPF) in South Africa?
What is the primary goal of the National Industrial Policy Framework (NIPF) in South Africa?
Signup and view all the answers
What is the primary objective of the New Economic Paradigm?
What is the primary objective of the New Economic Paradigm?
Signup and view all the answers
What is the main difference between leading, lagging, and coincident indicators?
What is the main difference between leading, lagging, and coincident indicators?
Signup and view all the answers
What is the primary goal of supply-side policies?
What is the primary goal of supply-side policies?
Signup and view all the answers
What is the primary role of the public sector?
What is the primary role of the public sector?
Signup and view all the answers
What is the primary challenge faced by the public sector?
What is the primary challenge faced by the public sector?
Signup and view all the answers
What is the primary objective of the Medium-Term Expenditure Framework (MTEF)?
What is the primary objective of the Medium-Term Expenditure Framework (MTEF)?
Signup and view all the answers
What is the primary goal of fiscal policy?
What is the primary goal of fiscal policy?
Signup and view all the answers
What is the primary purpose of taxation as a fiscal policy instrument?
What is the primary purpose of taxation as a fiscal policy instrument?
Signup and view all the answers
What is the Laffer Curve primarily used to illustrate?
What is the Laffer Curve primarily used to illustrate?
Signup and view all the answers
What is the primary goal of the public sector's pricing policy?
What is the primary goal of the public sector's pricing policy?
Signup and view all the answers
What is the primary purpose of the Producer Price Index (PPI)?
What is the primary purpose of the Producer Price Index (PPI)?
Signup and view all the answers
What does the Economically Active Population (EAP) represent?
What does the Economically Active Population (EAP) represent?
Signup and view all the answers
What is the purpose of the Repo Rate?
What is the purpose of the Repo Rate?
Signup and view all the answers
What do Infant and Under-5 Mortality Rates indicate?
What do Infant and Under-5 Mortality Rates indicate?
Signup and view all the answers
What do the M1, M2, and M3 aggregates represent?
What do the M1, M2, and M3 aggregates represent?
Signup and view all the answers
What is the primary purpose of International Comparisons?
What is the primary purpose of International Comparisons?
Signup and view all the answers
What is the term for the value of the South African rand against other currencies?
What is the term for the value of the South African rand against other currencies?
Signup and view all the answers
What is the primary goal of policy formulation using economic and social indicators?
What is the primary goal of policy formulation using economic and social indicators?
Signup and view all the answers
What is the primary focus of social indicators such as Education and Health?
What is the primary focus of social indicators such as Education and Health?
Signup and view all the answers
What is the primary goal of using economic and social indicators for investment decisions?
What is the primary goal of using economic and social indicators for investment decisions?
Signup and view all the answers
Which sector in the circular flow model utilizes labor and resources to produce goods and services?
Which sector in the circular flow model utilizes labor and resources to produce goods and services?
Signup and view all the answers
What type of flows represent the financial transactions for goods and services in the circular flow model?
What type of flows represent the financial transactions for goods and services in the circular flow model?
Signup and view all the answers
Which market facilitates the trading of goods and services?
Which market facilitates the trading of goods and services?
Signup and view all the answers
What is the term for the total economic output at market prices?
What is the term for the total economic output at market prices?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity in an economy?
What is the term for the extent to which additional spending can amplify economic activity in an economy?
Signup and view all the answers
Which sector in the circular flow model collects taxes and injects spending into the economy through public services and infrastructure?
Which sector in the circular flow model collects taxes and injects spending into the economy through public services and infrastructure?
Signup and view all the answers
What type of market deals in resources like labor and capital?
What type of market deals in resources like labor and capital?
Signup and view all the answers
Which sector in the circular flow model involves trade activities, where exports add to the economic flow and imports lead to outflows of currency?
Which sector in the circular flow model involves trade activities, where exports add to the economic flow and imports lead to outflows of currency?
Signup and view all the answers
What is the main difference between Gross National Income and other income measures?
What is the main difference between Gross National Income and other income measures?
Signup and view all the answers
What is the formula for the multiplier in a simple two-sector model?
What is the formula for the multiplier in a simple two-sector model?
Signup and view all the answers
Which theory explains business cycles as driven by changes in aggregate demand influenced by collective behavior of consumers and businesses?
Which theory explains business cycles as driven by changes in aggregate demand influenced by collective behavior of consumers and businesses?
Signup and view all the answers
What is the primary goal of monetary policy in stabilizing economic activity?
What is the primary goal of monetary policy in stabilizing economic activity?
Signup and view all the answers
What is the term for the highest point of economic activity in a business cycle?
What is the term for the highest point of economic activity in a business cycle?
Signup and view all the answers
What is the term for the lowest point of a business cycle, marking the end of a recession?
What is the term for the lowest point of a business cycle, marking the end of a recession?
Signup and view all the answers
Which model focuses on household and firm interactions, with spending adjustments influenced by the Marginal Propensities to Consume and Save?
Which model focuses on household and firm interactions, with spending adjustments influenced by the Marginal Propensities to Consume and Save?
Signup and view all the answers
What is the primary difference between the expansion and contraction phases of a business cycle?
What is the primary difference between the expansion and contraction phases of a business cycle?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity?
What is the term for the extent to which additional spending can amplify economic activity?
Signup and view all the answers
What is the primary focus of the Schumpeterian Theory in explaining business cycles?
What is the primary focus of the Schumpeterian Theory in explaining business cycles?
Signup and view all the answers
What is the primary goal of the New Economic Paradigm?
What is the primary goal of the New Economic Paradigm?
Signup and view all the answers
Which of the following indicators is used to predict future economic activity?
Which of the following indicators is used to predict future economic activity?
Signup and view all the answers
What is the primary role of the public sector in providing essential services?
What is the primary role of the public sector in providing essential services?
Signup and view all the answers
What is the primary challenge faced by the public sector in service delivery?
What is the primary challenge faced by the public sector in service delivery?
Signup and view all the answers
What is the primary objective of the Medium-Term Expenditure Framework (MTEF) in the public sector?
What is the primary objective of the Medium-Term Expenditure Framework (MTEF) in the public sector?
Signup and view all the answers
Which of the following is a fiscal policy instrument used to manage economic activity?
Which of the following is a fiscal policy instrument used to manage economic activity?
Signup and view all the answers
What is the primary goal of forecasting business cycles?
What is the primary goal of forecasting business cycles?
Signup and view all the answers
What is the primary focus of supply-side policies?
What is the primary focus of supply-side policies?
Signup and view all the answers
What is the primary challenge faced by State-Owned Enterprises (SOEs)?
What is the primary challenge faced by State-Owned Enterprises (SOEs)?
Signup and view all the answers
What is the primary objective of the public sector in providing essential services?
What is the primary objective of the public sector in providing essential services?
Signup and view all the answers
What is the primary argument in favor of protectionism, as stated in the Infant Industry Argument?
What is the primary argument in favor of protectionism, as stated in the Infant Industry Argument?
Signup and view all the answers
What is the primary goal of directing government spending towards public goods and services?
What is the primary goal of directing government spending towards public goods and services?
Signup and view all the answers
What is the primary benefit of free trade, according to the concept of specialization?
What is the primary benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is the primary consequence of administered prices in the public sector?
What is the primary consequence of administered prices in the public sector?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is the primary goal of the export promotion policies in South Africa?
What is the primary goal of the export promotion policies in South Africa?
Signup and view all the answers
What is the primary drawback of excessive bureaucracy in the public sector?
What is the primary drawback of excessive bureaucracy in the public sector?
Signup and view all the answers
What is the primary goal of the import substitution policies in South Africa?
What is the primary goal of the import substitution policies in South Africa?
Signup and view all the answers
What is the primary consequence of information failure in the public sector?
What is the primary consequence of information failure in the public sector?
Signup and view all the answers
What is the primary goal of the Laffer Curve?
What is the primary goal of the Laffer Curve?
Signup and view all the answers
What is the primary argument in favor of free trade, according to the concept of economic efficiency?
What is the primary argument in favor of free trade, according to the concept of economic efficiency?
Signup and view all the answers
What does the Consumer Price Index (CPI) measure?
What does the Consumer Price Index (CPI) measure?
Signup and view all the answers
What is the purpose of the Repo Rate?
What is the purpose of the Repo Rate?
Signup and view all the answers
What do the M1, M2, and M3 aggregates represent?
What do the M1, M2, and M3 aggregates represent?
Signup and view all the answers
What do Infant and Under-5 Mortality Rates indicate?
What do Infant and Under-5 Mortality Rates indicate?
Signup and view all the answers
What is the primary purpose of International Comparisons?
What is the primary purpose of International Comparisons?
Signup and view all the answers
What is the purpose of the Economically Active Population (EAP) indicator?
What is the purpose of the Economically Active Population (EAP) indicator?
Signup and view all the answers
What is the term for the value of the South African rand against other currencies?
What is the term for the value of the South African rand against other currencies?
Signup and view all the answers
What do social indicators, such as Education and Health, measure?
What do social indicators, such as Education and Health, measure?
Signup and view all the answers
What is the purpose of the Terms of Trade?
What is the purpose of the Terms of Trade?
Signup and view all the answers
What is the purpose of the Employment Rate?
What is the purpose of the Employment Rate?
Signup and view all the answers
What is the primary objective of the National Research and Development Strategy (NRDS) in South Africa?
What is the primary objective of the National Research and Development Strategy (NRDS) in South Africa?
Signup and view all the answers
What is the main focus of Spatial Development Initiatives (SDIs) in South Africa's industrial policy?
What is the main focus of Spatial Development Initiatives (SDIs) in South Africa's industrial policy?
Signup and view all the answers
What is the primary justification for South Africa's industrial policies?
What is the primary justification for South Africa's industrial policies?
Signup and view all the answers
What is the primary goal of South Africa's industrial strategies in terms of alignment with international best practices?
What is the primary goal of South Africa's industrial strategies in terms of alignment with international best practices?
Signup and view all the answers
What is the primary focus of evaluating the effectiveness of South Africa's industrial strategies?
What is the primary focus of evaluating the effectiveness of South Africa's industrial strategies?
Signup and view all the answers
What is the primary challenge facing South Africa's industrial policies in terms of implementation?
What is the primary challenge facing South Africa's industrial policies in terms of implementation?
Signup and view all the answers
What is the primary objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
What is the primary objective of the Integrated Manufacturing Strategy (IMS) in South Africa?
Signup and view all the answers
What is the primary goal of Special Economic Zones (SEZs) in South Africa's industrial policy?
What is the primary goal of Special Economic Zones (SEZs) in South Africa's industrial policy?
Signup and view all the answers
What is the primary focus of Industrial Development Zones (IDZs) and Special Economic Zones (SEZs) in South Africa's industrial policy?
What is the primary focus of Industrial Development Zones (IDZs) and Special Economic Zones (SEZs) in South Africa's industrial policy?
Signup and view all the answers
What is the primary goal of South Africa's regional development initiatives in terms of industrial policy?
What is the primary goal of South Africa's regional development initiatives in terms of industrial policy?
Signup and view all the answers
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
Signup and view all the answers
What is the main difference between economic growth and economic development?
What is the main difference between economic growth and economic development?
Signup and view all the answers
What is the primary goal of the New Growth Path (NGP) in South Africa?
What is the primary goal of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
What is the primary characteristic of the North/South divide?
What is the primary characteristic of the North/South divide?
Signup and view all the answers
Which approach to economic growth focuses on improving the quality of the labor force, managing natural resources, accumulating capital goods, and encouraging entrepreneurship?
Which approach to economic growth focuses on improving the quality of the labor force, managing natural resources, accumulating capital goods, and encouraging entrepreneurship?
Signup and view all the answers
What is the primary goal of South Africa's industrial policies?
What is the primary goal of South Africa's industrial policies?
Signup and view all the answers
What is the primary objective of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
What is the primary objective of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
Signup and view all the answers
What is the primary goal of South Africa's export promotion policies?
What is the primary goal of South Africa's export promotion policies?
Signup and view all the answers
What is the primary focus of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary focus of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
Which of the following is an example of a supply-side approach to economic growth?
Which of the following is an example of a supply-side approach to economic growth?
Signup and view all the answers
What is the primary function of the foreign sector in the circular flow model?
What is the primary function of the foreign sector in the circular flow model?
Signup and view all the answers
What is the term for the total economic output at market prices?
What is the term for the total economic output at market prices?
Signup and view all the answers
What is the primary function of the financial market in the circular flow model?
What is the primary function of the financial market in the circular flow model?
Signup and view all the answers
What is the term for the movement of goods and services in the circular flow model?
What is the term for the movement of goods and services in the circular flow model?
Signup and view all the answers
What is the primary function of the government sector in the circular flow model?
What is the primary function of the government sector in the circular flow model?
Signup and view all the answers
What is the term for the extent to which additional spending can amplify economic activity?
What is the term for the extent to which additional spending can amplify economic activity?
Signup and view all the answers
What is the primary function of the goods market in the circular flow model?
What is the primary function of the goods market in the circular flow model?
Signup and view all the answers
What is the term for the market that deals in resources like labor and capital?
What is the term for the market that deals in resources like labor and capital?
Signup and view all the answers
What is the primary purpose of directing government spending towards public goods and services?
What is the primary purpose of directing government spending towards public goods and services?
Signup and view all the answers
Which of the following is an argument in favor of protectionism?
Which of the following is an argument in favor of protectionism?
Signup and view all the answers
What is a potential consequence of information failure in the public sector?
What is a potential consequence of information failure in the public sector?
Signup and view all the answers
What is the primary goal of South Africa's import substitution policies?
What is the primary goal of South Africa's import substitution policies?
Signup and view all the answers
What is a potential drawback of excessive bureaucracy in the public sector?
What is a potential drawback of excessive bureaucracy in the public sector?
Signup and view all the answers
What is the primary goal of the Laffer Curve?
What is the primary goal of the Laffer Curve?
Signup and view all the answers
What is a benefit of free trade, according to the concept of specialization?
What is a benefit of free trade, according to the concept of specialization?
Signup and view all the answers
What is a potential consequence of administered prices?
What is a potential consequence of administered prices?
Signup and view all the answers
What is the primary role of the public sector in South Africa?
What is the primary role of the public sector in South Africa?
Signup and view all the answers
What is an argument for protectionism?
What is an argument for protectionism?
Signup and view all the answers
What is the primary purpose of adjusting for income received from abroad in Gross National Income (GNI) calculations?
What is the primary purpose of adjusting for income received from abroad in Gross National Income (GNI) calculations?
Signup and view all the answers
Which of the following models would be most suitable for analyzing the impact of government spending on economic activity?
Which of the following models would be most suitable for analyzing the impact of government spending on economic activity?
Signup and view all the answers
What is the primary factor that determines the magnitude of the multiplier effect in a two-sector model?
What is the primary factor that determines the magnitude of the multiplier effect in a two-sector model?
Signup and view all the answers
What is the primary characteristic of the contraction phase of a business cycle?
What is the primary characteristic of the contraction phase of a business cycle?
Signup and view all the answers
According to the Schumpeterian Theory, what is the primary driver of business cycles?
According to the Schumpeterian Theory, what is the primary driver of business cycles?
Signup and view all the answers
What is the primary goal of monetary policy in stabilizing economic activity?
What is the primary goal of monetary policy in stabilizing economic activity?
Signup and view all the answers
What is the primary difference between the Keynesian and Classical theories of business cycles?
What is the primary difference between the Keynesian and Classical theories of business cycles?
Signup and view all the answers
What is the primary purpose of fiscal policy in times of economic downturn?
What is the primary purpose of fiscal policy in times of economic downturn?
Signup and view all the answers
What is the primary characteristic of the peak point of a business cycle?
What is the primary characteristic of the peak point of a business cycle?
Signup and view all the answers
What is the primary role of the government sector in the circular flow model?
What is the primary role of the government sector in the circular flow model?
Signup and view all the answers
What is the primary objective of the New Economic Paradigm?
What is the primary objective of the New Economic Paradigm?
Signup and view all the answers
What type of indicators confirm trends that are already in process?
What type of indicators confirm trends that are already in process?
Signup and view all the answers
What is the main focus of supply-side policies?
What is the main focus of supply-side policies?
Signup and view all the answers
What is the primary role of the public sector?
What is the primary role of the public sector?
Signup and view all the answers
What is a challenge facing the public sector?
What is a challenge facing the public sector?
Signup and view all the answers
What is the primary objective of fiscal policy instruments?
What is the primary objective of fiscal policy instruments?
Signup and view all the answers
What is the primary goal of the Medium-Term Expenditure Framework (MTEF)?
What is the primary goal of the Medium-Term Expenditure Framework (MTEF)?
Signup and view all the answers
What is the primary focus of the Laffer Curve?
What is the primary focus of the Laffer Curve?
Signup and view all the answers
What is the primary objective of the public sector's pricing policy?
What is the primary objective of the public sector's pricing policy?
Signup and view all the answers
What is a challenge facing State-Owned Enterprises (SOEs)?
What is a challenge facing State-Owned Enterprises (SOEs)?
Signup and view all the answers
Which of the following is a characteristic of economic development?
Which of the following is a characteristic of economic development?
Signup and view all the answers
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
What is the primary goal of the Reconstruction and Development Programme (RDP) in South Africa?
Signup and view all the answers
What is the primary difference between the demand-side and supply-side approaches to economic growth?
What is the primary difference between the demand-side and supply-side approaches to economic growth?
Signup and view all the answers
What is the primary characteristic of the North/South divide?
What is the primary characteristic of the North/South divide?
Signup and view all the answers
What is the primary goal of industrial policies in South Africa?
What is the primary goal of industrial policies in South Africa?
Signup and view all the answers
Which of the following is an example of a supply-side approach to economic growth?
Which of the following is an example of a supply-side approach to economic growth?
Signup and view all the answers
What is the primary objective of the New Growth Path (NGP) in South Africa?
What is the primary objective of the New Growth Path (NGP) in South Africa?
Signup and view all the answers
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
What is the primary goal of the Growth, Employment, and Redistribution (GEAR) strategy in South Africa?
Signup and view all the answers
What is the primary focus of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
What is the primary focus of the Accelerated and Shared Growth Initiative of South Africa (Asgi-SA)?
Signup and view all the answers
Which of the following is an example of an export promotion strategy?
Which of the following is an example of an export promotion strategy?
Signup and view all the answers
What is the main objective of South Africa's industrial policies?
What is the main objective of South Africa's industrial policies?
Signup and view all the answers
What is the primary focus of the National Research and Development Strategy (NRDS)?
What is the primary focus of the National Research and Development Strategy (NRDS)?
Signup and view all the answers
What is the primary goal of Special Economic Zones (SEZs) in South Africa?
What is the primary goal of Special Economic Zones (SEZs) in South Africa?
Signup and view all the answers
What is a key principle of South Africa's industrial policies?
What is a key principle of South Africa's industrial policies?
Signup and view all the answers
What is the primary focus of Spatial Development Initiatives (SDIs) in South Africa?
What is the primary focus of Spatial Development Initiatives (SDIs) in South Africa?
Signup and view all the answers
What is a challenge facing South Africa's industrial strategies?
What is a challenge facing South Africa's industrial strategies?
Signup and view all the answers
What is the primary goal of evaluating South Africa's industrial strategies?
What is the primary goal of evaluating South Africa's industrial strategies?
Signup and view all the answers
What is the primary focus of the Integrated Manufacturing Strategy (IMS) in South Africa?
What is the primary focus of the Integrated Manufacturing Strategy (IMS) in South Africa?
Signup and view all the answers
What is a key objective of South Africa's industrial policies in terms of employment?
What is a key objective of South Africa's industrial policies in terms of employment?
Signup and view all the answers
What is the primary goal of South Africa's industrial policies in terms of regional development?
What is the primary goal of South Africa's industrial policies in terms of regional development?
Signup and view all the answers
What is the primary focus of the Terms of Trade indicator?
What is the primary focus of the Terms of Trade indicator?
Signup and view all the answers
Which indicator measures the proportion of the Economically Active Population (EAP) that is employed?
Which indicator measures the proportion of the Economically Active Population (EAP) that is employed?
Signup and view all the answers
What is the primary purpose of the M1, M2, and M3 aggregates?
What is the primary purpose of the M1, M2, and M3 aggregates?
Signup and view all the answers
What is the primary goal of International Comparisons?
What is the primary goal of International Comparisons?
Signup and view all the answers
What is the primary purpose of the Repo Rate?
What is the primary purpose of the Repo Rate?
Signup and view all the answers
What do Infant and Under-5 Mortality Rates indicate?
What do Infant and Under-5 Mortality Rates indicate?
Signup and view all the answers
What is the primary focus of the Producer Price Index (PPI)?
What is the primary focus of the Producer Price Index (PPI)?
Signup and view all the answers
What is the primary purpose of the Economically Active Population (EAP) indicator?
What is the primary purpose of the Economically Active Population (EAP) indicator?
Signup and view all the answers
What do social indicators, such as Education and Health, measure?
What do social indicators, such as Education and Health, measure?
Signup and view all the answers
What is the primary goal of using economic and social indicators?
What is the primary goal of using economic and social indicators?
Signup and view all the answers