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Questions and Answers

What is the primary focus of microeconomics?

  • National output and income
  • Global economic trends
  • Decision-making processes of individuals and businesses (correct)
  • Aggregate economic quantities

Which learning outcome involves the use of econometric models?

  • Evaluate macroeconomic policies
  • Use simple econometric models (correct)
  • Appraise the impact of international markets
  • Explain social-political trends

Macroeconomics deals primarily with which of the following?

  • Consumer behavior
  • National output and income (correct)
  • Individual business strategies
  • Local market competition

Which of the following is a key component of public finance concepts?

<p>Government expenditure and revenue collection (C)</p> Signup and view all the answers

What is an essential step recommended in setting your study schedule?

<p>Ensure equal time on each section (C)</p> Signup and view all the answers

Evaluating the effects of macroeconomic policies primarily impacts which of the following?

<p>Business environmental conditions (D)</p> Signup and view all the answers

What is one of the expected learning outcomes related to global trends?

<p>Explain the effect of social-political trends (B)</p> Signup and view all the answers

Which reference is recommended for studying macroeconomics?

<p>Parkin, M. (2019). Economics (13th ed.) (C)</p> Signup and view all the answers

Which of the following is NOT typically studied in macroeconomics?

<p>Supply and demand in a single market (C)</p> Signup and view all the answers

How do microeconomic decisions influence the macroeconomy?

<p>By impacting overall employment rates and economic growth (C)</p> Signup and view all the answers

What key question is a macroeconomist likely to study?

<p>What factors determine productivity growth? (D)</p> Signup and view all the answers

Which of the following best defines macroeconomics?

<p>Analysis of economic factors on a regional or global scale (A)</p> Signup and view all the answers

Which economist is recognized as the founding father of modern macroeconomics?

<p>John Maynard Keynes (A)</p> Signup and view all the answers

What was the purpose of the Public Finance Management Act enacted in 1999?

<p>To enhance the efficiency of public financial management (D)</p> Signup and view all the answers

What does the interaction between microeconomics and macroeconomics demonstrate?

<p>Macro and micro perspectives on the economy are complementary (C)</p> Signup and view all the answers

Which of the following influences microeconomic decisions?

<p>Health of the macroeconomy (B)</p> Signup and view all the answers

Which document focuses on financial management in local government budgets and expenditures?

<p>Financial management and MFMA implementation in Local Government Budgets and Expenditure Review (A)</p> Signup and view all the answers

What year was the Draft Treasury Regulations published for public comments?

<p>2012 (C)</p> Signup and view all the answers

Which organization reported on public financial management reforms in post-conflict countries?

<p>World Bank (A)</p> Signup and view all the answers

What is a primary focus of the 2011 Financial Management and MFMA Implementation literature?

<p>Analyzing the financial efficiency of local governments (C)</p> Signup and view all the answers

Which document outlines amendments to the Treasury Regulations for public entities?

<p>Treasury Regulations for trading entities (D)</p> Signup and view all the answers

In what context is the World Economic Forum's 2022 report titled 'Gloomy and more uncertain' published?

<p>IMF World Economic Outlook (A)</p> Signup and view all the answers

Who authored the report on local experiences of social grants and economic precarity in Mpumalanga, South Africa?

<p>Winchester, M.S. et al. (D)</p> Signup and view all the answers

What does positive net exports indicate?

<p>A trade surplus (D)</p> Signup and view all the answers

What is the primary cause of inflation?

<p>Increased demand for products and services (C)</p> Signup and view all the answers

Which of the following is true regarding the definition of unemployment?

<p>It requires that individuals have sought employment in the past four weeks. (B)</p> Signup and view all the answers

How does the neoclassical perspective view supply and demand?

<p>Supply comes first and creates its own demand. (C)</p> Signup and view all the answers

Which of the following best describes the consequences of excessive inflation?

<p>Decreased overall spending (A)</p> Signup and view all the answers

Which group of individuals is excluded from the unemployment rate calculation?

<p>Retired and disabled individuals (C)</p> Signup and view all the answers

In the context of macroeconomic theories, what does aggregate demand refer to?

<p>The overall demand for goods and services (C)</p> Signup and view all the answers

What effect does a trade deficit have on economic growth?

<p>It represents a loss for economic growth. (D)</p> Signup and view all the answers

What has significantly contributed to South Africa's fiscal crisis according to recent research?

<p>Growth in civil service remuneration (C)</p> Signup and view all the answers

Which expenditure was notably affected by the inclusion of the R350 Covid-19 relief grant?

<p>Social grants expenditure (D)</p> Signup and view all the answers

What economic action does expansionary fiscal policy involve?

<p>Increasing aggregate demand (B)</p> Signup and view all the answers

What did the researchers identify as a hidden factor in the fiscal crisis?

<p>Unrealistically high annual growth projections (C)</p> Signup and view all the answers

What fiscal situation has South Africa been facing according to the researchers?

<p>A path of fiscal unsustainability (A)</p> Signup and view all the answers

What has resulted from the combination of increased public service remuneration and lower-than-expected revenue?

<p>Higher government interest burden (C)</p> Signup and view all the answers

Which of the following is NOT a stated reason for South Africa's fiscal dilemma?

<p>Increasing tourist revenue (A)</p> Signup and view all the answers

How has the number of social grant recipients impacted South Africa's fiscal situation?

<p>It has increased the pressure on the fiscus (C)</p> Signup and view all the answers

What organization is responsible for conducting monetary policy in Nigeria?

<p>Central Bank of Nigeria (B)</p> Signup and view all the answers

Which of the following is NOT a key responsibility of central banks?

<p>Provide direct loans to individuals (C)</p> Signup and view all the answers

What is the primary aim of conducting monetary policy by the central bank?

<p>Achieve price stability (A)</p> Signup and view all the answers

What method is commonly used by central banks to adjust the money supply?

<p>Open market operations (A)</p> Signup and view all the answers

Which of the following central banks is equivalent to the South African Reserve Bank in India?

<p>Reserve Bank of India (A)</p> Signup and view all the answers

How has the framework of monetary policy changed over recent decades?

<p>It has undergone major changes. (C)</p> Signup and view all the answers

What is a typical consequence of central banks conducting monetary policy?

<p>Lower interest rates leading to higher borrowing (C)</p> Signup and view all the answers

What are the primary benefits of a stable financial system managed by a central bank?

<p>Promotion of investor confidence (D)</p> Signup and view all the answers

Flashcards

Public Finance Management Act

A South African law that governs how the state manages its finances.

Treasury Regulations

Rules and guidelines for managing public finances, issued by the National Treasury.

Financial Management in Local Government

A guide for managing funds and expenses in local government entities.

Draft Treasury Regulations

Proposed rules for managing public finances.

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Public Financial Management (PFM) reforms

Improvements to how governments manage public funds, particularly in post-conflict situations.

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Multiple Linear Regression

A statistical method for examining the relationship between multiple variables.

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Local experiences of social grants

Perspectives and understanding of social welfare programs and economic hardships in a specific locality.

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Conflict dynamics

The ways in which conflicts evolve and interact over time, including their causes and consequences

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Microeconomics

The study of markets and individual economic units, ranging from individuals to businesses, focusing on their decision-making processes.

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Macroeconomics

The study of aggregate economic quantities like national output and income.

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Economic Policies

Actions taken by governments and other institutions to manage the economy.

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Business Environment

The overall context of economic conditions, regulations and situations that affect businesses.

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Econometrics Models

Models used to understand relationships between economic variables using quantitative analysis.

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Public Finance

The study of government revenue and expenditure.

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International Financial Markets

Global marketplaces for buying, selling, and trading financial assets.

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Global and Domestic Trends

The social, political, and economic conditions affecting economies within a country and worldwide

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Fiscal Unsustainability

A situation where a government's spending exceeds its revenue, leading to growing debt and potentially economic instability.

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Fiscal Trajectory

The path a government's finances are taking over time, usually determined by spending and revenue trends.

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Fiscal Dilemma

A difficult situation where a government needs to make tough choices regarding spending and revenue, often due to limited resources.

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Expansionary Fiscal Policy

A government's strategy to stimulate the economy by increasing spending or cutting taxes, aiming to boost demand.

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Aggregate Demand

The total spending in an economy, encompassing consumer spending, business investment, government spending, and net exports.

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Fiscal Pressure

Factors that increase government spending or reduce revenue, straining the budget.

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Unrealistic Growth Projections

Overly optimistic estimations of economic growth, often used to justify higher government spending.

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Overstretched Fiscus

A government's budget that is under immense pressure due to excessive spending or insufficient revenue.

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Net Exports

The difference between a country's exports and imports. Positive net exports indicate a trade surplus, while negative net exports represent a trade deficit.

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Economic Growth

An increase in a country's total output of goods and services over time, often measured as the percentage change in GDP.

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Inflation

A sustained increase in the general price level of goods and services in an economy, leading to a decrease in purchasing power.

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Unemployment

The situation where people are actively seeking employment but cannot find a job.

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Aggregate Demand (AD)

The total demand for all goods and services in an economy at a given price level.

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Aggregate Supply (AS)

The total amount of goods and services that producers in an economy are willing and able to supply at a given price level.

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Neoclassical Perspective

An economic perspective that emphasizes the role of supply in determining economic output, believing that supply creates its own demand.

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Keynesian Perspective

An economic perspective that emphasizes the role of demand in driving economic activity, believing that demand creates its own supply.

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Supply and Demand

The forces that determine the prices and quantities of goods and services in a market. Supply refers to the amount of a good producers are willing to sell, while demand refers to the amount consumers are willing to buy.

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How are Micro and Macro Economics Related?

Microeconomic decisions of individuals and businesses influence the overall macroeconomic performance. For example, increased hiring by firms (micro) contributes to national economic growth (macro).

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What is the Key Question for Microeconomists?

How do supply and demand interact to determine prices and quantities in individual markets for goods and services?

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What is the Role of Government in Macroeconomics?

Governments use fiscal (taxes and spending) and monetary (interest rates and money supply) policies to influence macroeconomic conditions like inflation, unemployment, and economic growth.

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What are some key Macroeconomic Issues?

Important macroeconomic issues include inflation, unemployment, economic growth, and the balance of trade.

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John Maynard Keynes

A British economist who is considered the founder of modern macroeconomics. His theories emphasized the role of government intervention in stabilizing the economy.

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Central Bank's Role

A central bank manages a nation's financial system, ensuring smooth operations, stability, and providing banking services to commercial banks.

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Monetary Policy

Monetary policy involves adjusting the money supply to control inflation and manage economic fluctuations.

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Open Market Operations

Central banks use open market operations to control money supply by buying or selling government securities.

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Short-Term Interest Rates

Short-term interest rates are influenced by central banks' actions, affecting longer-term rates and overall economic activity.

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Price Stability

Price stability refers to a low and stable inflation rate, ensuring a healthy economy.

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Economic Fluctuations

Economic fluctuations are the ups and downs of economic activity, such as recessions or periods of growth.

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Repurchase Agreement

A repurchase agreement is a way for central banks to temporarily remove money from commercial banks by buying securities.

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Financial System Stability

A stable financial system is crucial for a healthy economy, allowing for smooth functioning of banks and financial markets.

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Study Notes

Study Guide: Bachelor of Business Administration, Economics III

  • This study guide provides key areas for study for Economics III
  • It is vital to consult additional literature given the vastness of the subject.
  • The study guide covers prescribed resources for the course
  • It includes details on study material, legislation, and government publications.
  • It outlines multimedia resources (videos) and URLs for further study.

Contents

  • Details of study material, including relevant books, articles, legislation, and government publications.
  • Topics covered include introduction, macro- and micro-economics, socio-political and economic trends, econometrics, public finances, and international financial markets
  • The guide includes lists of tables and figures relevant to the course content.

Study Material

  • Include the study guide itself
  • Required reading and viewing materials
  • Digital assessments
  • Individual assignments

Prescribed Resources

  • Books:
    • Parkin, M. (2019). Economics (13th ed.). Pearson International.
  • Articles: (List of articles and links provided)
  • Legislation and Government Publications: (List of legislation and government publications and links provided)
  • Multimedia: (List of videos and links provided)

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