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ECS1601-25-Y_ASS3

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What is the reason for the downward slope of the AD curve?

As the price level increases, aggregate output and income increase.

Decrease in government spending and increase in tax.

An increase in autonomous consumption.

As the price level decreases, the central bank will reduce the interest rate leading to increase in investment and therefore aggregate demand and output also increase.

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When the South African Reserve Bank (SARB) decreases the interest rates, investment spending will increase, which will lead to an increase in aggregate spending and aggregate demand in the economy. This chain of events is called …

monetary policy transmission mechanism.

transmission mechanism of contractionary fiscal policy.

transmission mechanism of contractionary monetary policy.

fiscal policy transmission mechanism.

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In 2020, the SARB’s monetary policy committee decided to decrease the repo rate by 1%. As a result, investment spending financed by borrowing increased which led to an increase in the aggregate spending, stimulating aggregate demand and increased price level in the economy.

The relationship described above is referred to as …

the wealth effect.

the exchange rate effect.

the monetary transmission mechanism.

the fiscal transmission mechanism.

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Given the AD-AS model, if the national incomes of the major trading partners of South Africa (SA) were to rise, SA's ...

aggregate supply curve would shift to the right.

aggregate supply curve would shift to the left.

aggregate demand curve would shift to the left.

aggregate demand curve would shift to the right.

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The monetary transmission mechanism …

explains how developments in the economy affect the monetary sector, especially the banks.

describes the ways in which changes in the monetary sector are transmitted to the rest of the economy.

explains how banks create money.

describes how the Monetary Policy Committee announces its decisions.

explains how the central bank transmits messages to the other banks.

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Economic growth is calculated by …

rate of change in real GDP.

rate of change in nominal GDP.

nominal GDP multiplied by the population growth rate.

real GDP divided by the population.

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Which of the following statements regarding economic growth is correct?

If nominal GDP in Swaziland increased by 5% between 2015 and 2016, it can be said that the country has undoubtedly experienced economic growth during this period.

Real GDP is obtained by adjusting GDP at current prices for inflation.

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GDP per capita is calculated by multiplying nominal GDP by the population size.

GDP is an accurate indicator of economic welfare.

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Use the following:

GDP (Nominal, Billion)	Population (Thousands)
2019	3 200	2019	56 000
2020	3 400	2020	57 000

What is the GDP per capita growth rate? Round to two decimals.

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Suppose 27 865 432 people are in the labour force, 9 234 567 public and 13 456 789 private. What is the unemployment rate? Round to two decimals.

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Suppose 26 543 109 people are in the labour force, 8 234 567 are employed in the public sector and 13 876 542 in the private sector. How many people are unemployed?

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