Term 3 Revision Quiz - Grade 11

A saving account in a bank represents the function of money:

• Store of value

• A medium of exchange

• A standard for deferred payments

• A measure of value

Choose the most accurate definition of "money".

• Money is anything generally accepted in payment for goods or services or in the repayment of debts.

• Money is anything recognized in trading and transaction for goods.

• Money is legal currency that is released by banks to satisfy the financial needs of the people.

Which of the following statements explain why a barter system restricts exchange?

• There must be a coincidence of wants

• It is difficult to divide certain commodities

• The commodities used are not homogeneous

• A rate of exchange must be determined

The main goal of SARB’s monetary policy is to:

• Control the exchange rate of the rand

• Stabilize inflation

• Increase government revenue

• Facilitate international trade

Write an introduction and conclusion to the essay of this topic:

"Discuss how the South African Reserve Bank’s monetary policy affects economic growth and employment. Include the mechanisms through which monetary policy influences these economic factors."

Which organization does South Africa lead that aims to promote regional economic integration and development in Africa?

• African Union

• Southern African Development Community

• Common Market for Eastern and Southern Africa

• Economic Community of Southern African States

How many points would you write if this kind of question comes in the cycle test?

"Describe how South Africa’s economic policies influence its trade relations with other African countries. (4 marks)"

Which measure is commonly used to assess economic growth in a country?

• Unemployment Rate
• Gross Domestic Product (GDP)
• Consumer Price Index (CPI)
• Net National Product (NNP)

Name one of the key differences between economic growth and economic development?

How would you structure your answer for the main part of body of this essay type of question, given the main part of the body of an essay = 26 marks

"Discuss the role of government policy in promoting economic growth and development in South Africa."