2.1 Name the body that is responsible for the increasing or decreasing of interest rates in South Africa - NSC Consumer Studies - Question 2 - 2020 - Paper 1
Question 2
2.1 Name the body that is responsible for the increasing or decreasing of interest rates in South Africa.
2.2 Identify the types of taxes payable on the following:
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Worked Solution & Example Answer:2.1 Name the body that is responsible for the increasing or decreasing of interest rates in South Africa - NSC Consumer Studies - Question 2 - 2020 - Paper 1
Step 1
2.1 Name the body that is responsible for the increasing or decreasing of interest rates in South Africa.
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Answer
The body responsible for the increasing or decreasing of interest rates in South Africa is the South African Reserve Bank.
Step 2
2.2 Identify the types of taxes payable on the following:
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Answer
2.2.1 The taxes payable on liquor and cigarettes include Excise duty and Sin tax.
2.2.2 The taxes payable on petrol and diesel include Fuel tax and Levy.
Step 3
2.3 State TWO ways in which electricity can be saved when drying clothes.
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Answer
Hang the clothes on an outside washing line or clothes horse to dry, which uses no electricity.
Use a tumble dryer only with the correct temperature settings and do not overload it to ensure efficiency.
Step 4
2.4.1 Identify the type of import stated above.
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Answer
The type of import stated above is a Parallel import or Grey goods.
Step 5
2.4.2 Discuss the type of import identified in QUESTION 2.4.1.
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Parallel imports refer to items or household appliances that are imported without the consent of the manufacturer, which means they might not come with warranty or support typically provided. This practice can lead to legal issues if the goods are defective since the company may not provide after-sales service.
Step 6
2.5 Write a paragraph and discuss the negative effect of rising inflation on South African households.
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Answer
Rising inflation leads to increased prices of goods and services, making it difficult for families to manage their disposable income. As the cost of basic needs rises, families struggle to meet their expenses, especially with the increasing prices of petrol and electricity. This situation exacerbates financial stress, potentially resulting in increased unemployment and poorer living standards, as households can no longer afford the same quality of life.
Step 7
2.6.1 Name the TWO schemes above.
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In the legal scheme, recruits can earn more money and there is no restriction on the number of recruits, while in the illegal scheme, recruits do not earn money and the member at the top benefits from others' investments.
The legal scheme involves buying and selling products, whereas the illegal scheme relies entirely on recruits for income, making it unstable.
