ECS1500 ASSIGNMENT 3 2022

ECS1500 ASSIGNMENT 3 2022 | The role of the public sector is to control the money supply and interest rates to achieve economic stability. [1] True [2] False Government includes all politicians, civil servants, government agencies and other bodies belonging to or under the control of government. It therefore includes the President, cabinet ministers, provincial premiers, mayors, everyone working for central government, provincial governments and municipalities, and public corporations such as Eskom, Transnet and the South African Reserve Bank. Page 48 Philip mohr 3.2 Public enterprises such as Eskom and PRASA are a component of the South African public sector. [1] True [2] False These are included in institutions covered above. 3.3 The distribution function of government refers to the government promoting efficiency by implementing legislation to ensure certain minimum standards. [1] True [2] False By definition, a socially undesirable income distribution is one with which society is unhappy. Government, as the representative of society, must therefore take steps to achieve a more acceptable (or more equitable) distribution. The measures that governments usually take in this regard include progressive income taxation (which means that the greater your income, the greater the percentage tax you pay), free or subsidised provision of certain goods and services (eg primary health care and primary education) to those who can least afford it, cash transfer payments to the needy (eg old-age pensioners and very poor families that have to raise children) and legislation and other forms of regulation (eg labour laws) 3.4 Uniformity and durability are functions of money. [1] True [2] False 3.5 According to the information above, South Africa’s top three trading partners are Botswana, Zimbabwe and Nigeria.