Answer to Question #268744 in Economics for megan

Question

South Africa’s economy grew by 1.1% in the first quarter of the year (4 marks) Stats SA has published the latest gross domestic product (GDP) data covering the first quarter of the year, showing that the economy grew by 1.1% in the first three months of 2021. The growth follows a revised 1.4% rise in real GDP in the fourth quarter of 2020. On an annualised basis, the economy grew 4.6% quarter-on-quarter.

Source: https://businesstech.co.za/news/finance/496851/south-africas-economy-grew-by-1-1-in-the-first-quarterof-the-year/ Accessed: 19/08/21

The central problem that is evident in the above extract is that of…

a) Economic welfare

b) Data revision

c) Unrecorded activity

d) Non-market production 

Answer 1

a) Economic welfare