Question

The core elements of the Growth Employment and Redistribution (GEAR) strategy of the South African government in 1996, under the leadership of the then finance minister Trevor Manuel were amongst other things:
 budget reform to strengthen the redistributive thrust of expenditure
 monetary policy to prevent a resurgence of inflation
 a reduction in tariffs to contain input prices and facilitate industrial restructuring, compensating partially for the exchange rate depreciation
1.1 With reference to the above, identify the macroeconomic objectives in these elements. (3 marks)
1.2 Identify and define the macroeconomic variables that can be used to measure whether the strategy was successful or not. (6 marks)
1.3 With each tool in 1.2, provide a detailed explanation on how it can be measured.

Answer 1

Answer:

gear or cogwheel is a rotating machine part having cut teeth, or in the case of a cogwheel, inserted teeth (called cogs), which mesh with another toothed part to transmit torque. Geared devices can change the speed, torque, and direction of a power source.

Gear train

Answer 2

1.1 The macroeconomic objectives include an offering of employment and economic opportunities to the South African people.

Explanation:

• The growth of the economy and employment of people stands for the forts objective.
• The empowerment of people through more economic opportunities was the major motto of GEAR.

1.2 The macro-economic variables are a balance of payments, inflation, economic growth, and unemployment.

Explanation:

• The balance of payments refers to the debts to be paid by the nation or an organization.
• Inflation is defined as the downfall of the economic growth.
• Economic growth is defined as the development of the nation.
• Unemployment is a variable that denotes the lack of jobs among the graduates.

1.3 The tools can be used to measure the economic strength of the nation.

Explanation:

• The balance payment sheet is used to determine the financial risks and their effects on the economy.
• The inflation tool predicts the nature of the downfall of the economy.
• Unemployment is another tool that describes the lack of employees to produce goods.

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