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ECS3701
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Recent exam questions and answers
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,UNIVERSITY EXAMINATIONS
May/June 2023
ECS3701
Monetary Economics
100 Marks
Duration: 2 Hours
First Examiner: Prof TLA Leshoro
Second Examiner: Ms TS Moletsane
External Examiner: Ms PA Mathebula
This paper consists of 11 pages.
CONFIDENTIAL
Instructions:
(1) Once you have completed your answers submit your scripts as a single document in PDF format using
the eAssessment tool on the myExams portal. It is preferable for you to type your answers (Font: Arial
12) and then convert your document to PDF format for submission. However, if this is not possible, you
may also write your answers down and scan them into a PDF file. Please write legibly.
(2) Start with a cover page stating the module code (ECS3701) and your student number.
(3) This should be followed by your answers to the questions.
(4) Make sure that each question and sub-questions are clearly numbered.
(5) While you are not required to cite your sources, this does not mean that you can simply copy information
from any source. You need to answer the questions in your own words. Plagiarism and cheating will not
be tolerated and may result in disciplinary action if detected. Plagiarism and cheating will result in
zero marks awarded.
(6) Please ensure that you submit a declaration of honesty on myUnisa.
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(9) Please preview and verify your document before you submit it to ensure that it is free of errors, it is
readable, that your PDF document is NOT encrypted to a “secured” mode and it is NOT password
protected as these files cannot be marked. Virus-infected files will also not be marked.
(10) You have 2 hours to complete this assessment.
(11) Late submissions will NOT be marked. Emailed scripts will NOT be marked.
(12) Once you have submitted on the dedicated platform, you will receive an on-screen message of
successful submission. Please keep this email safe as a proof of your submission.
(13) If you insist on not being able to upload on the submission portal, you must contact the number and
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STUDENT NUMBER
, Page 2 of 11 ECS3701
CONFIDENTIAL 05/06 2023
The Invigilator
INSTRUCTIONS ON THE DAY OF ASSESSMENT:
• Ensure you are connected to the internet in order to log into the Invigilator App and scan this QR code.
• If you encounter difficulty in scanning the QR code, you can alternatively enter the Exam Access Code below the QR
code to start the invigilation.
• Unless otherwise specified by your institution, note that you can only scan this QR code once. If your assessment has
multiple online sections, tests or attempts, you should NOT finish the invigilation until your entire assessment has been
completed.
• Only scan the QR code when the assessment formally commences.
• The QR code is only scannable for a limited time and it should therefore be scanned as soon as possible to
start the invigilation.
• Once the QR code is scanned, ensure your media volume Is turned up and place your smartphone next to you. The
Invigilator App will notify you with a notification beep when you are required to action a request, which you should then
perform.
• We recommend that you keep your smartphone on charge for the duration of the assessment.
• If you only have one device, you may access your assessment in the application by pressing the ‘Access Exam’ button
in the top right corner of your app.
• Keep the Invigilator App open on your cell phone for the full duration of the assessment. You are not allowed
to minimise or leave the app.
• Ensure you are connected to the internet in order to commence the invigilation as well as at the end of the assessment.
No internet connection is required during the assessment.
• You have to adhere to the assessment time limit communicated to you by your institution as the time displayed
in the Invigilator App could differ from the time allocated to complete your assessment.
• You can click the "Finish Assessment" button in the app if you finish your assessment early.
• If you are performing a written or Scan-and-Upload assessment:
• The Invigilator App may request you to take a picture of every page of your answer sheet at the end of the assessment.
Unless otherwise specified by your institution, this does NOT replace the normal upload of your script to your
institution’s online portal.
• After completing invigilation and following all app instructions, you must upload your Invigilation App data. If, however
there is a delay in the upload of the app data at the end of the assessment, you should prioritise the upload of yo ur
script to your university portal and you can temporarily minimise the app to do so. Uploading of app data is not time
sensitive and you can come back and do it after you have successfully uploaded your script to the exam portal.
• Should you encounter any technical difficulty, please WhatsApp The Invigilator Helpdesk on 073 505 8273.
Good Luck!
, Page 3 of 11 ECS3701
CONFIDENTIAL 05/06 2023
ANSWER ALL FIVE QUESTIONS.
Question 1 [20 marks]
Read the excerpt below, taken from the MoneyWeb, and answer the questions that follow:
Ahead of the December festive season spending spree, to rein in spiking inflation, the South African
Reserve Bank (Sarb) ratcheted the repo rate by 75 basis points on Thursday to 7%, as widely expected.
This is the third consecutive hike by such a margin and the seventh hike in a row, as part of hawkish
moves by the bank’s Monetary Policy Committee (MPC) to bring spiking inflation under control.
Source: Sarb ratchets repo rate by another 75bps - Moneyweb
1.1 Which of the transmission mechanism did the reserve bank use in this case? [2]
1.2 Illustrate the effects of this action on the real variables (Hint: illustrate all the way to the price level).
[6]
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