8 markers

[dylan.kumar21]

can anyone drop some tips on those large mark questions? (especially the evaluate ones)

[NomotivationF]

All about structure. Don't rush into the question. Hopefully you've already done some practice 8 markers, try and get familiar with how the marks are allocated. What I tell my students to do (and what I personally did in VCE) was to look at the question from the perspective of a marker, or the person that created the exam. What knowledge do they want you to display in the question and how are the marks going to be allocated? 

Take this 8 marker from the 2018 exam;
 
"Imagine the Reserve Bank of Australia raised the cash rate from 1.50% to 2.00%. Explain how two monetary policy transmission mechanisms might have operated to affect the level of aggregate demand and the rate of economic growth under those conditions."

How would the 8 marks be allocated? Look at each part of the questions.

I'm going to run through what would go through my head if this question came up on my exam.

The first sentence gives you a hypothetical scenario where the RBA RAISES the cash rate. In terms of the stance of the monetary policy (expansionary or contractionary), what way are they going, and why? Ans - Contractionary because ... (something to do with eco growth being too high.)

That start to the answer should get you one maybe two marks and set you up well for continuing your answer.

Next sentence, which is the main part of the question, Explain how two monetary policy transmission mechanisms might have operated to affect the level of aggregate demand and the rate of economic growth under those conditions.

The question has specifically mentioned the rate of economic growth. Mention the goal of the RBA and/or government that relates to economic growth. Next, think about what transmission mechanisms you want to use. Rest is "simple" if you know your theory and have done practice questions.

State the first transmission mechanism, explain how it impact AD and economic growth (make sure the answer is consistent with the hypothetical scenario, in the case contractionary).

State the second transmission mechanism, explain how it impact AD and economic growth (make sure the answer is consistent with the hypothetical scenario, in the case contractionary).

Hope this helps

[dylan.kumar21]

All about structure. Don't rush into the question. Hopefully you've already done some practice 8 markers, try and get familiar with how the marks are allocated. What I tell my students to do (and what I personally did in VCE) was to look at the question from the perspective of a marker, or the person that created the exam. What knowledge do they want you to display in the question and how are the marks going to be allocated? 

Take this 8 marker from the 2018 exam;
 
"Imagine the Reserve Bank of Australia raised the cash rate from 1.50% to 2.00%. Explain how two monetary policy transmission mechanisms might have operated to affect the level of aggregate demand and the rate of economic growth under those conditions."

How would the 8 marks be allocated? Look at each part of the questions.

I'm going to run through what would go through my head if this question came up on my exam.

The first sentence gives you a hypothetical scenario where the RBA RAISES the cash rate. In terms of the stance of the monetary policy (expansionary or contractionary), what way are they going, and why? Ans - Contractionary because ... (something to do with eco growth being too high.)

That start to the answer should get you one maybe two marks and set you up well for continuing your answer.

Next sentence, which is the main part of the question, Explain how two monetary policy transmission mechanisms might have operated to affect the level of aggregate demand and the rate of economic growth under those conditions.

The question has specifically mentioned the rate of economic growth. Mention the goal of the RBA and/or government that relates to economic growth. Next, think about what transmission mechanisms you want to use. Rest is "simple" if you know your theory and have done practice questions.

State the first transmission mechanism, explain how it impact AD and economic growth (make sure the answer is consistent with the hypothetical scenario, in the case contractionary).

State the second transmission mechanism, explain how it impact AD and economic growth (make sure the answer is consistent with the hypothetical scenario, in the case contractionary).

Hope this helps

Thank you nomotivation!