Practise Exams

[xXNovaxX]

Can someone please upload any practice exams? Or study guides....questions....it would be appreciated

thank you

[danieltennis]

Trick or treat?

[xXNovaxX]

treat....definitely

[mba]

Previous VCE examinations and assessment reports from the current study design, should be your first port of call, if not all ready done so.

Checkpoints are good for quick review questions and practice SACS/exams.

You could sign up to be a member of Mr. Woods or Romeo Salla's websites, which provide plenty of practice exams/questions and tips.

Mr. Woods: http://economics.mrwood.com.au/student.asp
Romeo Salla: http://www.economicstutor.com.au/Display.aspx?tabid=2390

[xXNovaxX]

Thanks sutti, but i've looked at those ages ago, lol, im looking for something free , like all those chemistry, physics, methods posts where people are uploading chunks of useful tests and guides. haha. But thanks anyway.

[mba]

No worries make sure you ask your teach too for practice SACS and exams. They should have plenty.

[jerry]

I noticed this question in the exam, could someone help me:

The price elasticity of demand for Cadbury chocolate is likely to fall if:
A. A new competitor enters the chocolate market
B. The medical profession discovers increased health benefits from eating chocolate
C. Cadbury spends less money on advertising
D. The cost of cocoa beans increases

How can price elasticity "fall"? I've only heard of price elasticity being more elastic or less elastic...

[AppleXY]

% change in quantity / % in price.

if the elasticity falls, it means that it becomes more inelastic (that is, consumers will be LESS sensitive to price).

A. it's more on supply than demand, so it can't be that.

B. This would decrease the price elasticity of demand, as customers will be more insensitive about price. So the percentage change in price would be greater than than the quantity.

C. Still, hard to predict as we don't have exact figures but it would be more elastic than B.

D. This is more about the price elasticity of supply rather than demand. 

[xXNovaxX]

so all are wrong? LOL. I hate elasticity, i swear i hope it doesn't appear on the exam any where LOL.

[AppleXY]

Oh sorry. My bad. I dnno why I put actually for :S

It's B

[xXNovaxX]

Thanks AppleXY , appreciated . And I'm starting to understand it, that correction made me understand elasticity a bit more, because I put myself as the consumer and how I would react to each option in the multiple choice...sounds strange, but it helps

[AppleXY]

so all are wrong? LOL. I hate elasticity, i swear i hope it doesn't appear on the exam any where LOL.

haha, why are you scared about elasticity so much. In VCE, you don't even do any calculations

Remember what elasticity is; it's the responsiveness of quantity to price. Put it this way, think of a rubber band, the more you pull it, the greater the "BANG" effect will be. That's similar to the concept of elasticity. The more elastic a product, the more its sensitive or responsive to the price.  So if the prices of lindt truffles goes up by $5  and if quantity goes down by a greater percentage than price, it's very elastic.

[jerry]

Thanks for your help.

Does anyone know where I can get more practice exams?

[bosley]

anyone? my teacher is a total slack when it comes to trial exams !!!

[trenna]

does anyone have the solutions to the multi choice? would be fantastic