HSC Economics Question Thread

[BradMate]

Also, if someone could please explain Question 20, I'd really appreciate it
Answer is C

[toasted]

Also, if someone could please explain Question 20, I'd really appreciate it
Answer is C

Hey so at $15 ($10 wp + $5 tariff) 30 million units are willing to be supplied by domestic industries, while 70 million units are demanded by domestic consumers. This excess demand will be supplied by foreign imports, which would effectively be 70million-30million, which is 40 million. A quota is the set quantity of a good allowed to be imported and hence a 40 million quota will have the same impact will have the same impact as a $5 tariff, hence C.

[Rehaker]

Hey Guys,
I'd Just like to know some information about Economics Essays in general.
My teacher said that some topics can be linked (E.g. Topic One and Two , Topic Three and Four of the course).
How do I know what topics are linked? Especially in an extended response question? Thanks Heaps!! 

[BradMate]

thanks very much toasted

Rehaker -- have a look at the past HSC exams from 2012 til 2016 (just type in '2012 HSC economics' on google) and you can check out the 4 extended responses in each Most the time the topics are linked, or at least a comprehensive answer requires linking the topics together. If you spend 5 mins planning and you know your stuff that shouldn't be a problem

[CyberScopes]

The answer here is D. I understand why it is correct, but why is it MORE correct than A?

I get that employers are less likely to higher a youth cos they have to get paid more, and more likely to pay an adult if they are paid relatively less but couldn't you look at it from the perspective of adults being more willing to get a job (more incentivised to get a job, more productive, willing to work more hours etc.) as they are getting paid relatively more - from A?

So given more adults are willing to work, they take more jobs, and increase unemployment of youth?

Adults may be more willing to work, but employers would not be willing to hire. Pay for adults is considerably higher than that of youth, so if the minimum wage for adults increase, employers would rather hire youth employees instead at a cheaper price. And for D, its important to notice that if minimum wage for youth increases while adult pay is unchanged, employers would rather higher adults who would have more experience and a greater skill set than youth.

[B1234o]

Hi,
This is unrelated to the question posed, but does any have or know where to find the answers to the skills revision section of the Australia in the global economy workbook (8th Edition).

Thank You

[ellybubble]

Hi,
What would i write for this question:
Explain how ONE labour market policy may influence the level of structural unemployment. (3 marks)

Thanks!

[Lexi_Jones19]

Hi,
can someone help me with this question?

In a hypothetical economy, MPC = 0.9. What is the change in national income if investment declines by $100 million? so the answer is $1Billion but i don't get how??

TIA

[Natasha.97]

Hi,
can someone help me with this question?

In a hypothetical economy, MPC = 0.9. What is the change in national income if investment declines by $100 million? so the answer is $1Billion but i don't get how??

TIA

Hi!



Hope this helps

[Vinnnnnnyyyyyy]

Hi,
can someone help me with this question?

In a hypothetical economy, MPC = 0.9. What is the change in national income if investment declines by $100 million? so the answer is $1Billion but i don't get how??

TIA

Since MPC is 0.9, MPS is 0.1

k = 1/0.1 = 10

change in Y = k times change in AD
= 10 x 100m
= 1b

But since decrease in investment, it's -$1b

[isaacdelatorre]

Hey everyone, just wanted to wish you all GOOOOD LUCKKKK for the economics exam tomorrow. I know that eco is such a demanding and content heavy subjects; but I know that all of you have really been dedicated and used this forum to ask questions. If you have any last minute questions definitely feel free to post them here and I'll get back to you as soon as I can or some other helpful person will answer you.

In the exam tomorrow, stay calm - read questions carefully - at least 3 times!!! highlight/underline/cross out whatever you need to do to make sure you read and fully comprehend the question.

YOU GOT THIS!!!!

[dantoun13]

2008 HSC Economics, Question 7

How can aggregate demand decrease unemployment if the economy is at NAIRU (where there is zero cyclical unemployment)?

[isaacdelatorre]

2008 HSC Economics, Question 7

How can aggregate demand decrease unemployment if the economy is at NAIRU (where there is zero cyclical unemployment)?

Hey there,

So economic growth in the short to medium term is driven by changes in Aggregate Demand. So if aggregate demand increases; it will increase short term economic growth. Also since aggregate demand is the total demand for goods and services produced in the economy; if that increases then it means the demand for goods and services is increasing. When this happens; firms need to increase production to satisfy this demand. Thus they will need to hire more workers to increase production; therefore decreasing unemployment. --> so basically increased AD = increased growth = decreased cyclical unemployment

Good luck for tomorrow!!!
Isaac

[dantoun13]

Hey there,

So economic growth in the short to medium term is driven by changes in Aggregate Demand. So if aggregate demand increases; it will increase short term economic growth. Also since aggregate demand is the total demand for goods and services produced in the economy; if that increases then it means the demand for goods and services is increasing. When this happens; firms need to increase production to satisfy this demand. Thus they will need to hire more workers to increase production; therefore decreasing unemployment. --> so basically increased AD = increased growth = decreased cyclical unemployment

Good luck for tomorrow!!!
Isaac

Thanks! But at NAIRU isn't there no cyclical unemployment? So how would increased economic growth decrease unemployment below this rate if there are no cyclically unemployed people in the economy?

[isaacdelatorre]

Thanks! But at NAIRU isn't there no cyclical unemployment? So how would increased economic growth decrease unemployment below this rate if there are no cyclically unemployed people in the economy?

Sorry i didnt read the question properly - dont do that in the exam... learn from me! - but if aggregate demand does increase then frictional and structural unemployment may decrease as those people may get sucked into employment due to high economic activity and the higher demand for goods and services. However when this does happen the decrease in unemployment does correlate to an increase in inflation.

HOpe that clears things up