ATAR Notes: Forum
Archived Discussion => 2009 => End-of-year exams => Exam Discussion => Victoria => Economics => Topic started by: billz1508 on November 06, 2009, 05:26:05 pm
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Well just finished 25mins. I thought it was ok, well from my knowledge of economics, which is very little it was ok..
bottom 2 subject of course, though i did manage to answer every question. Also anyone manage to get a spare book, and can put the questions up and possible solutions, just to share opinions.
take care
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wasn't too bad at all.
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I thought it was a very fair paper- it wasn't too easy but it wasn't too hard either. It was long- I managed to get an answer in every space though.
What did everyone say for the last question on the effect of deficit budgets on the NFD? It seems to be worth too many marks to me.
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Thought it was pretty hard- wrote way too much and just finished.
Here are my multis if anyones interested:
Q1 B Q2 A Q3 C Q4 A Q5 A Q6 C Q7 D Q8 A Q9 C Q10 A Q11 D Q12 C Q13 A Q14 C Q15 C
Q5 (i think) with the GDP was a little difficult, I put the market prices because its calculated by minusing the effects of inflation on GDP
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easy paper, what was the effect of lower Aussie dollar? inflation down, CAD worsen?
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I put the opposite :S
ahhhh gawwwwdddd I was so brain dead today
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Thought it was pretty hard- wrote way too much and just finished.
Here are my multis if anyones interested:
Q1 B Q2 A Q3 C Q4 A Q5 A Q6 C Q7 D Q8 A Q9 C Q10 A Q11 D Q12 C Q13 A Q14 C Q15 C
Q5 (i think) with the GDP was a little difficult, I put the market prices because its calculated by minusing the effects of inflation on GDP
did q3.c. say worsened terms of trade and appreciation, or depreciation?
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Thought it was pretty hard- wrote way too much and just finished.
Here are my multis if anyones interested:
Q1 B Q2 A Q3 C Q4 A Q5 A Q6 C Q7 D Q8 A Q9 C Q10 A Q11 D Q12 C Q13 A Q14 C Q15 C
Q5 (i think) with the GDP was a little difficult, I put the market prices because its calculated by minusing the effects of inflation on GDP
did q3.c. say worsened terms of trade and appreciation, or depreciation?
Depreciation
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Thought it was pretty hard- wrote way too much and just finished.
Here are my multis if anyones interested:
Q1 B Q2 A Q3 C Q4 A Q5 A Q6 C Q7 D Q8 A Q9 C Q10 A Q11 D Q12 C Q13 A Q14 C Q15 C
Q5 (i think) with the GDP was a little difficult, I put the market prices because its calculated by minusing the effects of inflation on GDP
what was the first question in the multis??
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I'm pretty sure I stuffed multiple choice, what a waste. All that effort for nothing.
:(
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didn't really study, but managed to answer all questions. So yerh, relatively good i must say.
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14/15 for multi choice
Not sure about extened response, i guess it will depend on how tolerant they are of messy writing
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Thought it was pretty hard- wrote way too much and just finished.
Here are my multis if anyones interested:
Q1 B Q2 A Q3 C Q4 A Q5 A Q6 C Q7 D Q8 A Q9 C Q10 A Q11 D Q12 C Q13 A Q14 C Q15 C
Q5 (i think) with the GDP was a little difficult, I put the market prices because its calculated by minusing the effects of inflation on GDP
what was the first question in the multis??
First question was about the policy mix for a recession, I think I may have done a stupid mistake and got it wrong
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14/15 for multi choice
Not sure about extened response, i guess it will depend on how tolerant they are of messy writing
Was that from mine one? If so which one was different?
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14/15 for multi choice
Not sure about extened response, i guess it will depend on how tolerant they are of messy writing
Was that from mine one? If so which one was different?
Nah, from teachers, forget what why were now haha
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I got:
CBBDAC?DA?BADCDCB
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according to these, I got the GDP multi-choice question wrong, grr. the paper overall was alright, wasn't easy, but I thought it wasn't too bad. I did find I was repeating myself a bit in aspects of the short answer, like when we described the effects of _______ on equity in personal income distribution.
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GDP was D.
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moshi, do u have ur answers for the multis? or didnt record em?
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according to these, I got the GDP multi-choice question wrong, grr. the paper overall was alright, wasn't easy, but I thought it wasn't too bad. I did find I was repeating myself a bit in aspects of the short answer, like when we described the effects of _______ on equity in personal income distribution.
same with me. thought heads up i did not study for this subject lol. literally. so i'm quite pleased that i answered all questions.
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GDP was D.
But when they measure GDP it takes out the effects of inflation, so they estimate it at constant prices not market prices
So it should be A right?
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If I may intrude, what was the GDP question?
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GDP can be measured at either constant prices or market prices.
Can't remember the question, sorrry
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i got d as well.
it does include the imputed value of owner occupied dwellings etc.
on the whole was pretty disappointed, had to rush short answers and in some cases found myself explaining irrelevant things or repeating myself.
darn eco!
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fucking few MC's were hard, the "balancing the budget" qs was confusing as there were two correct looking answers :/
also fkd up the $A supply in forex market MC qs, chose A lol fuck
but short answer was pretty predictable, how did people go about answering the "compare the effectiveness of fiscal and monetary policy is reducing a downturn"
i was sure whether to answer that in a theory way or practical way so did both ended up doing a 4 page answer lol
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according to these, I got the GDP multi-choice question wrong, grr. the paper overall was alright, wasn't easy, but I thought it wasn't too bad. I did find I was repeating myself a bit in aspects of the short answer, like when we described the effects of _______ on equity in personal income distribution.
same with me. thought heads up i did not study for this subject lol. literally. so i'm quite pleased that i answered all questions.
why the fuck are u even on this website if u don't study then...
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I think your question 11 and 12 are wrong
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according to these, I got the GDP multi-choice question wrong, grr. the paper overall was alright, wasn't easy, but I thought it wasn't too bad. I did find I was repeating myself a bit in aspects of the short answer, like when we described the effects of _______ on equity in personal income distribution.
lol what the, no offence but don't think that was called for. It's called you prioritise what study you are going to do. Even if i got A+ on this exam it wouldn't have been in my top 4 subjects. So instead of gaining an extra 0.5 enter score by studying for this subject, i thought i would turn a 42 in i.t. to a 45+ if you understand. but anyways
same with me. thought heads up i did not study for this subject lol. literally. so i'm quite pleased that i answered all questions.
why the fuck are u even on this website if u don't study then...
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"lol what the, no offence but don't think that was called for. It's called you prioritise what study you are going to do. Even if i got A+ on this exam it wouldn't have been in my top 4 subjects. So instead of gaining an extra 0.5 enter score by studying for this subject, i thought i would turn a 42 in i.t. to a 45+ if you understand. but anyways"
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according to these, I got the GDP multi-choice question wrong, grr. the paper overall was alright, wasn't easy, but I thought it wasn't too bad. I did find I was repeating myself a bit in aspects of the short answer, like when we described the effects of _______ on equity in personal income distribution.
same with me. thought heads up i did not study for this subject lol. literally. so i'm quite pleased that i answered all questions.
why the fuck are u even on this website if u don't study then...
does it make you a better forumite because you studied?
what if this person ends up getting a better study score and enter. Or what happened if they just said it for the fuck of it?
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i totally agree with silva..very predictable short answer and with the compare question i just weaved in current examples with the theory itself like $42 billion stimulus package (quick and targeted) but for monetary policy, interest rates affect everyone so it isnt as targeted, decreased consumer and business confidence (psychological constraints), monetary policy = no political influence hence act in best interest of economy (4.5% decline in interest rates from sept 08 to april 09), but budgetary policy = at whim of the voters, meaning they have to incorporate things to please voters etc.
but fucked up some multis like the GDP one and the balanced budget one along with, most likely, several others :(
ah well its eco, 5th :)
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oi spizz what was the budget balance answer? ive heard two different answers
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the balance budget was that they would have to charge higher taxes and spend less. carn't remember whether it was a,b,c or d though.
spizaa if u got the GDP one wrong ... do u know what the answer was?
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why isnt the budget balance qs lower taxes and spend less? just curious cos i cant remember what my anser was but they both seemed correct
i think i chose D
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yeh i said lower taxes and spend less too, since i thought they balance the budget over a number of years, i.e deficits in economic downturns and surplusses in upturns...is this wrong?? and the gdp question i also said d as i thought they do include that. i hope i did alirght. i was really happy with the short answer, just not so happy with mc.
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yeah silva i got the same as you for that
D - lower taxes and spending.
i remember tossing up between A and D for the GDP one, but ended up putting D (something about rent) which i wasnt confident about because i hadnt studied much of those little things that are common in multis
but moshi in a downturn, unemployment increases, meaning that people would struggle to cope with an increase in taxes given the increase that would be seen in underemployment and people receiving welfare benefits instead of their normal income. the govt would lose support of the voters (in reality) if they raised taxes in a downturn
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im pretty sure i picked D for that question aswell
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yeah true that. i reckon it will be a question vcaa accepts two answers for, just like in the chem midyear, because it is open for interpretation and the wording wasnt specific enough
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It was plenty specific. It said if the government policy was to run a balanced budget - what would they do in a recession?
It is, essentially, a question of automatic stabilisers.
Well, tax receipts would fall - so to keep revenue stable, they would have to increase taxes.
They would have to spend more on social welfare- more people will become unemployed - so, to keep expenditure stable, they would have to decrease spending.
Achieve both of these, and a balanced budget would result.
If you decrease taxes, you bring in less revenue - and even if this is partially offset by less spending, it will not achieve a balanced budget position. Raise taxes, lower spendng = solution
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It was plenty specific. It said if the government policy was to run a balanced budget - what would they do in a recession?
It is, essentially, a question of automatic stabilisers.
Well, tax receipts would fall - so to keep revenue stable, they would have to increase taxes.
They would have to spend more on social welfare- more people will become unemployed - so, to keep expenditure stable, they would have to decrease spending.
Achieve both of these, and a balanced budget would result.
If you decrease taxes, you bring in less revenue - and even if this is partially offset by less spending, it will not achieve a balanced budget position. Raise taxes, lower spendng = solution
yeh i understand where you're coming from, but the majority of the Govts spending in a downturn is on the discretionary side (this downturn has been something like 60-40 of discretionry compared to automatic) so i dont see why increasing discretionary spending isnt at legitament aswell which would be offset by reductions in taxes =S
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Why would they increase spending? The objective is explicitly stated to balance the budget. Not to come out of a downturn, not to stimulate demand, but to balance the budget. To balance the budget, they would increase taxes and decrease spending. Any other option does not enable the objective to be achieved, and thus must be considered incorrect.
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mmm yeh must have misinterpreted the qs, for some reason i thought it wanted to balance it in each year fuck
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I had the same as Craxe. I think people misinterpreted the question and made something very complicated out of what was a simple question
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Is anyone able to post a scanned version of the exam?
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It was plenty specific. It said if the government policy was to run a balanced budget - what would they do in a recession?
It is, essentially, a question of automatic stabilisers.
Well, tax receipts would fall - so to keep revenue stable, they would have to increase taxes.
They would have to spend more on social welfare- more people will become unemployed - so, to keep expenditure stable, they would have to decrease spending.
Achieve both of these, and a balanced budget would result.
If you decrease taxes, you bring in less revenue - and even if this is partially offset by less spending, it will not achieve a balanced budget position. Raise taxes, lower spendng = solution
mate a balanced budget refers to achieve fiscal consolidation over the business cycle as the Howard Government and now the Rudd Government endeavours to do so. Fiscal Consolidation refers to acheive a balance by running deficits during a recession (counter cyclical fiscal policy) and surpluses during booms (also counter cyclical fiscal policies). Therefore they do not increase taxes as this does not encourage spending in the economy, the automatic stabilizer refers to the long term fiscal balance i.e. during a recession tax revenues will decrease, spending on cash transfers increase but during a boom tax revenue increases and cash transfer payments decrease thus balancing each other out reducing the dip into the national pool of savings or foreign debt
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The way I read it they asked if the government aimed to balance the budget every year what would they do in a period of economic downturn? Not if they were trying to achieve the goal of budget balance.
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i got d as well.
it does include the imputed value of owner occupied dwellings etc.
on the whole was pretty disappointed, had to rush short answers and in some cases found myself explaining irrelevant things or repeating myself.
darn eco!
Wait sorry, i cant rememebr the exact wording of the GDP question, but I put "D" as my answer....was "D" about housing/dwellings etc? DOES THAT MENA I GOT IT RIGHT !!! YAY.
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yeah that was D
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Hmm, that balanced budget one is weird. I did what Moshi did as well, tossed up between A and D, eventually settled for D, grr, it's not fair =(
99% sure they wont accept 2 answers, because I have seen exams were like 80% get one question wrong, and 20% get it right, but it still stays.
Grr. I hope its reduce spending, increase tax, because the way I read it, is that it said, if the Gov >>>ALWAYS<<< has to run a balanced budget,, what would it to in eco downturn, so i ignroed the downturn bit, and focussed on the keyword ALWAYS, but I understand everyone's opposing argument, it makes sense.
hmmmm
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I'm fairly sure that's what it means. It's asking theoretically, if the government needed to run a balanced budget in a recession, what would they do.
The answer is to raise taxes and reduce spending, since the automatic stabilisers that kick in in a recession (i.e. lower tax receipts and higher spending on welfare) have already pushed the budget into deficit. The only way to get back to balance is to raise taxes and cut expenditure.
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yeah but whose gonna re-elect a govt that increases taxes in a recession? it wouldnt happen in the first place. i dont know, maybe im just a spastic and couldn't bust the question open and am just throwing wayward theories out there to semi-justify my answer lol.
my thinking was..in a downturn/recession..the balance would be -ve anyway
so to make it less -ve, they decrease both outlays and revenues (taxes and spending), but decrease spending more than taxes :S
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^^^^ can I just ask, what does re-electing a Gov have antyhign to do with the question, this isn't national politics :P
Like, did that get stated in the question? coz I forgot.
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haha it has nothing to do with the question! as i said, trying to justify answer by any means possible :P
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Guys i did that exact opposite question the day before the exam in my friends checkpoints book under fiscal policy,
the wording is exactly the same except it says in a time of economic boom.
I actually asked my teacher that question the day before the exam because i didnt get it, and she said because in a boom more people would have jobs and would have to pay income tax, the government recieves higher taxes, and to balance this they increase expenditure.
So from the exam questions point of veiw in a time of ecomomic downturn, the government would recieve less income tax, and they would decrease government expenditure inorder to balance this.
Hope that kinda answers your questions a bit :)
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^^^omg I thought I saw this question somewhere !!!!!!!!!!!!!!!!!!!!!!!!!! ty ty ty.
so does that mean the answer ISN'T
increase tax and reduce spending? ARGH
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yeah, the answer is decrease taxes and decrease gov. expenditure because the answer in the time of a boom is increased taxes and increased gov. expenditure.
its not that hard once you come to think of it, hey? lol
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So from the exam questions point of veiw in a time of ecomomic downturn, the government would recieve less income tax, and they would decrease government expenditure inorder to balance this.
Hope that kinda answers your questions a bit :)
yeah, the answer is decrease taxes and decrease gov. expenditure because the answer in the time of a boom is increased taxes and increased gov. expenditure.
its not that hard once you come to think of it, hey? lol
Arn't you saying the first point that they would decrease spending in times of a downturn and then in the second saying they would increase spending?
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Im saying in the exam ( a downturn ) the gov. recieves less taxes and decreases gov. expenditure
But in the question i did (boom), it was the complete opposite and the answer was increase txes and expenditure, if you get me
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i just had a look at my checkpoints toby and it said in a boom (question 61), they decrease taxes and increase spending to balance budget. so the opposite would hold true for a downturn
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THANK YOU!
You made my day :D
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oh okayy, well sorry about that then :o
i just thought thats what my teacher said
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They wouldn't make it so obscure... it has to be the most obvious answer. The most obvious answer is to decrease spending and increase taxes...
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For the 'explain two government policy actions which are designed to achieve a more equitable distribution of personal income in Australia' question, did that require a therorictal answer (i.e. progressive tax system and redistribution of goods/services) or specific examples (e.g. increase in pension) or either one of them?
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^ I used both, and dam me =(
So u are correct
I KNEW from back to front about the pension, but when I went into the exam IT DID NOT OCCUR TO ME!!! I talked about
1= tax cuts
2= Funding to construct public housing
Now I am worried I sued to much of a silly answer for part 2.....since pension would have been a wiser choice =(
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^ I used both, and dam me =(
So u are correct
I KNEW from back to front about the pension, but when I went into the exam IT DID NOT OCCUR TO ME!!! I talked about
1= tax cuts
2= Funding to construct public housing
Now I am worried I sued to much of a silly answer for part 2.....since pension would have been a wiser choice =(
Nova I used the two theoretical answers (progressive tax system and redistribution of goods/services), do you think I could still get full marks for the question?
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Um, can you elaborate to me what you wrote for redistribution of g+s?
Becausr your FIRST point regarding progressive tax....IS a redistribution of income. However, u may have done a good job and differentiated.
I have a feeling both ur answers could sound similar, HOWEVER, they are both right, just tell me what u rote for yr second.
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Um, can you elaborate to me what you wrote for redistribution of g+s?
Becausr your FIRST point regarding progressive tax....IS a redistribution of income. However, u may have done a good job and differentiated.
I have a feeling both ur answers could sound similar, HOWEVER, they are both right, just tell me what u rote for yr second.
I'm pretty sure I differentiated them pretty well in the exam, but I have forgotten my reasoning now. I'm really scared atm that the examiners were wanting a response on specific initatives/budget stuff that improved equity over the last few years
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Um, can you elaborate to me what you wrote for redistribution of g+s?
Becausr your FIRST point regarding progressive tax....IS a redistribution of income. However, u may have done a good job and differentiated.
I have a feeling both ur answers could sound similar, HOWEVER, they are both right, just tell me what u rote for yr second.
I'm pretty sure I differentiated them pretty well in the exam, but I have forgotten my reasoning now. I'm really scared atm that the examiners were wanting a response on specific initatives/budget stuff that improved equity over the last few years
Don't worry, in using a theoritical/textbook answer, it is STILL AN ANSWER.
Many only recommend using specific stuff to stand out more/look like you're up to date.
Your answers were still a Government policy...remember it did not ask specifically for BUDGETARY, but rather Government, your two examples are interventions, so u answered the question :D and could very well get full marks :D