ATAR Notes: Forum
VCE Stuff => VCE Business Studies => VCE Subjects + Help => VCE Economics => Topic started by: hilal on November 06, 2008, 02:27:10 pm
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VCAA better not make the eco exam harder..
but GOODLUCK TO EVERYONE!
wooooooo ecooo =D
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im not looking forward to the eco exam :(
GOOD LUCK TO ALL =]
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If its anything like the accounting exam, we're all fucked!
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yeahh i heard about accounting..
but keep your head up Costarghh. from what ive seen in some of the other forums .. you enjoy eco.. so dont let what happened today.. effect what happens tomorrow..
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If its anything like the accounting exam, we're all fucked!
MULTI CHOICE FTWW!!!!
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VCAA's got a grudge against 08ers
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VCAA's got a grudge against 08ers
hopefully they are nicer to the 09ers
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VCAA's got a grudge against 08ers
2nd that!
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nah fukk the 09'ers
go easy on us
i did the eco exam ( 2006 ) had an hour and half to do it so our teacher said to leave out a few questions, i did the whole exam had 30 mins go, and got a b+ for it so i rekon a bit mroe time taken a bit better structure and i should be sweet
hopefully.. its not lyk accounting :'(
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samnoy howd u go on accountin midyear?
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A hbu?
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A+
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aww shit
didnt study for it
winged it and woz surprised wif an A
i thought i woulda got a c
but 2day
alot less den an A lol
hopefully every else did shit and i get boosted up !!
lol
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interesting multiple choice question;
When compared with country A people in country B are twice as productive at producing computers and three times as productive at producing cars. According to the theory of comparative advantage:
A) Country B will be unable to sell either computers or cars to country A
B) Country B will sell computers to country A and buy cars from country A
C) Country B will sell both computers and cars to country A
D) Country B will sell cars to country A and buy computers from country A.
(this is one I made a mistake on)
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is the answer D?
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yep... i thought it was a bit different
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interesting multiple choice question;
When compared with country A people in country B are twice as productive at producing computers and three times as productive at producing cars. According to the theory of comparative advantage:
A) Country B will be unable to sell either computers or cars to country A
B) Country B will sell computers to country A and buy cars from country A
C) Country B will sell both computers and cars to country A
D) Country B will sell cars to country A and buy computers from country A.
(this is one I made a mistake on)
is this question from one of the A+ tests?
it looks familiar, got me stumped aswell
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yeh they're actually pretty good.
Might do a couple more before exam today
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The way you do it is you use one country's production schedule as a reference (country A is the easiest), and realise the opportunity costs.
In country A: 1 car = 1 computer (reference market)
In country B:
- producing 1 car would come at the opportunity cost of 2/3 of a computer.
- producing 1 computer would come at the opportunity cost of 3/2 of a car.
Since 1 car is worth 1 computer, clearly country B should produce cars, where the opportunity cost is less than the benefit (1 car vs. 0.667 computers = 0.667 cars).
On the other hand, country B would not make computers, because it would cost them 1.5 computers to produce 1.
You can use country B as the reference market instead, to see what country A would produce, and it should just be the other way around (should find computers more profitable).
I'll run through the example I guess:
In country B: 3 cars = 2 computers (reference market)
In country A:
- producing 1 car would come at the opportunity cost of 1 computer.
- producing 1 computer would come at the opportunity cost of 1 car.
Since 1 car is worth 1 computer, which is worth 3/2 cars (purchased from country B), country A would not produce cars, because it costs them 1.5 to produce 1.
On the other hand, country A would make computers, because it would cost them 1 car (worth 2/3 computers from country B), so the opportunity cost is less than the produce.
It shouldn't really take this long in an exam. This is sort of walking through the steps and methodology. Some people can just work it out in their heads, because it is a bit intuitive. The best anecdotal way to understand comparative advantages is via the "lawyer and his son mowing the lawn" example. The lawyer (older and more experienced) may be a better mower, but since his son is clearly much worse at law than he is at mowing, the son shall do the mowing while the lawyer practices law.
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could you use fuel watch for a reform affecting competition?
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could you use fuel watch for a reform affecting competition?
Yes, I mean, that's certainly its intention. Whether it is effective or not is a different matter.
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could you use fuel watch for a reform affecting competition?
Yes, I mean, that's certainly its intention. Whether it is effective or not is a different matter.
cheers.. yeh I'll probably try and fit it in as a recent reform
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Hey guys.
What do you think the 8-10mark question will be?
and one other question, do you need to learn the 10-year trend. Because if we do, im fucked lol
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Hey guys.
What do you think the 8-10mark question will be?
and one other question, do you need to learn the 10-year trend. Because if we do, im fucked lol
i'm thinking skills shortage... probably not right