ATAR Notes: Forum
Archived Discussion => Written Examinations => 2008 => End-of-year exams => Exam Discussion => Victoria => Other => Topic started by: costargh on November 07, 2008, 05:37:47 pm
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HEYYY!! ECONOMICS 2008 IS OVER!!! :D
How'd everyone go? I personally thought it was a fairly decent exam, although some of the multiple choice questions were a bit tricky. Really only one of the questions I had no idea about which was the difference betwen balance of (merchandise) trade and terms of trade. I dont rememeber doing that in class.
Here are my multiple choice answers:
By no means are these THE RIGHT ones, they are just MINE.
1.A
2.C
3.C
4.A
5.A
6.D
7.B
8.C
9.B
10.C
11.A
12.A
13.A
14.D
15.C
THOUGHTS ON EXAM GUYS?
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Last question of the exam got me stumped, i just blabbered in that response didnt really know what i was on about there..oh well hopefully ill get a sympathy mark for the question :P
but the rest of the exam i was really confident with :D :D :D
and from what i remember, i got very similiar multi choice responses to you costargh
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SJRC REPRESENT!!!
at WORST i got an A, so now i feel much better about not opening a book in eco for weeks hahah
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bit annoyed at all the questions which are contradictory to current events like the AUD and budget surplus. Did anyone think it was easy? Tons of people left early at my school and i didn't think it was easy.
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I thought it was fair. By no means was it hard.
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SJRC REPRESENT!!!
at WORST i got an A, so now i feel much better about not opening a book in eco for weeks hahah
LMAO thats right SJRC matteeee
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Can I ask why you chose C for 3 and A for 12?
Was 12 the statement from suppliers one?
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Q3
I put C (trains and trams) because it said which one wood not be a resuilt of market forces or something. Market forces imo would change the price or qty supplied or cars, not produce substitute products (trains an trams)
Not sure with Q12, cant remember what it was
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Answer to question 3 is D.
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Ehh.. I found it ok but I don't think I did great.
Struggled with afew of the extended response and couldn't think of a MER implemented since 2005 haha.
Oh well, probably in the range of 70-76 out of 90. (A maybe?)
PS. Do you think talking about when the government provided monetary incentives for people to get solar panels would be a suitable policy for combating climate change? I couldn't think of a better one hah.
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Umm For that question
Which of these policy actions is not in response to market forces?
I put A 'rising tolls'
Reasons
Petrol Taxes is in response to excess demand, not enough supply
Extending train lines is in response to demand. Why else would they extend them, if there isnt the demand?
Banning Cars from the road, because there is excess demand in peak hour, not enough supply of road space
Whereas RISING TOLLS could be in respect to anything. Rising tolls doesnt necesasrily mean too much demand, it could be for many things eg to pay for structural costs etc.
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Carbon emissions trading scheme?
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I just wrote them on my hand.
I just wrote bull for short answer. That balance of trade thing stumped me. Actually, anything where I had to draw from current events I just made up answers for.
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Carbon emissions trading scheme?
Yep that would be the logical answer but totally forgot about it haha. Would my answer be worth any marks? :S
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I put Rudds 35 million dollar grant to toyota to build hyrbids.
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Haha, everybody is getting different answers. I said D because it was the one that wouldn't help the situation. It didn't lower demand, and it decreased supply when more supply was needed. Oh well, if I can get 35, I'll be happy. Just have to work harder in my other subjects now.
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Yeh I think urs is definitely a good example.
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what did anyone write in response to the terms of trade and merchandise trade question??..
i had no clue what i was on about?
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lol wat the hell is the balance of merchandise trade lol
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its over!
i thought the exam a decent paper and the short answers were really fair
i think i did alright but i dont want to jinx it!
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lol wat the hell is the balance of merchandise trade lol
exports of goods minus import of goods
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Terms of trade- a measure of relationship between export prices and import prices, shows how many imports a given quantity of exports can buy
balance of merchandise - the export and import balance in current account for goods and sevices traded?
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lol wat the hell is the balance of merchandise trade lol
LOL areckon
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lol wat the hell is the balance of merchandise trade lol
exports of goods minus import of goods
thats what i wrote. but i made it up lol
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Cheers costa.
What did people put for examples of budgetary and microeconomic policies implemented since 2005 that have affected the supply side of the economy??
I think I put...
Budgetary - infrastructure spending.
MER - IR reforms.
Heh, really struggled with the micro cause all of the ones I knew were implemented like before 2000. Pretty sure I'll lose some marks here. :/
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this years budget had 2.6 billion allocated to climate change, with promised emission trading scheme reports to come out of it
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Budgetary- Subsidies/payments to drought striken farmers to help with production?
MER- Further Labour Market Reform through Howard's Workchoices legislation
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Budgetary - i put the luxury car tax to encourage car production in australia -> increasing eco growth in long run
monetary - workchoices -> increased employment -> improving productive capaicty
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budgetary - infrastructure spending
mer - more labour mark reform with WorkChoices
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What was that question about the unemployment rate? I put increased participation rate.
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I put increased participation rate
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Haha, I totally forgot about MER.
I put something about foreigners.
For BP I put increased childcare subsidies.
Nerves are an awful thing.
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Was the question like 'Why is the unemployment rate still high despite blah blah blah?"
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Cheers costa.
What did people put for examples of budgetary and microeconomic policies implemented since 2005 that have affected the supply side of the economy??
I think I put...
Budgetary - infrastructure spending.
MER - IR reforms.
Heh, really struggled with the micro cause all of the ones I knew were implemented like before 2000. Pretty sure I'll lose some marks here. :/
LOL EXACTLY MAN.
I didn't finish. :( But I'm more than happy with the answers I didn't do. I absolutely gunned that 8 mark question.
I got D
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Was the question like 'Why is the unemployment rate still high despite blah blah blah?"
yep
and i had an increase in the participation rate as the answer
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it was
The economy has contiuously grown, but the unemployment rate is still 4%. This is due to.
a) something about school leaving age
b) something else
c) participation rate has increased
d) old people are retiring
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Nice, its participation rate yeah?
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What was with the distribution of income question with the Lorenze curve. I think I put the one if income increases for the high income earners increases, the lorenze curve moves left....
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I put A.
I just thought Participation and UN were totally different things. You could have super high participation yet have high unemployment (structural unemployment).
Raising compulsory school age creates a greater skilled workforce which can decrease thee UN
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Yeah. For the last Q, I got D (which is the option you outlined).
I got participation rate for that q as well.
I almost got the real wages one wrong. Lucky I had time to go over MC.
Apple: If the unemployment rate is constant in a time when jobs are being created, it means that the amount of people who want to work is also increasing. Raising the school age will reduce the participation rate, as people who might have wanted to work are forced to stay in school. There was a similar question in the insight trial exam.
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What was with the distribution of income question with the Lorenze curve. I think I put the one if income increases for the high income earners increases, the lorenze curve moves left....
urgh! i read that one wrong!
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I thought overall the exam was pretty easy, although the last question was a shocker. It seems like no one knew what to write for it - I guess that means they're going to have to mark it pretty easy?
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I thought the last question was which of these is FALSE. which wood be C.
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which was YEAH, THAT IT DOES NOT SHIFT LEFT, IF IT shrinks left, the space between curver decreases, becoming more equal
if u increase wealth for high income earners, becomes more inequal, shifts RIGHT not LEFT, so D is right.
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If anyone has the proper wording that wood be good.^^^
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i dont remember what the question was
but i remembered i put D and was really confident abt D
now not so much, and i think i read it wrong
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huh? what option was c?
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The question was "Which one of these is not true"
And the Answer D was : An increase in the incomes of those in the high income groups would shift the lorenze curve to the left.
This is not true. An increases would make the distribution of income more inequal, moving it further to right, not the left, widening the cap between the lorenz curve and the egalitarian line.
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The question was "Which one of these is not true"
And the Answer D was : An increase in the incomes of those in the high income groups would shift the lorenze curve to the left.
This is not true. An increases would make the distribution of income more inequal, moving it further to right, not the left, widening the cap between the lorenz curve and the egalitarian line.
Hence the reason why D is correct... right?
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Yes
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yeah i did the carbon emissions trading scheme as well seemed lyk it fitted
35 million dollar grant.. i havent heard of that but that would be applicable to :)
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Hey guys how was economics? Yeah I agree it was pretty fair, though a lot more questions on fiscal and monetary policies. And whats up with 4 questions? O.o lol. Didn't expect the terms of trade to be in there.
Anyways here are the answer for the mc, done by my economic teachers
1 A
2 C
3 D
4 A
5 A
6 D
7 B
8 C
9 B
10 C
11 A
12 C
13 A
14 D
15 C
If anyone disgree, it is always good to discuss about it xD. Anyways cheers guys and hope everyone did well
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15 is D. See previous posts.
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I thought the last question was which of these is FALSE. which wood be C.
i got C too for that question :)
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Anyways here are the answer for the mc, done by my economic teachers
1 A
2 C
3 D
4 A
5 A
6 D
7 B
8 C
9 B
10 C
11 A
12 C
13 A
14 D
15 C
If anyone disgree, it is always good to discuss about it xD. Anyways cheers guys and hope everyone did well
I hope your teacher's a good one. lol
15 is D. See previous posts.
What makes ur answer the right one and not the teachers?
I'm not too sure myself cause i cant rememebr the wording of the question and thats what matters, not just off the top of ur head.
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It can be subjective to change. If there is anymore, please let me know so I can fix the mistakes.
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Can anyone remember the answer for C then?
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You got C for the last one as well. Do you remember the option? I thought for sure it was D.
CAN SOMEONE TELL ME WHAT C ACTUALLY SAYS? I"M GOIN CRAZY HERE.
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Anyways here are the answer for the mc, done by my economic teachers
1 A
2 C
3 D
4 A
5 A
6 D
7 B
8 C
9 B
10 C
11 A
12 C
13 A
14 D
15 C
If anyone disgree, it is always good to discuss about it xD. Anyways cheers guys and hope everyone did well
I hope your teacher's a good one. lol
15 is D. See previous posts.
What makes ur answer the right one and not the teachers?
I'm not too sure myself cause i cant rememebr the wording of the question and thats what matters, not just off the top of ur head.
I hope it is c, because I put c. I thought about D but C just seem to be the right one.
They use to be exam's assessors, so I'm pretty confident, but then again everyone makes mistakes :P, even the best of people.
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When i did the last question i was very confident it was C but cant remember why now.
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What was Question 12 on?
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grrr...maybe I put C, i dotn rememeber...
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Hey guys how was economics? Yeah I agree it was pretty fair, though a lot more questions on fiscal and monetary policies. And whats up with 4 questions? O.o lol. Didn't expect the terms of trade to be in there.
Anyways here are the answer for the mc, done by my economic teachers
1 A
2 C
3 D
4 A
5 A
6 D
7 B
8 C
9 B
10 C
11 A
12 C
13 A
14 D
15 C
If anyone disgree, it is always good to discuss about it xD. Anyways cheers guys and hope everyone did well
aww tru
i got exact same except last 4 went
D A D D
not C A D C
but thats still 13/15 the same
tets hope there 100% right
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What was Question 12 on?
It was the one about suppliers I think. There were four statements, and you had to pick the one that caused a movement along the supply curve. One was right (according to my hand C), and the others caused shifts in supply.
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according to my hand i got c as well :)
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shit no i got d (N)
gayy
u gotta h8 the hand
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I got umm the one to do with improving effiiciency with new machines?
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Oh, what was the one with the WAGE GROWTH, I put 2005-06 , the one where it had increased by like 0.2 and the inflation rate was the highest of them all
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Haha. I made sure to write them down so I could talk about them, but now I've realised it's pretty hard to do when I've forgotten the questions!
I must've looked so weird during reading time. I was trying to keep my fingers on the answers on the MC sheet and trying to turn the pages at the same time.
chikopapi: Wouldn't that cause a shift? If I remember correctly, it was asking for movement along the same supply curve, which would mean it was demand that shifted.
And yeah, I put the year that had 4.8 wage increase and 4 inflation.
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i put 05-06 as well
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Hey, how come economics doesn't get its own board? Why are we at the bottom of 'other'?
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i kno :(
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Hey, how come economics doesn't get its own board? Why are we at the bottom of 'other'?
GOOD QUESTION.
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It wasn't too bad.
Multiple Choice
made a mistake on 3, and put B i think.
For the income dist. one i put 'high income family earners'
Shit I think I made a mistake on the wage/inflation one - I just took away the inflation from the wages, and looked at the changes each year, and put the lowest change
Written
First question was easy want full marks
I said that merchandise trade was the difference between exports and imports, and that terms of trade was a ratio that presented both exports and imports against each other (just came to me, could be wrong).
For the last one about income services
I said an increase in exports will mean the dollar will rise, meaning that we will owe more overseas...? Is this right?
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I said an increase in exports will mean the dollar will rise, meaning that we will owe more overseas...? Is this right?
If the dollar rises, doesn't that mean Australian firms need less $A to pay off foreign debt and hence will effectively owe less money overseas??
Could be wrong.
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Hey, how come economics doesn't get its own board? Why are we at the bottom of 'other'?
GOOD QUESTION.
economics students arent loved :(
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But economics is my favourite subject. :(
marbs:
That's great. I hope you're right about that balance of trade thingo. I think I wrote in huge letters 'X-M'.
That's what I did for the wage increase question, too.
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Here are the answers, Romeo Salla has sent me .
1 A
2 C
3 D
4 A
5 A
6 D
7 B
8 C
9 B
10 C
11 A
12 C
13 A
14 D
15 D
Looks like i got only 12/15. Damnnnn :(
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So what was the answer for the one about cars, petrol, tolls, etc?
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3D
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Omg if those are right.
At least I did something well on that exam.
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yay i said D woo hoo
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damn got 14/15 (28/30) fucking participation question.
:P
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Everyone i have a question book,
umm i think the ones you are debating was 12 and 15?
so 12 is...
The following statements have been made by producers.
Which is an explanation for a movement along the supply curve?
A) energy cost rises have forced us to increase prices.
B) the new equipment installed will make us more competitive.
C) an increase in the demand for our product has resulted in a price rise.
D) the rising prices of raw materials have increased our costs.
and 15 is....
Which of the following statements about the distribution for country A is FALSE?
A) the gini coefficient for country A is between zero and one.
B) The shaded area on the above chart indicates the extent of the inequlity in the distrivution of income for country A.
C) any change in the distribution of income for country A that caused the Lorenz curve to move to the left would represent a reduction in the inequality of the distribution of income.
D) A change in the distribution of income which involved higher income households receiving a larger share of income would move the lorenz curve to the left.
im pretty sure 15 is D.
Cheers :)
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Q12.) is obviously C because others are shifts in the supply curve.
Q15.) The answer is D. I thought this question was pretty standard. Many people said the answer was "C", but that fact is completely correct. By changing the distribution of income that created less inequality will cause the curve to move to the left, (a lower gini coefficient)). But an increase in the incomes for the wealthy, distorts inequality even further, which causes the curve to move to the right. :)
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ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right! :D
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does anyone remember what question 13, for the multiple choice was?
thank you~
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I put A.
I just thought Participation and UN were totally different things. You could have super high participation yet have high unemployment (structural unemployment).
Raising compulsory school age creates a greater skilled workforce which can decrease thee UN
that was my answer too!
and all the other factors work to increase unemployment, atleast in the short term
(i think there was a similar question last year - where increasing the school leaving age was different to that of the other three)
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ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right! :D
Aww, I said it worsens both. What's funny is that I got the one I was sure about wrong (said something about exports being dearer, imports cheaper) and the one I guessed right.
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ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right! :D
How does that work?
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an appreicaiting australian dollar will worsen or have a nagtive impact on the balance of goods and services, as we become less international competitive due to our exports being more expensive and imports for australians become cheaper to purchase, our postion is worse off due to the appreicating adollar
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what was the actual wording of question 10? because it appears i got it wrong and i can't remember what the question was.
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ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right! :D
How does that work?
if the dollar appreciates then when we technically are able to purchase more foreign currency in order to pay the money which is listed under net incomes. net incomes is basically the money being earnt by overseas investors, hence why it's always in a deficit. we have to therefore exchange our currency for their currency to pay them their "earnt revenue" (which is generally payment of interest, dividends and wages) through their investments in australia.
so that means as the AUD increases, it actually helps the net incomes account..this is just my guess though so nothing 100%.. hope that all made sense anyway
except the question still confused me because i always thought that it was more directly related to NFD being reduced...
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Yeah, I wrote what 113489 said. Pennylane043, could you please explain how a higher exchange rate would lead to a worsening net income section? If the $A is worth more, surely we have relatively less foreign debt to pay overseas, thus IMPROVING the net incomes section..
ALSO, the question I really had no idea about was how an increase in the government surplus would impact on the achievement of either:
- Full Employment.
- External Stability.
Totally talked out of my arse. Would someone mind explaining?
Thanks.
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can someone post question 10 in multiple choice? i said raising the school leavers age because rising the participation rate would increase unemployment in the short term, more people retiring means old people who had jobs are leaving the workforce thus increasing unemployment and the other option i cant remember but i'm pretty sure that wasn't right. hard multiple choice though even which is good
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can someone post question 10 in multiple choice? i said raising the school leavers age because rising the participation rate would increase unemployment in the short term, more people retiring means old people who had jobs are leaving the workforce thus increasing unemployment and the other option i cant remember but i'm pretty sure that wasn't right. hard multiple choice though even which is good
exactly.
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increasing the government surplus, is contractionary fiscal policy which is a leakage within the economy thus reducing G1 and G2 which are components of AD if theres less demand in the economy firms may cut supply laying off workers increasing unemployment, but i said however recently it has been seen as economically responsible by firms leading to increased business confidence and may potentially increase the demand for labour
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Apple to u have the question? i want 15/15 anything less is an epic fail lol
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everyone said participation rate but that would increase unemployment in the short term, and u can still have growth without increased participation rate, i.e. jobless growth so i don't see why it's right
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and youth unemployment is the highest rate of unemployed so if people stay at school they gain real skills making it more likely for them to get jobs later especially with australia's skill shortages
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everyone said participation rate but that would increase unemployment in the short term, and u can still have growth without increased participation rate, i.e. jobless growth so i don't see why it's right
and youth unemployment is the highest rate of unemployed so if people stay at school they gain real skills making it more likely for them to get jobs later especially with australia's skill shortages
i like ur reasoining
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but recently the participation rate has increased from 64% to 65%, increasing resources allowing for growth, so maybe we read the question wrong and it was asking it more like how has australia been able to achieve economic growth while the unemployment rate has stayed constant, instead of how has unemployment not increased
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increasing the government surplus, is contractionary fiscal policy which is a leakage within the economy thus reducing G1 and G2 which are components of AD if theres less demand in the economy firms may cut supply laying off workers increasing unemployment, but i said however recently it has been seen as economically responsible by firms leading to increased business confidence and may potentially increase the demand for labour
could u say as a result of a growing surplus, goverments may redeuce subsides and grants to some firms/industries, therefore these firms will be wanting to cut cots in an attempt to make up lost funds due to no or redueced governemnt handouts, may lead to unemployment due to firms not being able to keep all workers because their profits are diminshing and are looking for ways to cut costs...... does that make any sense?
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sorta but i think it's more just the overall affect on AD, i.e. a leaking in the economy
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Basically it is contractionary budgetary policy and like already said will decrease levels of G1 and G2. Furthermore, it has a direct dampening influence on the level of consumer confidence, which affects Consumtion expenditure (C) which makes up 60% of Aggregate Demand. Thus, unemployment will mainly drop in two ways, firstly, consumers are less willing to enter workforce as less spending in economy always creates a mood of uncertainty. Secondly as already stated, business confidence will also decrease (I) which will see the demand for our labour resources decrease as firms become less willing to invest in scarce labour, thus, in the short term goal of full employment may be undermined.
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anyone got the full growth/unemployment multiple choice question i think it was number 10
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increase in Participation rate
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with Q10 the unemployment/growth one... this is what i thought... does anyone agree?
As far as i know... the question said about how there was strong levels of economic activity(something like that), and which situation could keep the unemployment rate at 4%.
To keep the unemployment rate at 4%, with continuing strong demand for labour (meaning the unemployment rate would go down), more people need to enter the workforce to keep it at 4%. It means that although people are still gaining employment (due to strong demand), because there are more people participating in the workforce (actively seeking work), the unemployment rate remains unchanged (well it actually wouldn't, but for the question it does)
I don't know... that's just what I thought. I can't remmeber what the answers were, only A.
A - Raising the compulsory school leaving age (This would decrease the participation rate, and as strong growth continued the unemployment rate would fall below 4%)
I thik the participation rate one was C - which in my view is correct.
and also... with the question about a movement along the curve, I really don't like it... this is what i thought... I rpobably thought about it too much though...
I was under the impression that any movement ALONG the supply curve could only result from a change in price, nothing else - I've read it several times in several text books, does anyone else agree? Due to that I put the answer as A. I chose it over D, as it refers to increased 'costs' rather than increased 'prices' - it does not shift the curve, only moves along it - I think my point is very arguable - Although the change in price will cause a surplus situation, it does not move the supply curve, only along it.
i thought the exam was pretty good. not enough areas to put current context in though (except for budget examples) - and many questions asked for measures to 'reduce' inflatory pressures... that's pretty hard to talk about the new developments because it isn't part of the question.
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yer i did the same with you in question 12, exact same thought methodology and unfortunately i think its wrong, so got 14/15 which really annoys me. But question 10 is definetly participation rate
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ahhh thanks julian
that means i got 14/15 too
I'm angry about Q12. That's just stupid. I thought it was a tirck question, i was initially going to do the demand one... but then i read 'along' again... and i remembered reading that a move along the curve is only changes in price.
that's stupid.
also... with the real increases in wages table... did everyone just minus the inflation from the wage increases... and get C (which came out at 0.8)?
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what exam score out of 90 is likely to correspond to a over 45? if u finished in the top 2 in your class for SACS, any ideas?
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looks like i got 14/15 aswell anyone get 15?
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probably 84+ to get 45?
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wat number mc was the question about reducing tariffs in the car industry and short term effects.... and wat was the answer to it?
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wat number mc was the question about reducing tariffs in the car industry and short term effects.... and wat was the answer to it?
I can't remember what question (or even what it asked), but I think the answer was A .
you had to understand that it it would cause unemployment in the short term. and i think the other part of the answer was that there would be an increase in demand for imported cars...
i think
anyone agree?
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yeah i did tht one, i just wasnt sure about it, if thts right thts 15 out 15
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haha. and when i saw Q1 multiple choice i was like "yessss... going to be another easy set of multiple choice"
but it wasn't, really.
heaps of people say they had trouble with Q15. i thought it was easy... it was D yeah ?
Because it talked about higher income earners getting more income (higher inequality) - and a shift in the curve to the left signals higher equality...
yeah?
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yeah, 100% 15 was D
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yeah good, thanks.
haha.
for the real wages question ... the one with the table.. what did you get? did you minus the inflation from the wages and just choose the lowest number?
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sure did, off the top of my head it was 4.8 - 4. and it was 2005/2006 option c if i remember correctly
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that's what i got. i remember 0.8 and it being C.
I was talking to my class... and they arn't really that stupid... and basically no one knew how to work that out... haha. easy 2 marks over most people.
i really should go and study for legal...
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my exams r over, so no more studying for me. have fun with legal
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ohhhhh.
i've got methods, legal and chem to go.
can't wait... haha.
i'm off.
thanks mate.
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From mr. wood:
"The very last question was particularly tricky – when the dollar appreciates, the impact on the net income component of the CAD will depend on how much of our debt is written in foreign currencies."
considering our debt is largely in foreign currencies, (i think..? the US dollar is the biggest trading currency anyway) then i assume that it will help the net incomes account, not negatively impact it.
anyone else find any more info about this question?
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one budgetary policy and one MER that has influenced or improved (cant remember exactly the question) ou supply side potential and thereby eco growth
budgetary - reduction in company tax
MER - tariff reduction in the car industry
are these two suitable answers?
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In regards to Q 15 of the multis, C is the correct answer
Anybody who has the economics checkpoints book for 2008, I recommend you flick to pg 56. Question 48 is the exact same question as was asked yesterday, and guess what the correct answer is? C!
I think a lot of people didn't read the question properly; you are asked to give the answer that is FALSE. C is false because a shift to the left WOULD NOT result in higher income households receiving a large share of total household income. A shift to the left would result in greater equality.
Can anybody else back this up?
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Q15 answer was D definately
it asked which was false.
the answer to D said something like:
a shift in income where higher income earners recieve higher incomes (not sure what it was - but it was something that exaggerated inequality) would cause the lorenz curve to shift to the left.
This is false - if there is higher inequality the lorenz curve shifts to the right (Not the left) and there is a higher Gini coefficient (not a lower one)
In relation to checkpoints - the answer "C" is very similar to answer "D" in the exam - therfore D is correct.
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one budgetary policy and one MER that has influenced or improved (cant remember exactly the question) ou supply side potential and thereby eco growth
budgetary - reduction in company tax
MER - tariff reduction in the car industry
are these two suitable answers?
Yeah they are, but the question also asked you to relate it to efficiency in the allocation of resources - and i'm guessing there might be one of the marks for each part allocated to describing a particular type of efficiency impacted (eg. dynamic, intertemporal) and the way this impacts on the rate of economic growth.
But yes, those two examples would be sufficient, as long as you stepped out the process - and made sure you included examples that were 2005-2008 (I think that was in that question too)
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Q15 on the exam:
Which of the following statements about the distribution for country A is FALSE?
A) the gini coefficient for country A is between zero and one.
B) The shaded area on the above chart indicates the extent of the inequlity in the distrivution of income for country A.
C) any change in the distribution of income for country A that caused the Lorenz curve to move to the left would represent a reduction in the inequality of the distribution of income.
D) A change in the distribution of income which involved higher income households receiving a larger share of income would move the lorenz curve to the left.
from jod333.
From checkpoints:
C) The lorenz curve would shift to the left if a change in the distribution of household income involved in higher income households receving a large share of total household income.
So you chose C in the exam because a similar question in checkpoints had the answer as C? Even though the option outlined in checkpoints is most similar to option D in the exam? Well done.
fake edit: darcy's already said it, but here's the question anyway.
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one budgetary policy and one MER that has influenced or improved (cant remember exactly the question) ou supply side potential and thereby eco growth
budgetary - reduction in company tax
MER - tariff reduction in the car industry
are these two suitable answers?
Yeah they are, but the question also asked you to relate it to efficiency in the allocation of resources - and i'm guessing there might be one of the marks for each part allocated to describing a particular type of efficiency impacted (eg. dynamic, intertemporal) and the way this impacts on the rate of economic growth.
But yes, those two examples would be sufficient, as long as you stepped out the process - and made sure you included examples that were 2005-2008 (I think that was in that question too)
doubt that you would have to explain each type of efficiency. A simply explanation of how efficiency is improved by the policy would have sufficed imo
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one budgetary policy and one MER that has influenced or improved (cant remember exactly the question) ou supply side potential and thereby eco growth
budgetary - reduction in company tax
MER - tariff reduction in the car industry
are these two suitable answers?
I used company tax reductions for budgetary too, but only because I couldn't think of anything else. Pretty sure the last time company taxes were reduced (from 33% to 30%) was in 2002, outside the time period.
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one budgetary policy and one MER that has influenced or improved (cant remember exactly the question) ou supply side potential and thereby eco growth
budgetary - reduction in company tax
MER - tariff reduction in the car industry
are these two suitable answers?
Yeah they are, but the question also asked you to relate it to efficiency in the allocation of resources - and i'm guessing there might be one of the marks for each part allocated to describing a particular type of efficiency impacted (eg. dynamic, intertemporal) and the way this impacts on the rate of economic growth.
But yes, those two examples would be sufficient, as long as you stepped out the process - and made sure you included examples that were 2005-2008 (I think that was in that question too)
doubt that you would have to explain each type of efficiency. A simply explanation of how efficiency is improved by the policy would have sufficed imo
but wasn't it an 8 mark question... or was that six...?
it if it was 8...
4 for each one...
2 for explaination of policy/example, 1 for relation to efficiency and 1 to relation of economic growth... ?
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I used company tax reductions for budgetary too, but only because I couldn't think of anything else. Pretty sure the last time company taxes were reduced (from 33% to 30%) was in 2002, outside the time period.
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do u reckon the examiners would know that?
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off course they would... but i'm not too sure if you'd lose marks.
I thought there was changes in 2006. That sucks if u lose marks cos thats a good answer.
They were pretty tight saying between 2005-2008.
I said one from this years budget (building fund), hopes it alright
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off course they would... but i'm not too sure if you'd lose marks.
I thought there was changes in 2006. That sucks if u lose marks cos thats a good answer.
They were pretty tight saying between 2005-2008.
I said one from this years budget (building fund), hopes it alright
i was thinking of the building fund, but has that actually been implemented yet?
cos the question asked for one that was implemented.
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everyone said participation rate but that would increase unemployment in the short term, and u can still have growth without increased participation rate, i.e. jobless growth so i don't see why it's right
exactly! and if you think about the real economy, the participation slightly decreased this year, not increased.
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It's a theory question. Are you saying that when an economy is continuously growing that there isn't even the slightest possibility that it might use more labour resources?
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they said a policy between 2005 and 2008, and it was announced. So it should be right. Hopefully
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everyone said participation rate but that would increase unemployment in the short term, and u can still have growth without increased participation rate, i.e. jobless growth so i don't see why it's right
exactly! and if you think about the real economy, the participation slightly decreased this year, not increased.
It was theory -
If the participation rate increased (without growth would cause an increase in unemployment) while there was strong growth (that would caused a decrease in unemployment) - it is in theory possible for the unemployment rate to remain to 4%.
ie. As the economy grows the unemployment rate falls, but the increase in participation acts to cancel this out.
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the main problem in Australia is a skilled labour shortage. Or structural unemployment.
And look at the stats we have like 65.1% participation. Thus an increase in participation (the workforce as a % of the pop) will not necessarily affect UN.
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the main problem in Australia is a skilled labour shortage. Or structural unemployment.
And look at the stats we have like 65.1% participation. Thus an increase in participation (the workforce as a % of the pop) will not necessarily affect UN.
this question wasn't aimed at the current economy.
it was simply theory.
theory never exists exactly in nature - as otherwise we would all have to be robots.
but the fact is, the answer about the participation rate, is certainly correct.
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theory never exists exactly in nature - as otherwise we would all have to be robots.
Depends how flexible the theory is, but yes, macroeconomics makes some pretty unrealistic assumptions about humans. Microeconomics is a much more successful in practice, because the theory is actually closer to reality.
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I found the exam to be quite good. Not too hard, not too easy. I know I made one mistake for sure though. For the market failure question I incorrectly referred to the defence force as a merit good not a public good! Was kicking myself afterwards. Hope I only lose 1 mark for that... :s Hoping for 80+ out of 90. With the multiple choice question on the unemployment rate, the answer was definitely the one about the participation rate. All the other answers were factors that would increase the rate of unemployment, regardless of rising economic activity. The participation rate was the only thing there that would explain a stagnant unemployment figure coupled with simultaneously rising economic activity. The question was purely theoretical...
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What do people think of this, i know one guy for market failure put the production of illicit drugs. There is no doubting that there are willing suppliers and sufficient demand, however as the government sees it as undesirable production, there are a range of interventions such as laws which limit/stop production, thus market mechanism is unable to efficiently allocate drugs which are desired by population which is market failure. Personally am not sure about it but after thinking bout it, it actually sounds quite correct. What do you guys think?
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What do people think of this, i know one guy for market failure put the production of illicit drugs. There is no doubting that there are willing suppliers and sufficient demand, however as the government sees it as undesirable production, there are a range of interventions such as laws which limit/stop production, thus market mechanism is unable to efficiently allocate drugs which are desired by population which is market failure. Personally am not sure about it but after thinking bout it, it actually sounds quite correct. What do you guys think?
i've actually thought about this before!
just because it's not morally correct - doesn't mean it isn't a market failure. and who says the Government's morals are right anyway?
But then again... is it a government failure... or a market failure?
The market would allocate these resources quite efficiently without Govt. intervention.
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theory never exists exactly in nature - as otherwise we would all have to be robots.
Depends how flexible the theory is, but yes, macroeconomics makes some pretty unrealistic assumptions about humans. Microeconomics is a much more successful in practice, because the theory is actually closer to reality.
Yeah, that's true.
We always have to make assumptions, or have some predictability, about how we act, or the whole point of policy would be a lost cause, basically...
But, I agree, macro policy makes unrealistic assumptions, but microeconomic policy is much more successful.
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has anyone put the exam on the internet? i want to check my answers with romeo's answers
how would anyone have it?, you have to hand up your answer booklet
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^Teachers are given spare copies.
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^Teachers are given spare copies.
whoa i didnt know that, im gonna see if i can hunt my eco teacher down for a spare one!!
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this forum has died.
everyone is over it.
haha
just chill until december 15th
goodluck
(everyone says that... but not really...) haha.
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this forum has died.
everyone is over it.
haha
just chill until december 15th
goodluck
(everyone says that... but not really...) haha.
and it still remains under the sub-category of "other"
haha
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hah
this forum has died.
everyone is over it.
haha
just chill until december 15th
goodluck
(everyone says that... but not really...) haha.
and it still remains under the sub-category of "other"
haha
hahaha i know.
11 pages and this subject is under 'other'
maybe subjects with people of less calibre should be put under 'other'
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hahthis forum has died.
everyone is over it.
haha
just chill until december 15th
goodluck
(everyone says that... but not really...) haha.
and it still remains under the sub-category of "other"
haha
hahaha i know.
11 pages and this subject is under 'other'
maybe subjects with people of less calibre should be put under 'other'
sociology gets its own section LOL
and eco doesnt ..*shame*
-
hahthis forum has died.
everyone is over it.
haha
just chill until december 15th
goodluck
(everyone says that... but not really...) haha.
and it still remains under the sub-category of "other"
haha
hahaha i know.
11 pages and this subject is under 'other'
maybe subjects with people of less calibre should be put under 'other'
sociology gets its own section LOL
and eco doesnt ..*shame*
economics and legal are the two most useful subjects in VCE in my opinion.
they surprisingly relate to the real world... not like many others...
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hahthis forum has died.
everyone is over it.
haha
just chill until december 15th
goodluck
(everyone says that... but not really...) haha.
and it still remains under the sub-category of "other"
haha
hahaha i know.
11 pages and this subject is under 'other'
maybe subjects with people of less calibre should be put under 'other'
sociology gets its own section LOL
and eco doesnt ..*shame*
economics and legal are the two most useful subjects in VCE in my opinion.
they surprisingly relate to the real world... not like many others...
Yeh thats true, economics has really expanded my knowledge on the outside world :)
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Good work guys, I managed 2 finally and randomly stumble across this thread :P
Note: tldr BUT I hope u all did well ^_^
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God. Why the f*k does sociology and some other bs subs get their on forum except ECONOMICS!!!!! doesn't. I'm speaking to enwiabe.
GRRR :(
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God. Why the f*k does sociology and some other bs subs get their on forum except ECONOMICS!!!!! doesn't. I'm speaking to enwiabe.
GRRR :(
i agreee wheres the love for the economists :(