VCE Economics Exam Discussion and Questions 2017

[PandaWithNoName]

My suggestion solutions for MC Qs.

1. C
2. D
3. A
4. C
5. B
6. C
7. A
8. C
9. D
10. A
11. A
12. D
13. B
14. C
15. C

Wouldn't 6. Be A, reducing retirement age means more people leave for retirement because they can leave for work at a younger age. If you extend or increase retirement age that would increase AS. Im pretty sure C is right for 6

[zofromuxo]

Wouldn't 6. Be A, reducing retirement age means more people leave for retirement because they can leave for work at a younger age. If you extend or increase retirement age that would increase AS. Im pretty sure C is right for 6

Yes you are right. I inputted the wrong answer here. My bad.
Would people also want mark allocation for the short answer solutions?

[PandaWithNoName]

Yes you are right. I inputted the wrong answer here. My bad.
Would people also want mark allocation for the short answer solutions?

Yes please

[HappiChi]

I picked dynamic efficiency too. It talked about moving to fit society's needs, so I just assumed it was dynamic efficiency 😖

I also chose dynamic efficiency since I'd thought it means that businesses would change production quickly in response to the changing needs and wants of society.
I would've thought that allocative efficiency is about maximising the production of goods and services that will therefore maximise society's living standards. So that's why I chose dynamic efficiency.

I didn't finish the exam. I'm a slow writer