3/4 ECO- anyone have any practice questions regarding SAC2?

[janson34]

as title says

cheers   

[chasej]

I have heaps of content given to me by my teacher.  what exact topics are on your SAC?

[janson34]

sorry for late reply,

The following key knowledge is the focus of this task:
 
 
 The nature and purpose of macroeconomic activity:
 
· the business cycle;- words and how it works- Yes
· aggregate demand and its components;- Yes
· aggregate supply and its components; Yes
· material and non-material living standards, - definition
· The nature and purpose of economic activity as it relates to living standards and long-term economic prosperity;

· factors influencing living standards including income per ***capita, environmental quality and the distribution of income.
 
 Low Inflation:
 
· the meaning of the Reserve Bank of Australia’s goal of stability of the Australian currency (low inflation);
· measuring rates of inflation using the Consumer Price Index;
· the impact on living standards of failing to meet the goal of low inflation;
· aggregate demand and aggregate supply factors that may have influenced the rate of inflation over the past four years.
 
 Strong & Sustainable Economic Growth:
 
· the meaning of the goal of strong & sustainable economic growth;
· ways of measuring economic growth using Real GDP (Gross Domestic Product);
· limitations of GDP and alternative measures of living standards, including GPI & MAP;
· reasons for pursuing economic growth, including its impact on living standards;
· aggregate demand and aggregate supply factors may have influenced the rate of economic

[chasej]

sorry for late reply,

The following key knowledge is the focus of this task:
 
 
 The nature and purpose of macroeconomic activity:
 
· the business cycle;- words and how it works- Yes
· aggregate demand and its components;- Yes
· aggregate supply and its components; Yes
· material and non-material living standards, - definition
· The nature and purpose of economic activity as it relates to living standards and long-term economic prosperity;

· factors influencing living standards including income per ***capita, environmental quality and the distribution of income.
 
 Low Inflation:
 
· the meaning of the Reserve Bank of Australia’s goal of stability of the Australian currency (low inflation);
· measuring rates of inflation using the Consumer Price Index;
· the impact on living standards of failing to meet the goal of low inflation;
· aggregate demand and aggregate supply factors that may have influenced the rate of inflation over the past four years.
 
 Strong & Sustainable Economic Growth:
 
· the meaning of the goal of strong & sustainable economic growth;
· ways of measuring economic growth using Real GDP (Gross Domestic Product);
· limitations of GDP and alternative measures of living standards, including GPI & MAP;
· reasons for pursuing economic growth, including its impact on living standards;
· aggregate demand and aggregate supply factors may have influenced the rate of economic

No problem. Here you go:
1.from the following list of factors, select one aggregate demand and one aggregate supply factor. Explain how each could affect or influence the level of economic activity (8 marks)

• interesr rates
• household disposable income
• productivity levels
• income tax rates
• business confidence
• a downturn in the world economy

2. Distinguish between material and non- material living standards.

3. Example using an example how an improvement in non material living standards might jepordise an improvement in material living standards.

4. Outline two major benefits and two major costs or problems associated with economic growth.

5. Describe two limitations of GDP as a measure of economic growth.

6. Describe how the following demand factors would impact on our rate of economic growth.
i. A depreciation of the Australian dollar.
ii. An increase in interest rates.

These are all the extended response that were in a practice SAC. Unfortunately my classes next SAC doesn't include inflation so I don't have any questions specifically relating to it other than text book ones and those from past VCAA exams which you probably already have.

If you can please feel free to share any questions you have. I'm trying to build up a good bank of practice questions I can use.

[sam.utute]

^Excellent questions - all could come up on the final exam.

One of the best ways to prepare for SACs is to do MC questions. If I was feeling lazy, I'd smash out a few MCQ to make myself feel better. They can be better revision than extended response questions.

The following have some excellent MCQ:

commerceacademy.com.au
mrwood.com.au
Economicstutor.com.au

P.S. I should add, I did 0 practice exams when I did Eco, and relied on two things:
1. MCQs; and
2. "Predicting" the questions in the exam (predicting is probably not the right word - pre-preparing is more appropriate).

[abcdqdxD]

P.S. I should add, I did 0 practice exams when I did Eco, and relied on two things:
1. MCQs; and
2. "Predicting" the questions in the exam (predicting is probably not the right word - pre-preparing is more appropriate).

Interesting. How do you predict questions if you haven't done any prac exams though? And why is MC the best way to prepare for SACs?

[chasej]

^Excellent questions - all could come up on the final exam.

One of the best ways to prepare for SACs is to do MC questions. If I was feeling lazy, I'd smash out a few MCQ to make myself feel better. They can be better revision than extended response questions.

The following have some excellent MCQ:

commerceacademy.com.au
mrwood.com.au
Economicstutor.com.au

P.S. I should add, I did 0 practice exams when I did Eco, and relied on two things:
1. MCQs; and
2. "Predicting" the questions in the exam (predicting is probably not the right word - pre-preparing is more appropriate).

Very interesting to hear that. Most teachers I have say the key to success is to as many practice questions as you think is necessary so there would be no surprises on SACs exams.

I do see what you mean though by multiple choice questions being better through as a multiple choice takes 30 seconds to a minute to answer while an extended response can take like 10 meaning you can cover 10 times the content in the same amount of time.

I sort of find the same sort of way of studying helps me. I don't really do practice questions nonstop but I like to give myself some confidence by applying my knowledge instead of just constant revision.

I've actually been thinking of signing up to mrwood I think I will do so for $35 it's cheaper than a study guide or text book and it seems to be highly recommended by a lot of high achieving students.

[sam.utute]

Interesting. How do you predict questions if you haven't done any prac exams though? And why is MC the best way to prepare for SACs?

Hard to explain via text - usually what Sam Dimopoulos and I go through in our revision lecture. We tried it with a student last year and he ended up getting a 50 and a Premier's Award

It comes down to understanding how and why the test certain content. There are patterns and common areas to all the exams - if you spend enough time analysing them, you realise that they are quite easy to predict.

Definitely recommend signing up to Comm Academy - it's free, which a big positive. Lots of questions and articles for Eco.