Eco Exam

[dim_sim]

it was public servants!!
the others all change automatically in differing economic conditions

Thought the exam was quite fair. Majority of it was fairly straightforward.. 2 speed economy was a curve ball ><

Last MC I did differentiated products and for carbon tax I did shift supply curve to the left causing a contraction in demand and oh public servants for the auto stabilisers

Omg noooo, I changed it at the last minute. 
Are you sure? But wouldn't the wages of public services rise/fall in response to changes in demand? Causing more/less tax revenue? Or do they not pay taxes at all because they work for the government? And also, they had "unemployment payments" and "social welfare payments" as different things. :/ Would "social welfare payments" imply that it's more for things like long term disabilities/pensions etc. that aren't affected by AD compared to unemployment? HAHA I'm so confused and I guess it doesn't matter now but it's really bugging me.

[shooterblitz]

Was much easier than I thought it would be. 2012 and 11 seemed significantly hard. I think I racked up enough marks to pull off a scaled 30. Let's see what VCAA does to me.

I ended up only providing definitions for the 6-marker about policy mix (aggregate demand + monetary to affect unemployment). Had enough time to finish the rest though.

On another note, wonder how chasej did! He's been of great help on the Eco thread all year, and has a great Economical knowledge in his explanations. Expecting big things

[yoyo23]

for the two speed did people do minerals resource rent tax? thats what i did and what was q11 mc: it was about the net capital inflow and whether the $A would appreciate/depreciate

[MrCommerce]

I thought it was okay, but the question about the two-speed economy was unexpected lol.. 
And what was the answer for the MC that asked "which isn't an automatic stabiliser"? Was it "wages for public servants" or "social welfare payments"?  (please don't tell me it was one of the others haha)

I picked public servants (but only because i think the other 3 were autos) :X

[vceisthedeathofme]

Does anyone know what the answers to the Multiple Choice are?

[abcdqdxD]

Omg noooo, I changed it at the last minute. 
Are you sure? But wouldn't the wages of public services rise/fall in response to changes in demand? Causing more/less tax revenue? Or do they not pay taxes at all because they work for the government? And also, they had "unemployment payments" and "social welfare payments" as different things. :/ Would "social welfare payments" imply that it's more for things like long term disabilities/pensions etc. that aren't affected by AD compared to unemployment? HAHA I'm so confused and I guess it doesn't matter now but it's really bugging me.

Pretty sure its public servants.. *fingers crossed*

[no steez]

yeh I was pretty strapped for time as well,
quick question why is economics not in your signature?!?!?

Changed it to Bus man because I had this kid identify who I was on atar notes lol

[dim_sim]

Aw crap I hope not.. and it's even worse when you change your mind lol

for the two speed did people do minerals resource rent tax? thats what i did and what was q11 mc: it was about the net capital inflow and whether the $A would appreciate/depreciate

Well I wrote about the 'mining tax' which I'm guessing is the same thing..?


But anyway, I'm just glad to get a subject out of the way.
And regardless of what happens, I'm so happy I took economics.
It's been my favourite subject this year. <3

[abcdqdxD]

yup I wrote about MRRT as well

[chasej]

Pretty sure its public servants.. *fingers crossed*

No doubt in my mind that it was public servants.

Will be back later. Celebrating now

[TechnicallyDead]

Celebrating now

Well somebody did well

[Highacheiver]

Definately had trouble with time aswell! For the two tiered could you also say monetary helping depreciate dollar helping with manufacturing sector?
Also I think the difference between the two market structures was the diffrent products
And does anyone know the answer to the one policy that was different than the others for aggregate supply policy either increase in pension age, childcare subsidies, increasing school leaving age or reducing criteria for general Skilled? 
Sorry guys!!! Just a little post exam stress hahaha :s at least its done!

[jwcjwc]

would the 457 visa scheme have been alright to do for the two-speed one......saying that it created more problems by increasing the extent of the mining boom by filling the skills shortages, and hence making the speed difference between mining and other industries such as manufacturing larger??

[shooterblitz]

If anyone is thinking they had a bad example for the two-speed economy question, read mine.

I wrote that the budget move to take spending on tertiary education out and push it into lower education (primary/high) would help reduce it, as a lot of uni students are demanding courses, particularly engineering, which is helping further boost the Mining sector. If we inject money into the lower education system, we foster a generation of children who would aspire into various other sectors, helping to boost them along to the level of the Mining sector.

LOL I don't even know, I had a mental blank and thats the best I could think of.

[play]

It was far easier than I had anticipated, literally couldn't stop smiling during reading time. Very lucky that we did some reading on the two-speed economy earlier in the year in class.