Eco Exam

[abcdqdxD]

was underutilisation rate 12%?

[Bazza11]

Yep

[abcdqdxD]

Yep

yay

[The Big Aristotle]

Compared to the past papers that I've done, I found the short answer a little more challenging, however I found the multiple choice pretty straightforward.

Bit bummed that I ran out of time, lost some marks.

Hopefully it turns out for the best.

[dirtlando]

Anyone want to be a legend and upload a copy of the exam?

[abcdqdxD]

Did most people finish?

[adios]

Did most people finish?

Unfortunately not, I spent too much time on a few lower mark questions which meant I had to race through some of the higher marked ones at the end.

I;ve got really neat handwriting though, maybe seeing I'm a guy the examiners will give me bonus marks for that? 

[neonperson]

I finished just in time with a couple of minutes to spare, but I basically made up a few policies  because I couldn't think of any proper ones LOL

hopefully the examiners will give me theory or pity marks or something

[sulla5460]

For the question regarding an immigration and budgetary policy did people talk about how they could slacken the laws regarding skilled immigration and they could cut taxes to migrant workers as an immigration policy and budgetary policy respectively?

[adios]

I finished just in time with a couple of minutes to spare, but I basically made up a few policies  because I couldn't think of any proper ones LOL

hopefully the examiners will give me theory or pity marks or something

The classic 'I'll just invent a policy and gave it a vague title and not write a year' trick. Got me through a few SACs.

[chasej]

congratulations everyone!! (so happy I have 12 days off now until I need to start studying for unit 2 exams

Well somebody did well

I would celebrate regardless. Everyone here just completed one of the hardest economics exams VCAA has written in years, particularly the MC section. Most people wouldn't know 20% (that's probably a generous number tbh) of what we have all learnt this year. We've all come so far this year, it's worth celebrating regardless of how many marks you did or didn't get.

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

Thanks mate. It's good to know my input is appreciated. I'd like to take this oppurtunity to thank all the others who have helped me out on the economics forum. There are certainly a fair few people including but not limited to Sam.utute and abcdqdxD that helped me out a fair bit earlier in the year and in the lead up to the exams with both knowledge and motivation whether directly or indirectly. I know I haven't named everyone so I hope no one takes offence, know your assistance is greatly appreciated by me. I certainly intend to keep a presence on the economics forums into the future also, so I'm not going anywhere soon . Thanks again all!!

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? 

Yes. The difference on the market structure questions was that monopolistic competition has product differentiation (not identical) while a perfectly competitive market has homogenous (all identical) products.

Also increasing school leaving age was different as increasing it means labour force participation rate would fall/not rise. All the others mean labour force participation rate would rise/not fall. Labour force participation effects business unit costs by (in theory) causing the labour supply curve to shift to the left/right and participation also effects quantity of available resources and hence productive capacity which ultimately acts as a limit as to how many goods and services suppliers can produce with finite resources.

Did most people finish?

It was certainly a long paper. Most prac exams I finished with 15-30 minutes left. This exam I was really getting nervous with how time was marching on (only had about 25 mins for Q.4) and finished just 5 minutes before the end. I wouldn't have finished in time if I didn't manage to complete the multiple choice in reading time. I actually sacrificed 1 or 2 marks just by rushing I think. Hopefully the assessors that mark my paper are also willing to read some sentences below the designated writing lines-I didn't have time to keep on flicking back and forth to extra space.


General comments:

I actually found the exam fairly challenging to be honest. In fact there were some questions on there that had the potential to be really soul crushing. I'm expecting an A+ cutoff of around 82-84%-could work in many people's favour.

VCAA knew the two speed economy question was going to be really hard which is why the included a really long pre-amble about the issue-if I remember correctly there were a good 4 or 5 quotes there. My teacher who is an assessor said he's expecting to be giving out a fair few 1/4 and 2/4 marks for that question-so it's probably not worth worrying about as everyone is in the same position with the difficulty. I wrote about the Tasmanian Forests Agreement 2013 for it BTW-a policy I didn't really know much about TBH *fingers crossed*.

Also does anyone know the answer to MC Q.8. The one about monetary policy loosening affecting consumer spending and household savings ratio. I initially said increase spending, decrease savings. But changed it to increase spending, increase savings. (Using the logic that in many situations consumers use MP loosening to save money/pay back loans faster as MP can be weak at increasing confidence levels e.g. 2008-09 while at the same time spending would still of course increase).


I wish those that still have exams to sit all the best for them and ATAR/course selection.

[abcdqdxD]

I said increase spending, decrease savings (if savings increased, spending wouldnt increase)

[Bazza11]

In regards to the multi with the school leaving age thing, wouldn't increasing the leaving age actually improve Aggregate Supply as individuals improve their factor endowment/long term employability? So wouldn't the answer be D, since reducing the quality of skilled immigrants will lessen their ability to fill skill shortages?
Also, I'm hoping that loose monetary policy actually lead to increased consumption and decreased households savings, as the opportunity cost of saving increases

[Jandrews1]

With the question asking for ONE environmental policy that increases living standards and long term economic prosperity, i did the solar rebate. As less pollutants and sustainable consumption of things like coal. Is this incorrect?

[MrCommerce]

In regards to the multi with the school leaving age thing, wouldn't increasing the leaving age actually improve Aggregate Supply as individuals improve their factor endowment/long term employability? So wouldn't the answer be D, since reducing the quality of skilled immigrants will lessen their ability to fill skill shortages?
Also, I'm hoping that loose monetary policy actually lead to increased consumption and decreased households savings, as the opportunity cost of saving increases

Man i have the same thinking as you. However, in saying that, the school leaving age answer now seems a little more valid considering it has an immediate effect.