Eco Exam

[Bazza11]

Yeah that's true I can see the short term effect of people entering the work force instead of staying in school. But for that to be the right answer, you'd have to accept that the skilled migration answer was correct-and I don't see how reducing the quality of skilled migration improves AS?

[abcdqdxD]

Can you type out the whole question regarding increasing the minimum school age?

[chasej]

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

Yeh. I probably got the question wrong. Quite annoying as I had the right answer up until the last 2 minutes. Anyway, hopefully the rest of the exam is OK.

[chasej]

Yeah that's true I can see the short term effect of people entering the work force instead of staying in school. But for that to be the right answer, you'd have to accept that the skilled migration answer was correct-and I don't see how reducing the quality of skilled migration improves AS?

I don't think the question said anything about the quality of skilled labour.

Does anyone have a copy of the paper they could upload. I was planning to ask for a copy but forgot in the end.

[jacobbz]

Anyone got an idea for question 12 in the multis? it was something about which of the following was least likely to result in a decrease in import prices..

[abcdqdxD]

increase employment in domestic industries (if I'm thinking of the right question)

EDIT: don't think we're talking about the same question.. can't remember the question on import replacement exactly

[abcdqdxD]

I don't think the question said anything about the quality of skilled labour.

Does anyone have a copy of the paper they could upload. I was planning to ask for a copy but forgot in the end.

The answer to the q was increasing the minimum school leaving age if I recall correctly (which would decrease AS, the others all increased AS)

[MrCommerce]

Yeah that's true I can see the short term effect of people entering the work force instead of staying in school. But for that to be the right answer, you'd have to accept that the skilled migration answer was correct-and I don't see how reducing the quality of skilled migration improves AS?

It said reduced leniency, so perhaps it means they are simply allowing more immigrant inflow, increasing labour supply and therefore increasing AS.

I don't like the question though, then again, that's probably cause i got it wrong! sigh...

[chasej]

Did anyone have a favourite question? I loved the ones about coffee prices and demand shifts in the market (think it was question 3 extended response). Micro is so much more fun than macro simply because you can see it every day in real life. Was really nice for VCAA to include a real life application type question.

What microeconomic demand factor did people use also? I did an increase in price of a substitute (used energy drinks as an example substitute).

VCAA's demand/supply graph was also so neat <3

[abcdqdxD]

Hated every question in the ER section

[Highacheiver]

VCAA's demand/supply graph was also so neat <3

Agreed! The graph was quite beautiful! Actually nade me finally get the theory while I was sitting there!

[abcdefgh]

What did you say for the second question on coffee? One about the equilibrium market price moving from E1 to E2.

[Kotsi96]

How was the underutilsation rate 12% ?

[chasej]

What did you say for the second question on coffee? One about the equilibrium market price moving from E1 to E2.

The second question was the effect of the shift wasn't it?

I just said the shift to right means consumers value the product more and thus are willing to pay more for it thus suppliers driven by their profit motive would increase supply due to the fact consumers are willing to pay higher prices thus supply would expand.

[janson34]

7 + 5/100
=12/100

forgot what the headings for the percentages were tho