Eco Exam

[Towlie]

I thought it was relatively short compared to the 2012 exam, As I attempted the 2012 exam 3 times in practice and didn't finish it once in the allocated time, whereas this exam I finished with 10 minutes to go, could just be the pressure and nerves.
The questions weren't too hard as well, some of the question however weren't well specified by VCAA as there is a big difference between the impact of a policy in the short term and the long term, and some questions did not give enough marks for you to provide the whole answer.
Overall the multiple choice was probably the hardest, in terms of in class teaching, as there were a few questions that could only be answered if you were aware of the ideas presented, but I still think there will be a significant amount of 15/15's. As a number of the answers could be ruled out, the biggest challenge will have been identifying what the question was asking as some asked for 'not' or 'least likely'.
I believe it was still easier than the 2012 exam, but defiantly harder than the many others before that. And the A+ cut off may be around 77-78/90, depending on what the markers are looking for in the extended response.

[Ronald Zhang]

If you've got a copy/photocopy of the exam, please email through to [email protected], and we can get solutions up on our website!

[Mansmatt]

damn it thought underutilization rate was 7% , should know VCAA better and guess something which wouldnt be so easy to guess haha

[sam.utute]

Suggested solutions for MC about to be posted on the Connect FB page

[sam.utute]

Apologies for the double post:

Answers to MC:
https://www.facebook.com/connecteducationAU/app_192229990808929

Scan of exam:
http://www.mediafire.com/view/9908zoeiid2rr9e/VCAA_Economics_Exam_2013_MC.pdf

[chasej]

Apologies for the double post:

Answers to MC:
https://www.facebook.com/connecteducationAU/app_192229990808929

Scan of exam:
http://www.mediafire.com/view/9908zoeiid2rr9e/VCAA_Economics_Exam_2013_MC.pdf

Thanks! Interesting answers. I disagree with a couple from my post on the fb connect page. Going to be interesting to see what VCAA says. Was the hardest MC section in ages-was almost as difficult as the MC from the CPAP textbook.

Hopefully I'm right for the sake of my marks D:

[abcdqdxD]

Thanks! Interesting answers. I disagree with a couple from my post on the fb connect page. Going to be interesting to see what VCAA says. Was the hardest MC section in ages-was almost as difficult as the MC from the CPAP textbook.

Hopefully I'm right for the sake of my marks D:

Which ones do you disagree with

[janson34]

13/15 here.. screwed up on 1 question quite easily, pretty annoyed 

[chasej]

Which ones do you disagree with

These are my comments on FB:

" I would argue that D was the correct answer to Q.8. Household savings ratio is defined by the ABS as savings as a percentage of disposable income. If monetary policy is loosened undoubtedly spending would increase but at the same time many households are likely to use the extra savings to either pay back loans faster or save. There is room for spending as a result of increases in discretionary income to increase while savings as a percentage of disposable income to increase alongside the increase in spending.

The increase in savings is evidenced by what happened to savings over 2008-09 alongside monetary policy loosening. I would also not be surprised to see that savings ratios would be increasing now alongside our record low cash rate in Australia. I agonised over whether the answer was B or D in the exam room but decided the D in the end was the only answer that could stand up to contemporary evidence.

What is the argument for B being the correct answer?
 

Also I think you're wrong for question 3. Although the criteria for skilled immigration will be decreased-the migrants would still be "skilled"-which VCAA clearly states. Going to be interesting what VCAA says the answer is-I interpreted relaxation of skills criteria being that more already trained individuals would be in the labour force-a clear benefit for AS.

[chasej]

13/15 here.. screwed up on 1 question quite easily, pretty annoyed 

Same for me if the connect answers are the VCAA answers 

[abcdqdxD]

99% sure the answer to q3 is C

[janson34]

99% sure the answer to q3 is C

agreed, seems logical

[Bazza11]

A relaxation of the criteria that need to be met does not mean an increase in the quantity of immigrants: it only means that those immigrants that do gain entry have less skills to contribute to the production process, decreasing AS

[chasej]

A relaxation of the criteria that need to be met does not mean an increase in the quantity of immigrants: it only means that those immigrants that do gain entry have less skills to contribute to the production process, decreasing AS

It's such a ambiguous question. The arguments are hurting my brain

[Bazza11]

It's such a ambiguous question. The arguments are hurting my brain

   Exactly, I wouldnt be surprised if they gave both c and d correct