Economics exam discussion

[abcdqdxD]

Share your thoughts on the exam here. Was it easy or hard? Was there anything surprising?

If anyone has a copy of the exam please post it here and I can make solutions for MC

MC solutions are below. Credit to arandomu for a copy of the MC questions.

Spoiler

         

Q1) A major determinant of demand in one particular market could be: disposable incomes of buyers in the market (D).

Q2) Which one of the following would be recorded as a debit in Australia's balance of payments on current account? Interest paid on Australian Government bonds to overseas investors (C).

Q3) Market power exists when: a business is able to influence the price of a product by exercising control over demand, supply or both. (D)

Q4)The effect on market for product A from a rise in the price of a complementary product B will: shift demand to the left and decrease price (B).

Q5) Gini coefficient table question - asked whicih one is incorrect. Answer: Gini Coefficient confirm that the distribution of income has become more equitable (C).

Q6) Which of the following events, or combination of events, may result in RBA adopting a more restrictive monetary policy stance? An increase in the growth of both credit and household debt to income ratio, combined with rapid depreciation of the AUD (B).

Q7) Production possibility frontier table. 8000 services (A).

Q8) Which one of the following is an example of discretionary budgetary policy? Decrease in company tax rate from 30% to 29% (B).

Q9) Which one is least likely to increase productivity? A decline in competition in the market (D).

Q10) In a situation in which the inflation rate is higher than the RBA's target rate of inflation, the RBA is likely to: sell government bonds in order to drive the cash interest rate up (A).

Q11) Which one of the following is not an example of private investment expenditure (I) as a component of AD? Australian householders become cautious about future employment prospects and increase their savings in bank accounts as a means of securing their future spending capacity (D).

Q12) Whicih one of the following government intiatives is most likely to improve non-material living standards in Australia? Increased public resources directed to the provision of support services for domestic dispute resolutions (A).

Q13) Suppose Australia's interest rates increased while interest rates of its major trading partners remain unchanged. Which one of the following combinations is most likely to result? The supply of AUD decreases and TWI increases (D).

Q14) Assume average wages in the national economy have increased by 5% and average productivity has increased by 2%. Which one of the following is the most likely outcome? Increase in inflationary pressures, reducing the price competitiveness of Australian exports (C).

Q15) Which of the following policy changes might contribute to an improvement in equity in income distribution? Raising the income tax-free threshold (A).

For extended response solutions, see Connect's

[arandomu]

Exam hasn't even started yet and you made the thread, so keen 

[demand&supply]

can someone post the answers to mc asap pls??? i have mine all down on the back of my label card, dying to find out how i went!!!

[abcdqdxD]

Does anyone have a copy of the exam?

EDIT: I thought the exam was pretty fair, a bit easier than last year's. MC was about medium difficulty. Extended response was not too bad  except the last question and the one on transmission mechanisms which was tough.

[spectroscopy]

me and my peers found the questions not too difficult (some were wierd) but we were all pressed for time, the question on "analyse mp, outline 2 transmission mechanisms and their affect on sseg and full n" was ridiculous it was worth 6 marks in that exam but 10 every where else i have seen it/variations of it

[abcdqdxD]

I think 6 marks is fair for the transmission mechanism question. 10 is way too much.

[mcelle888]

What would have been a good industry to talk about in the question about naming an industry affect by slow growth in Australia and an AD and AS factor contributing to the effects?

[abcdqdxD]

What would have been a good industry to talk about in the question about naming an industry affect by slow growth in Australia and an AD and AS factor contributing to the effects?

Hmm could talk about any industry really. Mining or manufacturing is probably the easiest.

[daniel.esdaile]

For  mc I got dcdbcbabdadaaca   post ur answers so we can  compare

[vididid]

I felt it was kind of  really long? Probably because I overwrote some but LEL?
Thankfully I went over transmission mechnaisms right before the exam but on one has a copy just because we had to hand them up? But of anyone has the paper?

OMG guys we're done

[spectroscopy]

I think 6 marks is fair for the transmission mechanism question. 10 is way too much.

i wouldve thought each goals definition plus linking = 2 each (4)
each transmission mechanism = 2 each (up to 8 now)
analysing the years MP and talking about OMOs = 2 or so (10)

[vididid]

Dcdccdabdadadca

It was so trippy with all the d's

[abcdqdxD]

i wouldve thought each goals definition plus linking = 2 each (4)
each transmission mechanism = 2 each (up to 8 now)
analysing the years MP and talking about OMOs = 2 or so (10)

You don't actually get marks for defining goals, but if you don't define it you can lose marks. I don't think OMO was relevant to the question (but I skimmed over the paper really quickly so I might be wrong).

[timc]

For  mc I got dcdbcbabdadaaca   post ur answers so we can  compare

Dcdccdabdadadca

It was so trippy with all the d's

LOL reminds me of the simpsons so much where they are trying to remember the solutions

..found it ok

[mcelle888]

Hmm could talk about any industry really. Mining or manufacturing is probably the easiest.

I did mining but I'm super wary with that choice because I felt like the question was asking what industry has been affected by slow Australian growth but mining is more because Chinese growth has slowed, not a slowdown in Australian growth....
I guess slowdown in China does result in weaker AD/Australian growt but I didn't make an explicit reference to that link D: