VCE Economics Exam Discussion and Questions 2017

[corza000]

What about the question on how AD policies can effect jobs and growth in 2016-2017. Can you use policies from the 2017/18 budget?

[zofromuxo]

What about the question on how AD policies can effect jobs and growth in 2016-2017. Can you use policies from the 2017/18 budget?

If it asked from the 2016-17 period, then you would have to use policies from the 2016-17 budget. I don't think you will lose most likely a mark for using a 2017-18 policy for that question.

[Gretel99]

Did anyone else find the exam too long? I ran out of time with the 8 mark questions....It seemed a lot longer than the sample but probably easier....

[zofromuxo]

I found the section B question wording pretty weird and vague, having just "jobs and growth" for half the exam made it really ambiguous because I didn't know whether I should address all the goals and components of goals. For example I defined jobs as full employment and growth as Strong and Sustainable growth in each question but I also had to write about the sustainability part.

Here is my multiple choice answers:
1)C    2)D    3)A    5)B    6)A    7)B    8)C    9)A    10)A    11)A    12)D    13)B    14)C    15)C

I uploaded a copy of the MC with my answers highlighted below.

Was wondering how you guys did?

9) should be D and not A.
This is due to the TOTS increasing from Year 1 to Year 2. This means that consumers are able to purchase more imports for any given volume of exports.

[AY34]

for the 8 mark aggregate demand policy question the only thing i talked about was the stance of budgetary policy., and how it was expansionary bc the structural deficit actually increased which would have had an expnasionary impact on the economy? And then i gave an example from 17/18 budget, in just one sentence. will i get at least one mark out of 8 lol

[fish99]

Did anyone else find the exam too long? I ran out of time with the 8 mark questions....It seemed a lot longer than the sample but probably easier....

Yes - i really rushed on the 8 markers and didn't really think them out like I would've liked to...

[corza000]

Heres the exam

https://drive.google.com/open?id=0BwjoABHNM9GZUFZ1cmlvUVBXU28

[ryan1231]

9) should be D and not A.
This is due to the TOTS increasing from Year 1 to Year 2. This means that consumers are able to purchase more imports for any given volume of exports.

I agree, thanks for your answers but I also got 9 as D. You made me realize I misread the efficiency one and put allocative in as mine 

[HaeIII]

MCQ Q7 is A as well not B

[PandaWithNoName]

9) should be D and not A.
This is due to the TOTS increasing from Year 1 to Year 2. This means that consumers are able to purchase more imports for any given volume of exports.

Damn, I thought TOT only had to do with prices of exports and imports so I honestly just guessed between A and D and I chose A. I swear when TOT rises, exchange rate falls or does a fall in exchange rate cause the TOT to rise? I might of gotten the cause and effect confused

[alexduncan]

I didn't finish it 

[PandaWithNoName]

MCQ Q7 is A as well not B

True, just realised its CPI final - CPI start / CPI start * 100. Rip I lost 4 marks for MC already

[zofromuxo]

Damn, I thought TOT only had to do with prices of exports and imports so I honestly just guessed between A and D and I chose A. I swear when TOT rises, exchange rate falls or does a fall in exchange rate cause the TOT to rise? I might of gotten the cause and effect confused

The TOT and Exchange rate isn't a cause and effect relationship like the Law of Demand with demand and price is.

[PandaWithNoName]

The TOT and Exchange rate isn't a cause and effect relationship like the Law of Demand with demand and price is.

Is Question 8 for my MC right? I had C

[zofromuxo]

Just from skimming the exam provided by corza000.
The jobs and growths questions was straight forward.
Jobs=Employment. Labour force.
Growth= Literally that. Economic growth. GDP