Economics Exam Discussion + Suggested Answers!

[angelahchan]

Hi, does anyone remember what were the other options for q7?

[bundahboy]

I think i screwed it up really bad, chose the labour market policy question and wrote a full paragraph on how wage determination can help the government achieve it's goal of price stability, how many marks do you guys think ill lose?

I think efficiencies in wage determination can help reduce inflation by improving the allocation of resources, increasing AS and reducing cost-push inflation?

[CyberScopes]

they did... for q25 or q26 you could talk about fiscal (the stimulus for q 25 talked about fiscal and monetary)

Yeah but I was expecting a whole essay solely on fiscal policy, anyway i did write what I could about fiscal in that essay anyway, hope I did alright

[isaacdelatorre]

I think the answer to question 20 is C. The AUD depreciated so the answer can't be B because US exports got less expensive from 2019 to 2020 not from 2020 to 2019. I think imports were more expensive for Australians from 2019 to 2020?

Hey! How did you find the test overall? 😊 Yes, you are correct that the AUD depreciated which would mean that goods imported from the US are more expensive, however option C was "goods imported from the US are more expensive in 2019 compared to 2020". You may have got the years mixed up, as 2020 was when there was a lower exchange rate.

[RTS_1]

I'm fairly certain the answer for 6 was B, the market-based policy one. The trading of permits puts a real cost of carbon emissions into the economy, and this is seen through the Emissions Trading Scheme, which is an example of a market-based policy.
Also, for 7, wouldn't it be C, something to do with company taxation. It asked for what is driven by International Business Cycle, and company taxation obviously changes depending on the level of growth in the global economy, as sales fluctuate etc, whereas all the other options are discretionary changes?

[isaacdelatorre]

Chose Q26 and Q28 (mainly because I forgot stats for Aus for Case study) but doing labour market ended up helping for Q26. Multiple choice was decent. i think I messed up 1 short answer but very good exam overall

Great work!!!!! Sounds like you smashed it 😀 Don't worry about 1 short answer, in the grand scheme of things it is unlikely to affect your final mark much (if at all!)

[lcamilleri.53]

Great work!!!!! Sounds like you smashed it 😀 Don't worry about 1 short answer, in the grand scheme of things it is unlikely to affect your final mark much (if at all!)

After looking at your suggested answers, confidence is down having messed up 3 mc (most annoyed that i found the difference was 600 for the mpc question and i think i got lured into the trap of writing 600 instead of 700)

[isaacdelatorre]

I really hope I'm not the only person who found that hard...
My MC was good, I usually find this the hardest so I'm glad I improved but it says a lot about the rest of the exam.
SA I found myself waffling a lot because I was overcomplicating things from trying too hard, I knew everything in my head but found it hard to put into words on paper... Hopefully the markers can see where I'm coming from.
And the essays? What the hell? I ended up choosing Q25 and 27, but definitely regret not choosing 26, and only just didn't finish 27, as well as all of my case study being BS (Believable BS tho I think this was definitely my weakest section, was really hoping BOP and protectionism would be asked, guess not lol.

Either way, I think the paper was difficult and will hopefully scale better than average.

Glad my final exam is done now, the goal is Economics at USYD, time will tell

Hey! Great work getting through it - I agree, it was quite a hard paper, so I would expect the scaling to be quite good in comparison to other years. I'm sure you tackled all the questions well, it's just easier to focus on the (percieved) flaws. Focus on the positives - sounds like you smashed MC!

Congrats again on completing such a tough exams!

[amberberrie]

I'm fairly certain the answer for 6 was B, the market-based policy one. The trading of permits puts a real cost of carbon emissions into the economy, and this is seen through the Emissions Trading Scheme, which is an example of a market-based policy.
Also, for 7, wouldn't it be C, something to do with company taxation. It asked for what is driven by International Business Cycle, and company taxation obviously changes depending on the level of growth in the global economy, as sales fluctuate etc, whereas all the other options are discretionary changes?

I agree, i put the same for both questions hopefully were right!

[lcamilleri.53]

Does moderation of school marks work the same if you do the course online/via distance education, because that's actually how I did hsc economics

[isaacdelatorre]

Anyone have a link to the paper?

Nope unfortunately! However NESA will have it up on their website in a few days 😀

[TheFreeMarketeer]

I think I did fairly well. MC was solid. Short answers were okay but I think with most I got the point across. I did the case study Q27 which went well.

My only problem is that I did Q25 and did it fairly well but did not interpret the question as a policy mix essay and so I went all fiscal. How detrimental could this be?

[isaacdelatorre]

Hi, does anyone remember what were the other options for q7?

The other options were;
a) an increase in the GST rate
b) an increase in the tax free threshold
d) a decrease in the top marginal income tax rate.

How do you think you went overall? Pleased with your responses? 😊

[angelahchan]

I'm fairly certain the answer for 6 was B, the market-based policy one. The trading of permits puts a real cost of carbon emissions into the economy, and this is seen through the Emissions Trading Scheme, which is an example of a market-based policy.

I thought the emissions trading scheme faced criticism because it wasn't a market based policy...

[angelahchan]

The other options were;
a) an increase in the GST rate
b) an increase in the tax free threshold
d) a decrease in the top marginal income tax rate.

How do you think you went overall? Pleased with your responses? 😊

sorry do you mind telling me what's option c as well? thanks. overall i didn't go that great for the essays, but mc and short answer were alright