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new study design for eco Unit 3 &4? what is likely to appear on the exam (2018)

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lifeisgood:
hey judging by the economic performance this year do you think there will be questions relating to the following.
1. factors that have helped to achieve the goal of full employment (since unemployment has just hit 5%)
2. factors that have helped to achieve the goal of low inflation (cpi at 2.1%)
3. factors that have made the CAD worse/ structural and cyclical factors
4. something about the budget deficit  for 2017/18 being lower than expected.
please help could someone test me on this stuff and other questions if you've got any.

Chelsea f.c.:
Personally I wouldn't base your study around what you believe may be on the exam and it's better to cover all bases but seeing as you want questions.

How would a demand shock or supply shock affect inflation, output and unemployment and show via diagram e.g. A decrease in oil supply e.g. Sanctions on Saudis and/or a decrease in demand for minerals maybe from china due to trade tariffs???

Why does the rba say the current account deficit is a good thing and compare with America???

What affect does a weak dollar have on GDP???

If you post your answers I'm available for feedback =)

zofromuxo:
The exam is always completed by March this year.
You can use or not use that information to hlep your study.

As for your questions you posted, all of those are possible questions.
I advised you look at the 2017 exam and the exam report for an idea on what they may test you know on, typically the topics on the student didn't do well part have a chance of around 65% being on the next exam.

But in general there is always a question about the budget, one with economic performance linked to the goals of full employment, strong & sustainable goals, low inflation, etc.
I think you should follow Chelsea f.c.'s response and study everything to cover your bases.

lifeisgood:

--- Quote from: Chelsea f.c. on October 21, 2018, 07:49:05 pm ---Personally I wouldn't base your study around what you believe may be on the exam and it's better to cover all bases but seeing as you want questions.

How would a demand shock or supply shock affect inflation, output and unemployment and show via diagram e.g. A decrease in oil supply e.g. Sanctions on Saudis and/or a decrease in demand for minerals maybe from china due to trade tariffs???

Why does the rba say the current account deficit is a good thing and compare with America???

What affect does a weak dollar have on GDP???

If you post your answers I'm available for feedback =)

--- End quote ---
yeh I have basically studied for everything....I think. ill try answering the answers
1.  a decrease in demand for minerals from china due to trade tariffs will reduce export sales, thus reducing the price of commodity. this will increase
2. the current account deficit would not be a bad thing if it is used to Increase investments in capital equipment as well as infrastructure and new mines will help to boost employment, national income, economic growth as well as living standards.
3. a weak dollar (how weak though i would say 70cents) will increase export sales as australian exported goods become cheaper for overseas buyers. at the same time a lower dollar would decrease imports (as it becomes more expensive for australians to purchase imported good) hence net exports would increase. this would increase AD and therefore increasing GDP.
how did i do   :P

Elayg6:


--- Quote from: zofromuxo on October 22, 2018, 08:18:16 am ---The exam is always completed by March this year.
You can use or not use that information to hlep your study.

As for your questions you posted, all of those are possible questions.
I advised you look at the 2017 exam and the exam report for an idea on what they may test you know on, typically the topics on the student didn't do well part have a chance of around 65% being on the next exam.

But in general there is always a question about the budget, one with economic performance linked to the goals of full employment, strong & sustainable goals, low inflation, etc.
I think you should follow Chelsea f.c.'s response and study everything to cover your bases.

--- End quote ---

So since the exam is completed by March 2018, we cant say on the exam data for August 2018 (e.g. unemployment rate is 5.3% as of August 2018, 3.4% for economic growth as of June 2018) ?

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