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Tips for the 2018 economics exam

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corza000:
Any final tips for the economics exam? Any predictions on themes or stimulus material?

zofromuxo:

--- Quote from: corza000 on October 25, 2018, 08:52:15 pm ---Any final tips for the economics exam? Any predictions on themes or stimulus material?

--- End quote ---
Know your statistics, some examples to use for questions and make sure you know how to answer all the type of exam questions given to you (Graphs, Tables, Drawing D/S curves, etc).

lifeisgood:
im not exactly sure but there could be questions on the following
1. assessing the extent in which Australia has achieved its three goal SSEG, FE and PS. (in this case it has) and discuss a factor
2. describe the trend (using graphs?) in the CAD, GDP, Unemployment, CPI,
2. recent factors (structural and cyclical) affecting the CAD, boP....at least two for each to be on the safe side
3. relationship between participation rate and unemployment. maybe even the underutilisataion rate.
3. the government budget (the stance, the effect on public debt,
4. evaluation of the effectiveness of macroeconomic demand policies in achieving the goals
5. evaluate the role of a market in allocating resources
6. basic definitions. eg Productivity vs production vs Productive capacity or relative scarcity, opportunity cost ... basically stuff that people may generally ignore.
7. how  a specific market failure may occur and link to a type of effiiency (a must)
8. the need for macroeconomic demand policies.
9. something to do with AS policies and evaluating strengths and weaknesses.
theres more but i cant think of them now.
basically study for everthing but i would particularly practise those 6 to 1o mark questions just to get a structure on how to handle these questions in the exam
lol I cannot count. ;D :P

corza000:
Thanks lifeisgood and zofrromuxo!

2. I've heard of structural and cyclical factors affecting CAD but not BOP. Are these different?

7. how  a specific market failure may occur and link to a type of effiiency (a must) - Not sure how you can link a market failure to a type of efficiency do you have an example?

Chelsea f.c.:
Current account and capital sum to zero in Australia and it is the balance of payments structural things I have spoken in forum previously I.e. persistent current account deficits which is not just consumption but also returns to overseas investors... market failure could be negative externality I.e. cigarettes where healthcare costs are not taken into account by smoker i.e. medicare is free allocative efficiency...

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