Economics Questions Thread

[chasej]

Hello guys,

I was just wanting to ask a question about what teachers can ask you on SACs because I am really disappointed. My first two SACS which was AOS1 split in two I received 36/40 and 40/40. For my second SAC which I sat last week I received 18.5/30 which is worth 30% of our Unit 3, whilst the first two was only worth 40% together. The average for the SAC was around ~20 with some really high performers such as myself getting quite poor results (not as dramatically bad as mine), and with the lower end of the cohort getting up higher, but it is fair to say that I have dropped enough marks for no return from my second top sport in the cohort to around 8th or 9th after this.

Regardless, here is the question. I was wondering what they can actually test you on? Although these components of the study design may be listed elsewhere, we haven't learnt them yet in those parts so yep. We learnt the dot points in AOS2 under ''The nature and purpose of macroeconomic activity,'' ''Strong and sustainable economic growth,'' and ''Full employment.'' This is my conundrum; under two of those headings, it says something generally about knowing factors about aggregate demand and supply that influenced the rate of economic growth in Australia for the past 4 years, and something to do with the economic cycle. Can the exam or SAC specify something such as 'exchange rate' or 'interest rates' be directly asked about in the question? The textbook that I used doesn't even have those components to do with agg demand and supply, and I was almost 100% certain that you could only be asked questions such as 'Describe two factors affecting aggregate demand' or something along those lines. I had a heated argument with my teacher about this because I was told this by a 1/2 teacher, and I'm almost positive I've read it somewhere else in the VCAA policies, and she just ignored me saying you can be taught on whatever whilst I continually referenced the study design.

Could someone please provide some clarity? I've fucked up my chance of doing well in the subject because of this unless I can somehow turn it back, because I just learnt 4 of my favourite agg supply/demand factors for each that I could talk about.

Thanks guys in advance!

The exam can never specify factors aside from those which are mentioned as having to know in the study design in other parts of the study design (e.g. exchange rate is expressively mentioned under external stability heading). The teacher has to the right to structure the questions however the want though, so any debate with them is fruitless, you have no recourse with VCAA as an individual (VCAA only considers complaints from school principles themselves). Only thing you could do is try and explain it to someone higher up e.g. VCE co-ordinator, but I imagine they would be reluctant to get involved in subject specific affairs.

[M_BONG]

Thanks. That sucks, because from learning off the study design I'm no longer going to get a 40! It is pretty ironic that the teacher is actually the VCE co-ordinator. I'm not really sure what external stability is, so I doubt they can mention something not relative to what you've studied as an a-ok reason to put some bullshit into the SAC. The SAC was purchased from CPAP, and their SACS are basically review questions just testing your knowledge in all areas rather than professional SACS with the worst stimulus ever. I'm not too sure that teachers are actually allowed to do that though? Isn't VCAA like the education body of Victoria and teachers follow their study design ... I think I might call VCAA tomorrow and ask because I know I'm not going to get the SAC scraped or anything and I'll just have to cop it, but it would be good for future reference.

VCAA actually does receive complaints from individuals. Some kid in my 3/4 last year complained about us having a new teacher every week (had like 4 teachers) and they provided us with like free seminars for our subjects which nobody went to, and the school got a slap on the wrist.

Dude you are complaining waaaaaaaay too much.

Here is the thing: VCAA does not care if your teacher doesn't mark your SACs fairly as long as his marking criterias are fairly applied (ie. to all students).

Also, schools can definitely use other company's papers as SACs. My school gives out CPAP trial exam SACs and they are very fairly worded. Teachers have discretion on how they set SACs and these SACs are audited by VCAA (randomly) and they won't listen at all to your appeals because they will dismiss it as subjective opinion.

By the way, if you don't know what external stability is, you really shouldn't be blaming your teacher man. External stability is like one of the five key goals of the government's monetary policy and it's definitely in the study design as a core knowledge of VCE economics . Maybe open up your Economics textbook? You'll see there is a major chapter on that.

[M_BONG]

See usually I don't bother with these online arguments because they end up wasting too much of my time. My previous message was not me trying to be a smartarse, it was me trying to answer your questions. I am sorry you take things so sensitively. 

I never said they couldn't use other company's SACs; I just said that CPAP SACs are usually review question oriented rather than replicating exam style questions.

The SAC was purchased from CPAP, and their SACS are basically review questions just testing your knowledge in all areas rather than professional SACS with the worst stimulus ever. I'm not too sure that teachers are actually allowed to do that though?

2.

I'm not appealing to VCAA I'm not sure where you got that idea from.
 

I think I might call VCAA tomorrow and ask because I know I'm not going to get the SAC scraped or anything and I'll just have to cop it, but it would be good for future reference.

[/b]
VCAA actually does receive complaints from individuals. Some kid in my 3/4 last year complained about us having a new teacher every week (had like 4 teachers) and they provided us with like free seminars for our subjects which nobody went to, and the school got a slap on the wrist.

3.

I'm not really sure why you're trying to be a smart ass.

I complained about one two things, I wouldn't turn your attitude into some sesquipedalian woo new big word-like teller of tales saying 'waaaaaaaaay.'

 VCE may be your life but VCAA isn't some holy grail that disregards human life. hang on, I'm the one being the smartarse here?

4.

Thanks. That sucks, because from learning off the study design I'm no longer going to get a 40! It is pretty ironic that the teacher is actually the VCE co-ordinator. I'm not really sure what external stability is, so I doubt they can mention something not relative to what we've learned

I don't know what external stability is because I haven't learnt it? Kill me now that I'm not getting ahead of my class will you. I know it's hard to believe, but my Economics textbooks have been opened - I'm so sorry I don't study ahead of my class.

So. Here you go I have answered all your questions/accusations/attacks on me using your own words.

You obviously said you wanted to complain to VCAA. You obviously said schools can't use commercial SACs. You obviously said that external stability cannot be on the SAC because you haven't learned it. You obviously accused me of being a smartarse when you're initiating the personal attacks.

Oh sorry you can't take other people's opinion if they don't suit what you want them to be. Sorry mate, you asked a question, expect a frank answer. Not something that will sound good to you.

[Jono_CP]

Well for supply and demand our school had a company SAC from COMPAK which was seriously based on luck and ridiculously silly (numerous drawings of supply and demand curves). Even my teacher said that some of those questions could not be studied for... I don't want to enter any arguments here as well, but I would just put it that I would kill for a 40/40 in any SAC, let a lone Economics. I got so far 23/25, 17/25 and 37/40 and worked harder than anyone one on the supply and demand SAC but I got the highest for economic growth or whatever it is. I hate Year 12...

[chasej]

See usually I don't bother with these online arguments because they end up wasting too much of my time. My previous message was not me trying to be a smartarse, it was me trying to answer your questions. I am sorry you take things so sensitively. 
2. [/b]
VCAA actually does receive complaints from individuals. Some kid in my 3/4 last year complained about us having a new teacher every week (had like 4 teachers) and they provided us with like free seminars for our subjects which nobody went to, and the school got a slap on the wrist.


3.
4.
So. Here you go I have answered all your questions/accusations/attacks on me using your own words.

You obviously said you wanted to complain to VCAA. You obviously said schools can't use commercial SACs. You obviously said that external stability cannot be on the SAC because you haven't learned it. You obviously accused me of being a smartarse when you're initiating the personal attacks.

Oh sorry you can't take other people's opinion if they don't suit what you want them to be. Sorry mate, you asked a question, expect a frank answer. Not something that will sound good to you.

In all fairness man, that was really really harsh and such an attack like the one you did on 90ATAR was really uncalled for and jumped to many conclusions, yeh I've noticed 90ATAR complaining a fair bit, but the attack on his study ethics is quite uncalled for as many schools are just starting to learn external stability and break the U3aos2 sac into two parts hence on a few topics are on each. 90ATAR may not have been required to learn external stability yet.

I agree with your other points on the setting of SACs however.

[M_BONG]

In all fairness man, that was really really harsh and such an attack like the one you did on 90ATAR was really uncalled for and jumped to many conclusions, yeh I've noticed 90ATAR complaining a fair bit, but the attack on his study ethics is quite uncalled for as many schools are just starting to learn external stability and break the U3aos2 sac into two parts hence on a few topics are on each. 90ATAR may not have been required to learn external stability yet.

I agree with your other points on the setting of SACs however.

Dude when did I ever attack his study ethics?

Dude you are complaining waaaaaaaay too much.

Here is the thing: VCAA does not care if your teacher doesn't mark your SACs fairly as long as his marking criterias are fairly applied (ie. to all students).

Also, schools can definitely use other company's papers as SACs. My school gives out CPAP trial exam SACs and they are very fairly worded. Teachers have discretion on how they set SACs and these SACs are audited by VCAA (randomly) and they won't listen at all to your appeals because they will dismiss it as subjective opinion.

By the way, if you don't know what external stability is, you really shouldn't be blaming your teacher man. External stability is like one of the five key goals of the government's monetary policy and it's definitely in the study design as a core knowledge of VCE economics . Maybe open up your Economics textbook? You'll see there is a major chapter on that.

Tell me when in this comment did I attack his study ethic.
He got all worked up after this comment. Fine, I admit my "you complain waaaayy to much" was a bit unncessary...
EDIT: I just realised that open my economics textbook remark couldbe taken as sarcasm; but I literally meant for him to "open up his economics textbook" ; im sorry if you take everything as an attack. I don't even know 90atar, why would I make remarks about his study ethics...You (and 90atar) are the ones jumping to conclusions.

[abcdqdxD]

Guys please keep the discussion relevant to the title of this thread.

[M_BONG]

Hi guys, can someone please define for me what "non-material living standards" is?

I know how to define living standards, but the challenge is in defining the "non-material" part of the question.....

Thanks!

[chasej]

Hi guys, can someone please define for me what "non-material living standards" is?

I know how to define living standards, but the challenge is in defining the "non-material" part of the question.....

Thanks!

Non-material living standards are all aspects of a persons life affecting their well being (and the well being of society as a whole) which are not related to a persons ability to access to good or services, these are very broad and include areas from happiness and health to family stability and freedoms.

[Jono_CP]

Non-material living standards are all aspects of a persons life affecting their well being (and the well being of society as a whole) which are not related to a persons ability to access to good or services, these are very broad and include areas from happiness and health to family stability and freedoms.

Yep, absolutely.

This could also be indicated if manufacturers are working in an environment which is polluted. E.g. there material living standards may rise but at the cost of non-material living standards.

Also, someone may have a job that they really like but hate travelling to. E.g. an excess amount of traffic, having to get up early...

Material living standards are pretty straight forward, e.g. you have a decent amount of money or you don't.

Non-material living standards are more complicated in the sense that you can both be happy and sad within the environment of a particular job.

Generally however, Gallop Organisation has indicated only 20% of people are engaged in the work they do. Costing the economy around  $380 billion dollars a year.

This is how non-material and material living standards intertwine and connect within the economy.

[chasej]

Yep, absolutely.

This could also be indicated if manufacturers are working in an environment which is polluted. E.g. there material living standards may rise but at the cost of non-material living standards.

Also, someone may have a job that they really like but hate travelling to. E.g. an excess amount of traffic, having to get up early...

Material living standards are pretty straight forward, e.g. you have a decent amount of money or you don't.

Non-material living standards are more complicated in the sense that you can both be happy and sad within the environment of a particular job.

Generally however, Gallop Organisation has indicated only 20% of people are engaged in the work they do. Costing the economy around  $380 billion dollars a year.

This is how non-material and material living standards intertwine and connect within the economy.

Really good use of current examples and stats (y)

Going further, one of the huge limitations of GDP is that it mostly completly ignores non-material living standards and measures overall living standards through materiality only. That's why over the years alternate measures of living standards such as GPI have become more prominent, and is one of their greatest strengths in that they can provide a better measure of non-material living standards and hence overall living standards relative to GDP.

[coolrezaee]

Have a SAC question here i'm not sure about my answer though.

How could the goal of full employment be achieved if there is a decrease in participation rate?

My answer: The goal full employment would be achieved if the participation rates were to decrease by employers having a smaller 'pool' of labour resources to choose from thus the shortage of labour would force them to employ the only available labour in the market hence the goal of full employment is achieved.

It was worth 2 marks, would i get my 2 marks?

Thanks

[M_BONG]

Hey
I am stuck on this:
Which of the following demand factors would be the most volatile?
A) Government Expenditure
B) Private Consumption Expenditure
C) (Exports - Imports)
D) Private Investment Spending

Also; Which of the following is the best definition for economic growth?
C)An increase in the value of goods and services produced over a period of time
D) An increase in the volume of goods and services produced over a period of time.

Is it value or volume?


Thanks guys!

[chasej]

Also; Which of the following is the best definition for economic growth?
C)An increase in the value of goods and services produced over a period of time
D) An increase in the volume of goods and services produced over a period of time.

Is it value or volume?


Thanks guys!

It is volume (usually expressed as "real value" which implies adjustment for inflation to determine the real value of increased production).

[Can't remember for sure the answer to the other question so will leave it to someone else, but I am 90% sure it is exports/imports as they are subject to volatile exchange rate markets and other global factors not occuring on a domestic scale].

[M_BONG]

It is volume (usually expressed as "real value" which implies adjustment for inflation to determine the real value of increased production).

[Can't remember for sure the answer to the other question so will leave it to someone else, but I am 90% sure it is exports/imports as they are subject to volatile exchange rate markets and other global factors not occuring on a domestic scale].

Oh ok; but I thought GDP was a value indicator not a volume indicator?
Volume implies the quantity not the total dollar figure of goods and services produced?

Nevertheless, the answer is indeed, D (the volume); I probably would remember from now on it's volume not value but I just need an explanation on why..