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Economics Questions Thread

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quokka1217:
Hi, I was wondering for the exam, if we use an abbreviation for one question after stating it in full e.g. 'goods and services (g/s)' can we use this abbreviation throughout the whole exam thereon??

Thanks in advance :))

IThinkIFailed:

--- Quote from: quokka1217 on November 10, 2019, 09:18:48 pm ---Hi, I was wondering for the exam, if we use an abbreviation for one question after stating it in full e.g. 'goods and services (g/s)' can we use this abbreviation throughout the whole exam thereon??

Thanks in advance :))

--- End quote ---
Nope, only for that question

Jmac02:
How did everyone go with the exam?

pahm:
"Explain why an economy must achieve productive efficiency in order to achieve allocative efficiency." (3 marks).

- What do i need to touch on to get all 3 marks?
- Do I need to provide definitions for productive & allocative efficiency?
- Are examples necessary?

thank you!!

Balfe:

--- Quote from: pahm on March 09, 2020, 07:32:34 pm ---"Explain why an economy must achieve productive efficiency in order to achieve allocative efficiency." (3 marks).

- What do i need to touch on to get all 3 marks?
- Do I need to provide definitions for productive & allocative efficiency?
- Are examples necessary?

thank you!!

--- End quote ---

Hey! Firstly, you should define both terms (2 marks) and then provide your explanation (1 mark).

So: “Productive efficiency occurs when an economy is producing the maximum amount possible at that point in time (productivity is maximised). In contrast, allocative efficiency occurs when the allocation of resources is such that living standards and welfare are maximised. Inherently, living standards cannot possibly be maximised if the economy is not producing the maximum amount possible, thus allocative efficiency cannot occur without productive efficiency being achieved.”

Hope this helps!

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