Official Economics Exam Discussion

[costargh]

I put increased participation rate

[champorado]

Haha, I totally forgot about MER.

I put something about foreigners.

For BP I put increased childcare subsidies.

Nerves are an awful thing.

[chikopapi]

Was the question like 'Why is the unemployment rate still high despite blah blah blah?"

[AppleXY]

Cheers costa.

What did people put for examples of budgetary and microeconomic policies implemented since 2005 that have affected the supply side of the economy??

I think I put...

Budgetary - infrastructure spending.
MER - IR reforms.

Heh, really struggled with the micro cause all of the ones I knew were implemented like before 2000. Pretty sure I'll lose some marks here. :/

LOL EXACTLY MAN.

I didn't finish. But I'm more than happy with the answers I didn't do. I absolutely gunned that 8 mark question.

I got D

[m08]

Was the question like 'Why is the unemployment rate still high despite blah blah blah?"

yep
and i had an increase in the participation rate as the answer

[champorado]

it was

The economy has contiuously grown, but the unemployment rate is still 4%. This is due to.
a) something about school leaving age
b) something else
c) participation rate has increased
d) old people are retiring

[chikopapi]

Nice, its participation rate yeah?

[chikopapi]

What was with the distribution of income question with the Lorenze curve. I think I put the one if income increases for the high income earners increases, the lorenze curve moves left....

[AppleXY]

I put  A.

I just thought Participation and UN were totally different things. You could have super high participation yet have high unemployment (structural unemployment).

Raising compulsory school age creates a greater skilled workforce which can decrease thee UN

[champorado]

Yeah. For the last Q, I got D (which is the option you outlined).

I got participation rate for that q as well.

I almost got the real wages one wrong. Lucky I had time to go over MC.


Apple: If the unemployment rate is constant in a time when jobs are being created, it means that the amount of people who want to work is also increasing. Raising the school age will reduce the participation rate, as people who might have wanted to work are forced to stay in school. There was a similar question in the insight trial exam.

[m08]

What was with the distribution of income question with the Lorenze curve. I think I put the one if income increases for the high income earners increases, the lorenze curve moves left....

urgh! i read that one wrong!

[Mark]

I thought overall the exam was pretty easy, although the last question was a shocker. It seems like no one knew what to write for it - I guess that means they're going to have to mark it pretty easy?

[costargh]

I thought the last question was which of these is FALSE. which wood be C.

[chikopapi]

which was YEAH, THAT IT DOES NOT SHIFT LEFT, IF IT shrinks left, the space between curver decreases, becoming more equal

if u increase wealth for high income earners, becomes more inequal, shifts RIGHT not LEFT, so D is right.

[costargh]

If anyone has the proper wording that wood be good.^^^