Official Economics Exam Discussion

[costargh]

HEYYY!! ECONOMICS 2008 IS OVER!!!

How'd everyone go? I personally thought it was a fairly decent exam, although some of the multiple choice questions were a bit tricky. Really only one of the questions I had no idea about which was the difference betwen balance of (merchandise) trade and terms of trade. I dont rememeber doing that in class.

Here are my multiple choice answers:
By no means are these THE RIGHT ones, they are just MINE.

1.A
2.C
3.C
4.A
5.A
6.D
7.B
8.C
9.B
10.C
11.A
12.A
13.A
14.D
15.C

THOUGHTS ON EXAM GUYS?

[cobby]

Last question of the exam got me stumped, i just blabbered in that response didnt really know what i was on about there..oh well hopefully ill get a sympathy mark for the question
but the rest of the exam i was really confident with
and from what i remember, i got very similiar multi choice responses to you costargh

[costargh]

SJRC REPRESENT!!!

at WORST i got an A, so now i feel much better about not opening a book in eco for weeks hahah

[ViM]

bit annoyed at all the questions which are contradictory to current events like the AUD and budget surplus. Did anyone think it was easy? Tons of people left early at my school and i didn't think it was easy.

[costargh]

I thought it was fair. By no means was it hard.

[cobby]

SJRC REPRESENT!!!

at WORST i got an A, so now i feel much better about not opening a book in eco for weeks hahah

LMAO thats right SJRC matteeee

[champorado]

Can I ask why you chose C for 3 and A for 12?

Was 12 the statement from suppliers one?

[costargh]

Q3
I put C (trains and trams) because it said which one wood not be a resuilt of market forces or something. Market forces imo would change the price or qty supplied or cars, not produce substitute products (trains an trams)


Not sure with Q12, cant remember what it was

[Julian H]

Answer to question 3 is D.

[ReVeL]

Ehh.. I found it ok but I don't think I did great.

Struggled with afew of the extended response and couldn't think of a MER implemented since 2005 haha.

Oh well, probably in the range of 70-76 out of 90. (A maybe?)


PS. Do you think talking about when the government provided monetary incentives for people to get solar panels would be a suitable policy for combating climate change? I couldn't think of a better one hah.

[chikopapi]

Umm For that question

Which of these policy actions is not in response to market forces?

I put A 'rising tolls'

Reasons

Petrol Taxes is in response to excess demand, not enough supply
Extending train lines is in response to demand. Why else would they extend them, if there isnt the demand?
Banning Cars from the road, because there is excess demand in peak hour, not enough supply of road space

Whereas RISING TOLLS could be in respect to anything. Rising tolls doesnt necesasrily mean too much demand, it could be for many things eg to pay for structural costs etc.

[costargh]

Carbon emissions trading scheme?

[champorado]

I just wrote them on my hand.

I just wrote bull for short answer. That balance of trade thing stumped me. Actually, anything where I had to draw from current events I just made up answers for.

[ReVeL]

Carbon emissions trading scheme?

Yep that would be the logical answer but totally forgot about it haha. Would my answer be worth any marks? :S

[chikopapi]

I put Rudds 35 million dollar grant to toyota to build hyrbids.