Official Economics Exam Discussion

[champorado]

Haha, everybody is getting different answers. I said D because it was the one that wouldn't help the situation. It didn't lower demand, and it decreased supply when more supply was needed. Oh well, if I can get 35, I'll be happy. Just have to work harder in my other subjects now.

[costargh]

Yeh I think urs is definitely a good example.

[cobby]

what did anyone write in response to the terms of trade and merchandise trade question??..
i had no clue what i was on about?

[costargh]

lol wat the hell is the balance of merchandise trade lol

[m08]

its over!
i thought the exam a decent paper and the short answers were really fair
i think i did alright but i dont want to jinx it!

[m08]

lol wat the hell is the balance of merchandise trade lol

exports of goods minus import of goods

[chikopapi]

Terms of trade- a measure of relationship between export prices and import prices, shows how many imports a given quantity of exports can buy

balance of merchandise - the export and import balance in current account for goods and sevices traded?

[cobby]

lol wat the hell is the balance of merchandise trade lol

LOL areckon

[costargh]

lol wat the hell is the balance of merchandise trade lol

exports of goods minus import of goods

thats what i wrote. but i made it up lol

[ReVeL]

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. :/

[Julian H]

this years budget had 2.6 billion allocated to climate change, with promised emission trading scheme reports to come out of it

[costargh]

Budgetary- Subsidies/payments to drought striken farmers to help with production?
MER- Further Labour Market Reform through Howard's Workchoices legislation

[chikopapi]

Budgetary - i put  the luxury car tax to encourage car production in australia -> increasing eco growth in long run

monetary - workchoices -> increased employment -> improving productive capaicty

[m08]

budgetary - infrastructure spending
mer - more labour mark reform with WorkChoices

[chikopapi]

What was that question about the unemployment rate? I put increased participation rate.