Official Economics Exam Discussion

[costargh]

What was Question 12 on?

[chikopapi]

grrr...maybe I put C, i dotn rememeber...

[samnoy]

Hey guys how was economics? Yeah I agree it was pretty fair, though a lot more questions on fiscal and monetary policies. And whats up with 4 questions? O.o lol. Didn't expect the terms of trade to be in there.

Anyways here are the answer for the mc, done by my economic teachers

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

If anyone disgree, it is always good to discuss about it xD. Anyways cheers guys and hope everyone did well

aww tru
i got exact same except last 4 went
D A D D
not C A D C
but thats still 13/15 the same
tets hope there 100% right

[champorado]

What was Question 12 on?

It was the one about suppliers I think. There were four statements, and you had to pick the one that caused a movement along the supply curve. One was right (according to my hand C), and the others caused shifts in supply.

[samnoy]

according to my hand i got c as well

[samnoy]

shit no i got d (N)
gayy
u gotta h8 the hand

[chikopapi]

I got umm the one to do with improving effiiciency with new machines?

[chikopapi]

Oh, what was the one with the WAGE GROWTH, I put 2005-06 , the one where it had increased by like 0.2 and the inflation rate was the highest of them all

[champorado]

Haha. I made sure to write them down so I could talk about them, but now I've realised it's pretty hard to do when I've forgotten the questions!

I must've looked so weird during reading time. I was trying to keep my fingers on the answers on the MC sheet and trying to turn the pages at the same time.

chikopapi: Wouldn't that cause a shift? If I remember correctly, it was asking for movement along the same supply curve, which would mean it was demand that shifted.

And yeah, I put the year that had 4.8 wage increase and 4 inflation.

[samnoy]

i put 05-06 as well

[champorado]

Hey, how come economics doesn't get its own board? Why are we at the bottom of 'other'?

[samnoy]

i kno

[ReVeL]

Hey, how come economics doesn't get its own board? Why are we at the bottom of 'other'?

GOOD QUESTION.

[marbs]

It wasn't too bad.

Multiple Choice

made a mistake on 3, and put B i think.
For the income dist. one i put 'high income family earners'
Shit I think I made a mistake on the wage/inflation one - I just took away the inflation from the wages, and looked at the changes each year, and put the lowest change

Written

First question was easy want full marks
I said that merchandise trade was the difference between exports and imports, and that terms of trade was a ratio that presented both exports and imports against each other (just came to me, could be wrong).

For the last one about income services

I said an increase in exports will mean the dollar will rise, meaning that we will owe more overseas...? Is this right?

[ReVeL]

I said an increase in exports will mean the dollar will rise, meaning that we will owe more overseas...? Is this right?

If the dollar rises, doesn't that mean Australian firms need less $A to pay off foreign debt and hence will effectively owe less money overseas??

Could be wrong.