Official Economics Exam Discussion

[cobby]

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

GOOD QUESTION.

economics students arent loved

[champorado]

But economics is my favourite subject. 

marbs:
That's great. I hope you're right about that balance of trade thingo. I think I wrote in huge letters 'X-M'.

That's what I did for the wage increase question, too.

[costargh]

Here are the answers, Romeo Salla has sent me .
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  D


Looks like i got only 12/15. Damnnnn

[chikopapi]

So what was the answer for the one about cars, petrol, tolls, etc?

[costargh]

3D

[champorado]

Omg if those are right.

At least I did something well on that exam.

[clinton_09]

yay i said D woo hoo

[AppleXY]

damn got 14/15 (28/30) fucking participation question.

[jod333]

Everyone i have a question book,
umm i think the ones you are debating was 12 and 15?

so 12 is...

The following statements have been made by producers.
Which is an explanation for a movement along the supply curve?
A) energy cost rises have forced us to increase prices.
B) the new equipment installed will make us more competitive.
C) an increase in the demand for our product has resulted in a price rise.
D) the rising prices of raw materials have increased our costs.

and 15 is....

Which of the following statements about the distribution for country A is FALSE?
A) the gini coefficient for country A is between zero and one.
B) The shaded area on the above chart indicates the extent of the inequlity in the distrivution of income for country A.
C) any change in the distribution of income for country A that caused the Lorenz curve to move to the left would represent a reduction in the inequality of the distribution of income.
D) A change in the distribution of income which involved higher income households receiving a larger share of income would move the lorenz curve to the left.

im pretty sure 15 is D.

Cheers

[AppleXY]

Q12.) is obviously C because others are shifts in the supply curve. 
Q15.) The answer is D. I thought this question was pretty standard. Many people said the answer was "C", but that fact is completely correct. By changing the distribution of income that created less inequality will cause the curve to move to the left, (a lower gini coefficient)). But an increase in the incomes for the wealthy, distorts inequality even further, which causes the curve to move to the right.

[pennylane043]

ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right!

[myshin]

does anyone remember what question 13, for the multiple choice was?

thank you~

[paully08]

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

that was my answer too!
and all the other factors work to increase unemployment, atleast in the short term
(i think there was a similar question last year - where increasing the school leaving age was different to that of the other three)

[champorado]

ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right!

Aww, I said it worsens both. What's funny is that I got the one I was sure about wrong (said something about exports being dearer, imports cheaper) and the one I guessed right.

[chid]

ReVel, what you said about 'net income' for the final question is right,
the higher exchange rate means improves the balance of goods and services
but worsens net income! lucky for me, romeo salla was my eco teacher and he
talked me through it at the end of the exam because i got 'net income' the wrong
way around! other than that, good exam i think! i got all multi choice right!

How does that work?