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March 28, 2024, 07:35:43 pm

Author Topic: HSC Economics Question Thread  (Read 190068 times)  Share 

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Deng

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Re: Economics Question Thread
« Reply #180 on: October 28, 2016, 09:35:05 pm »
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Ahhhh so the taking AUD out of the world market is equivalent to taking money out of the financial system (is that just an assumption for high-school economics or does it hold true in real world as well?) That makes much more sense - was just confused about what is counted as the financial system :) Thanks!!

Random chime this may be wrong, but i think the financial markets are like integrated now ( globalisation ), and exchange rate markets are spot markets where money just moves with ease.
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Deng

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Re: Economics Question Thread
« Reply #181 on: October 28, 2016, 09:36:25 pm »
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What are the strutural and cyclical issues of Australia's economy? Would structural refer to low national savings, high CAD and narrow export base and cyclical issues be ?
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hermansia12

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Re: Economics Question Thread
« Reply #182 on: October 28, 2016, 10:04:08 pm »
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What are the strutural and cyclical issues of Australia's economy? Would structural refer to low national savings, high CAD and narrow export base and cyclical issues be ?

The issues you named are definitely structural issues. Structural issues are generally ones that have been long term problems with the economy. I would probably also add that environmental issues, inequality and high wages also fall under this category. Generally, lots of structural issues contribute to the behavior of economic growth and the business cycle. Anything to do with the business cycle is generally cyclical issues. This includes the associated higher unemployment rate due to higher economic downturn etc. I would also argue that lots of structural issues combined contribute to cyclical issues faced in society.

Hope this helps :)

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Deng

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Re: Economics Question Thread
« Reply #183 on: October 28, 2016, 10:25:53 pm »
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The issues you named are definitely structural issues. Structural issues are generally ones that have been long term problems with the economy. I would probably also add that environmental issues, inequality and high wages also fall under this category. Generally, lots of structural issues contribute to the behavior of economic growth and the business cycle. Anything to do with the business cycle is generally cyclical issues. This includes the associated higher unemployment rate due to higher economic downturn etc. I would also argue that lots of structural issues combined contribute to cyclical issues faced in society.

Hope this helps :)



Ah yeah, thats what i assumed for cyclical i just couldnt think of any"big ones" like high CAD etc,
also for fiscal policy how can we check what has been implemented from budgets ?
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hermansia12

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Re: Economics Question Thread
« Reply #184 on: October 28, 2016, 10:58:02 pm »
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Ah yeah, thats what i assumed for cyclical i just couldnt think of any"big ones" like high CAD etc,
also for fiscal policy how can we check what has been implemented from budgets ?

That one is just googling it or looking it up in the news unfortunately. If I was unsure, I just analysed it in the form:  economic issue => response to economic issue => gov. proposed policy in budget  => How it would have helped/ combat issue
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bdesouza

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Re: Economics Question Thread
« Reply #185 on: October 29, 2016, 10:23:35 am »
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Hey,
Just wanted to know whether is acceptable to use headings/titles (somewhat report style) for section 3 and 4?
Or does it have to be essay style
Thanks

hermansia12

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Re: Economics Question Thread
« Reply #186 on: October 29, 2016, 10:46:41 am »
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Hey,
Just wanted to know whether is acceptable to use headings/titles (somewhat report style) for section 3 and 4?
Or does it have to be essay style
Thanks

I don't think Bostes out-rightly states that it must be in essay form though it is what most students write. The marking guidelines for these sections in the band 6 range is just:

-Synthesises own knowledge and understanding with the information provided, to develop a sustained, logical and cohesive response
-Integrates relevant economic terms, concepts, relationships and theories
-Demonstrates a clear and comprehensive understanding

So I would argue that you can use subheadings within the writing. It really is dependent on your writing style. The most important thing about essays is just making sure that it is structured and that the analysis is logical and clear.

Hope this helps
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bdesouza

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Re: Economics Question Thread
« Reply #187 on: October 29, 2016, 11:33:17 am »
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I don't think Bostes out-rightly states that it must be in essay form though it is what most students write. The marking guidelines for these sections in the band 6 range is just:

-Synthesises own knowledge and understanding with the information provided, to develop a sustained, logical and cohesive response
-Integrates relevant economic terms, concepts, relationships and theories
-Demonstrates a clear and comprehensive understanding

So I would argue that you can use subheadings within the writing. It really is dependent on your writing style. The most important thing about essays is just making sure that it is structured and that the analysis is logical and clear.

Hope this helps


Thanks!

kevin217

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Re: Economics Question Thread
« Reply #188 on: October 29, 2016, 04:20:21 pm »
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For 2012 subsidy question how do we read the graph. For 2011, how is c the answer?

brontem

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Re: Economics Question Thread
« Reply #189 on: October 29, 2016, 04:42:21 pm »
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For 2012 subsidy question how do we read the graph. For 2011, how is c the answer?

For question 18, the answer is A. The size of the subsidy is the vertical distance between the two supply curves -S1 price is $10, and and S2 price is 8, so the price per towel is a subsidy of $2 :)

For 2011, you can go through the process of elimination. The terms of trade has declined, so to counteract this economic growth needs to be boosted another way (I'm assuming domestically as well?? Someone correct me if I'm wrong)

A would do the opposite, and contract the economy
B would also contract (Taxation is a leakage)
D would make the price of imports more expensive, and wouldn't do much in terms of the domestic economy
C is the right answer because an increase in discretionary spending can boost particular areas of the economy (employment etc) and boost growth. And Government expenditure is an injection, so this increase would stimulate the economy, reducing the impact of the deteriorating terms of trade :)
 Hope that makes sense :) :) 

kevin217

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Re: Economics Question Thread
« Reply #190 on: October 29, 2016, 04:48:30 pm »
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For the subsidy question, the answer is A. But brontem, for the 2011 question haven't the terms of trade improved?

Deng

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Re: Economics Question Thread
« Reply #191 on: October 29, 2016, 04:55:10 pm »
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For the subsidy question, the answer is A. But brontem, for the 2011 question haven't the terms of trade improved?

Terms of Trade is calculated by export price index / import price index
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brontem

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Re: Economics Question Thread
« Reply #192 on: October 29, 2016, 04:56:23 pm »
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For the subsidy question, the answer is A. But brontem, for the 2011 question haven't the terms of trade improved?

I calculated the terms of trade by export price index/import price index

Year 1 110/100 * 100 = 110
Year 2 105/100 * 100 = 105
So it deteriorated from 110 to 105
That's how I got the answer, unless it's done another way??

kevin217

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Re: Economics Question Thread
« Reply #193 on: October 29, 2016, 04:57:43 pm »
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I calculated the terms of trade by export price index/import price index

Year 1 110/100 * 100 = 110
Year 2 105/100 * 100 = 105
So it deteriorated from 110 to 105
That's how I got the answer, unless it's done another way??
ahh my bad. I thought year 1 had 100/100. You are very much correct

Deng

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Re: Economics Question Thread
« Reply #194 on: October 29, 2016, 05:09:57 pm »
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Just wondering, would knowing policy responses to economic issues be enough for knowing budgets or should i have knowledge of budgets that had relate to globalisation ( not sure if this question makes sense )

Thanks
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