Login

Welcome, Guest. Please login or register.

March 28, 2024, 08:50:21 pm

Author Topic: HSC Economics Question Thread  (Read 190071 times)  Share 

0 Members and 1 Guest are viewing this topic.

jakesilove

  • HSC Lecturer
  • Honorary Moderator
  • Part of the furniture
  • *******
  • Posts: 1941
  • "Synergising your ATAR potential"
  • Respect: +196
Re: Economics Question Thread
« Reply #30 on: August 02, 2016, 02:59:41 pm »
+1
For the first one (q18) you need to find the simple multiplier (which will be the same for year 2-3)
The MPC will be change in consumption/change in income
So 40/50 = 0.8
And the multiplier uses the MPS which is 1-MPC so
1-0.8 = 0.2
k = 1/MPS
k(multiplier)= 1/0.2 = 5

calculating the change is always the same
Change in national income = k x change in exports (for this question)
100 = 5 x change in X
100/5 = 20
Change in X = 20

I hope that makes sense :) its a bit of an eyesore (I can write it out if you want) but I have no idea how to do that fancy maths input that everyone else uses sorry



There ya go
« Last Edit: August 02, 2016, 03:03:05 pm by jamonwindeyer »
ATAR: 99.80

Mathematics Extension 2: 93
Physics: 93
Chemistry: 93
Modern History: 94
English Advanced: 95
Mathematics: 96
Mathematics Extension 1: 98

Studying a combined Advanced Science/Law degree at UNSW

hermansia12

  • Trendsetter
  • **
  • Posts: 135
  • Respect: +14
Re: Economics Question Thread
« Reply #31 on: August 02, 2016, 03:32:01 pm »
0
Does anyone here remember how to calculate tax brackets (like in junior financial maths)

I'm having a mind blank at the moment and don't remember how to

Thanks  ;D

Hi There,

Tax brackets are a progressive tax (e.g income tax). i.e the tax rate increases as the taxable amount increases. To do this, find out the bracket it is from and then calculate the amount of tax that could be charged like you would normally do

Example:
Income tax rates for 2016-17
Taxable income         ll          Tax on this income
0 – $18,200                 ll                       Nil
$18,201 – $37,000      ll       19c for each $1 over $18,200
$37,001 – $80,000      ll    $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000    ll    $17,547 plus 37c for each $1 over $80,000
$180,001 and over      ll    $54,547 plus 45c for each $1 over $180,000

Now suppose you earn $38, 655,

Then to calculate your income tax, you are in the bracket of $37,001 – $80,000. Therefore the calculation is:

$3,572 + [0.325($38, 655 - $37,000)]

Hope this helps  :)
Economics: 91
English Advanced: 90
Studies of Religion 1: 46
Mathematics Extension 1: 88
Mathematics Extension 2: 73

ATAR: 96.05

Currently studying: Bachelor of Engineering (Civil) (Hons)/Bachelor of Commerce at UNSW

isaacdelatorre

  • HSC Lecturer
  • Forum Obsessive
  • ***
  • Posts: 303
  • Respect: +74
Re: Economics Question Thread
« Reply #32 on: August 02, 2016, 10:59:31 pm »
0
Hey guys,
I came across a question and I wasn't sure how I would answer this. Does anyone have any thoughts?
Thank you guys!!!

"Discuss TWO reasons for the convergence of economic growth patterns between different economies" - 4 marks
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

isaacdelatorre

  • HSC Lecturer
  • Forum Obsessive
  • ***
  • Posts: 303
  • Respect: +74
Re: Economics Question Thread
« Reply #33 on: August 04, 2016, 12:55:31 pm »
0
Hey guys,

If someone could please impart their knowledge regarding topic 4. I would really appreciate it
I was away on camp when my class did fiscal policy and was kind of confused when I tried to learn it myself. Could someone please explain to me how fiscal policy is used and how it effects the economy?

Also what kind of questions they could ask about topic 4, short answer or extended response.

Thanks guy :D
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

Klexos

  • Forum Regular
  • **
  • Posts: 52
  • Exceeding limitations
  • Respect: 0
Re: Economics Question Thread
« Reply #34 on: August 04, 2016, 04:26:03 pm »
0
Whats the difference between comparative & absolute advantage? And how is it numerically compared?

I came across this question in the Tim Riley workbook (Chapter 2 MC Question 16).
2015 HSC: Business Studies

2016 HSC: English Advanced  l  Mathematics  l Mathematics Extension 1  l  Economics  l  Physics

RuiAce

  • ATAR Notes Lecturer
  • Honorary Moderator
  • Great Wonder of ATAR Notes
  • *******
  • Posts: 8814
  • "All models are wrong, but some are useful."
  • Respect: +2575
Re: Economics Question Thread
« Reply #35 on: August 04, 2016, 04:28:06 pm »
0
Whats the difference between comparative & absolute advantage? And how is it numerically compared?

I came across this question in the Tim Riley workbook (Chapter 2 MC Question 16).
From my economics course, the party that has a comparative advantage is that of whom has the lowest opportunity cost of partaking a particular action.

As opposed to the absolute advantage, which is the party that can perform the action using the least amount of resources.


Numerics wise: Well, if a country has an absolute advantage then the resources required will be the least. That's pretty simple.

Not sure if you've been taught the opportunity cost formula but I learnt it as

OC(Action X) = (Loss in Y)/(Gain in X)

And you want that number to be at the least basically.
« Last Edit: August 04, 2016, 04:35:14 pm by RuiAce »

Klexos

  • Forum Regular
  • **
  • Posts: 52
  • Exceeding limitations
  • Respect: 0
Re: Economics Question Thread
« Reply #36 on: August 04, 2016, 04:52:43 pm »
0
From my economics course, the party that has a comparative advantage is that of whom has the lowest opportunity cost of partaking a particular action.

As opposed to the absolute advantage, which is the party that can perform the action using the least amount of resources.


Numerics wise: Well, if a country has an absolute advantage then the resources required will be the least. That's pretty simple.

Not sure if you've been taught the opportunity cost formula but I learnt it as

OC(Action X) = (Loss in Y)/(Gain in X)

And you want that number to be at the least basically.

Could you fill me in on opportunity cost @___@?
2015 HSC: Business Studies

2016 HSC: English Advanced  l  Mathematics  l Mathematics Extension 1  l  Economics  l  Physics

RuiAce

  • ATAR Notes Lecturer
  • Honorary Moderator
  • Great Wonder of ATAR Notes
  • *******
  • Posts: 8814
  • "All models are wrong, but some are useful."
  • Respect: +2575
Re: Economics Question Thread
« Reply #37 on: August 04, 2016, 05:06:26 pm »
0
Could you fill me in on opportunity cost @___@?
Informally, opportunity cost is basically what you had to forego to get what you chose to get.

A more refined definition is that it is the value of the next best alternate action, to a particular action. This means say you were choosing between producing T-shirts or trousers (and for this example's convenience, say that their price tag were the exact same). It takes you 1 hours to produce a T-shirt but 2 hours to produce a pair of trousers.

So the opportunity cost of producing the T-shirt would be "one half" of a pair of trousers.
Conversely, the opportunity cost of producing the pair of trousers would be two T-shirts.

If their price were the same, you would go for T-shirt production.

(Note: Time was treated as a resource for this question.)

In a one-person economy, well you'd be producing T-shirts.
In a multi-person economy, you'd have to think about who has the comparative advantage in what. Whoever has the comparative advantage (but not necessarily absolute advantage) is whoever should be producing that good/providing that service.

(Note: Comparative advantage has to be determined with a basis. This is because it's valuing the next best alternative. There's not always an alternative.)

brontem

  • Forum Regular
  • **
  • Posts: 91
  • Respect: +3
  • School: Brigidine Randwick
  • School Grad Year: 2016
Re: Economics Question Thread
« Reply #38 on: August 04, 2016, 05:23:35 pm »
0
Whats the difference between comparative & absolute advantage? And how is it numerically compared?

I came across this question in the Tim Riley workbook (Chapter 2 MC Question 16).

watch this: https://www.youtube.com/watch?v=FpTBjRf8lGs its a bit of a weird way of explaining (also try to ignore the background music hahahaha) it but it helped me when I was learning it (I also think its not something that isn't necessary? I just think lots of independent papers use the calculation?)
Basically who has the lowest opportunity cost?

Spencerr

  • Forum Regular
  • **
  • Posts: 98
  • Things will turn out better than expected.
  • Respect: 0
Re: Economics Question Thread
« Reply #39 on: August 04, 2016, 05:29:23 pm »
0
watch this: https://www.youtube.com/watch?v=FpTBjRf8lGs its a bit of a weird way of explaining (also try to ignore the background music hahahaha) it but it helped me when I was learning it (I also think its not something that isn't necessary? I just think lots of independent papers use the calculation?)
Basically who has the lowest opportunity cost?

Yup, it's all about the opportunity cost. Two countries. Country A can produce either 100 pieces of wheat or 20 pieces of wool. The OC of producing one piece of wool is 5 pieces of wheat. Country B can produce 200 pieces of wheat or 50 pieces of wool. The OC of producing one piece of wool is 4 pieces of wheat.
Therefore, since 5 is larger than 4, Country A has the comparative advantage in wheat. Pretty simple stuff ;) (note absolute advantage is where both items are produced more, country B has absolute advantage in both wheat and wool but that shouldn't stop it from trading with A)
1st in HSC Eco 2016

RuiAce

  • ATAR Notes Lecturer
  • Honorary Moderator
  • Great Wonder of ATAR Notes
  • *******
  • Posts: 8814
  • "All models are wrong, but some are useful."
  • Respect: +2575
Re: Economics Question Thread
« Reply #40 on: August 04, 2016, 05:37:05 pm »
0
Whilst you guys talk about countries I just talk about shops...

conic curve

  • Forum Leader
  • ****
  • Posts: 714
  • Respect: +2
Re: Economics Question Thread
« Reply #41 on: August 04, 2016, 05:50:18 pm »
0
Whilst you guys talk about countries I just talk about shops...

What difference is there if you're talking about them both in terms of economics?

brontem

  • Forum Regular
  • **
  • Posts: 91
  • Respect: +3
  • School: Brigidine Randwick
  • School Grad Year: 2016
Re: Economics Question Thread
« Reply #42 on: August 04, 2016, 05:53:59 pm »
0
What difference is there if you're talking about them both in terms of economics?

Basically nothing for comparative advantage, its just who is producing what more efficiently
When you're talking about firms/businesses etc you're obviously not going to call them 'Country A' and 'Country B'
When you're talking about your case study you're not going to call the country 'Kmart'  :P
Its just the example you can use
« Last Edit: August 04, 2016, 05:55:32 pm by brontem »

RuiAce

  • ATAR Notes Lecturer
  • Honorary Moderator
  • Great Wonder of ATAR Notes
  • *******
  • Posts: 8814
  • "All models are wrong, but some are useful."
  • Respect: +2575
Re: Economics Question Thread
« Reply #43 on: August 04, 2016, 05:56:00 pm »
0
What difference is there if you're talking about them both in terms of economics?
Yeah none whatsoever.

I was merely commenting on the difference in the basis of the analogies. Concept still holds

hermansia12

  • Trendsetter
  • **
  • Posts: 135
  • Respect: +14
Re: Economics Question Thread
« Reply #44 on: August 04, 2016, 06:16:26 pm »
+1
Hey guys,
I came across a question and I wasn't sure how I would answer this. Does anyone have any thoughts?
Thank you guys!!!

"Discuss TWO reasons for the convergence of economic growth patterns between different economies" - 4 marks

Hey There :)

So convergence of economic growth patterns is the similarity in economic growth between different economies due to the effects of globalisation.Now there are many reasons why this can occur:

*Increasing volume of trade (volume of world trade increased 50 times since 1950). Since exports and imports are injections and leakages in the economy -> Any changes in the patterns of trade from mass buyers of our exports (e.g China buying less of Australia's mineral exports due to their economic slow down) will lead to a "infectious" effect of slowing down the other countries' economic growth too (seen with our slowdown of the mining boom leading to our slower growth of only 3%).

*Increasing financial flows between countries: Due to increasing financial deregulation, it has allowed for foreign countries to invest in other countries, financing expensive infrastructure. But this can increase convergence and make economies more volatile due to speculation. Therefore individual economies experiencing currency crises or financial turmoil can have flow-on effects in other countries if they withdraw their investment or demand repayment of debt.
Economics: 91
English Advanced: 90
Studies of Religion 1: 46
Mathematics Extension 1: 88
Mathematics Extension 2: 73

ATAR: 96.05

Currently studying: Bachelor of Engineering (Civil) (Hons)/Bachelor of Commerce at UNSW