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March 19, 2024, 06:11:43 pm

Author Topic: HSC Economics Question Thread  (Read 189679 times)  Share 

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henrychapman

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Re: HSC Economics Question Thread
« Reply #540 on: May 22, 2018, 11:51:28 am »
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Hi guys,
Does anyone have any suggestions as to how they would structure a micro essay and what they'd include?
Any past essays/scaffolds would really assist. Thank you very much !
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FutureLawStudent

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Re: HSC Economics Question Thread
« Reply #541 on: May 23, 2018, 11:45:14 am »
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Hi guys,
Does anyone have any suggestions as to how they would structure a micro essay and what they'd include?
Any past essays/scaffolds would really assist. Thank you very much !

Personally,

I would do maybe 2 pages outlining microeconomic policy, so defining micro, the AD/AS impact of micro (e.g. increase in AS), a J curve explanation, outlining the three different types of productivity, and explaining the difference between factor and product markets.

Then I would do paragraphs on major areas of reform. Starting with factor reforms, so labor reform (wage setting etc.), followed by capital reform (financial deregulation). Then product market reform, such as trade liberalisation (TCF, Automotive), as well as privatisation/corporatisation, competition policy (ASIC etc.).

Hope that helps.
« Last Edit: May 23, 2018, 11:51:23 am by FutureLawStudent »

emilyygeorgexx

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Re: HSC Economics Question Thread
« Reply #542 on: May 23, 2018, 05:13:48 pm »
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Desperate help please!!!

3   An economy has the following consumption function: C = 0.6Y + 500

If the economy currently has an equilibrium income of $600b, what would the new equilibrium income be following a decrease in autonomous investment of $10b?

(A)   $525b
(B)   $575b
(C)   $583b
(D)   $625b

Answer is B - I'm so stuck!!
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Lumenoria

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Re: HSC Economics Question Thread
« Reply #543 on: May 23, 2018, 10:58:17 pm »
+2

Desperate help please!!!

3An economy has the following consumption function: C = 0.6Y + 500

If the economy currently has an equilibrium income of $600b, what would the new equilibrium income be following a decrease in autonomous investment of $10b?

(A)$525b
(B)$575b
(C)$583b
(D)$625b

Answer is B - I'm so stuck!!

Hey there! I have no clue how to include fractions on the actual site, so I attached a photo of how I'd approach this specific question. Hopefully you can read it haha
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emilyygeorgexx

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Re: HSC Economics Question Thread
« Reply #544 on: May 23, 2018, 11:17:31 pm »
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Hey there! I have no clue how to include fractions on the actual site, so I attached a photo of how I'd approach this specific question. Hopefully you can read it haha

Ahh thank you so much!! Was full trying to rearrange the consumption function because when I asked my teacher first if I had to do the multiplier she was like oh nooo but now I get it
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Lumenoria

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Re: HSC Economics Question Thread
« Reply #545 on: May 23, 2018, 11:24:43 pm »
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Ahh thank you so much!! Was full trying to rearrange the consumption function because when I asked my teacher first if I had to do the multiplier she was like oh nooo but now I get it

Not a problem! This is definitely a curly one, I swear I haven't seen one like it at all in any of the past papers I've done haha. At first I actually thought that too, I kept subtracting the 10 from the 600 for some reason despite it being investment HAHAHAHA. Yeah, my teacher is lowkey horrendous (I feel bad for saying it but it's true lol) at teaching, so I've been going ahead trying to teach myself the entire course because he's so unreliable. He legit scratches his head for 2 years on the simplest multiple choice questions lmao, so I feel ya hahaha
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StephTol

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Re: HSC Economics Question Thread
« Reply #546 on: May 24, 2018, 06:54:12 pm »
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Hey guys,
Is there any difference between what is required in an economics essay or extended response? Or are they the same thing.

How would you llok at approaching this question:
Discuss the consequences of an unequal distribution of income and wealth and the impact of fiscal policy on the distribution of income in Australia
« Last Edit: May 24, 2018, 07:04:49 pm by StephTol »

emilyygeorgexx

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Re: HSC Economics Question Thread
« Reply #547 on: May 24, 2018, 08:06:23 pm »
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Hey guys,
Is there any difference between what is required in an economics essay or extended response? Or are they the same thing.

How would you llok at approaching this question:
Discuss the consequences of an unequal distribution of income and wealth and the impact of fiscal policy on the distribution of income in Australia

It is generally the same thing but look at the mark allocation to be sure. Say if it is worth 20 marks, definitely would take it down the essay path. However, some short answers use the directive term 'discuss' and are usually 6 ish marks. That 6 marks would require it to use a structured approach to answer the question.

In saying that the question above definitely sounds like an essay so do it like one. Intro, paragraph 1, paragraph 2, etc. You could do like one consequence and link that specific consequence to the impact on fiscal policy or you could just do them completely separate.

It's up to you!
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joemassoud

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Re: HSC Economics Question Thread
« Reply #548 on: June 01, 2018, 11:21:18 am »
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Hey Guys,

I have this assignmnet on the following question:

Discuss the effectiveness of the government’s monetary and fiscal (budget) economic policies in achieving economic growth, low inflation and low unemployment for the Australian economy.

I am really stucked with this question. If anyone can give me any ideas on what to write that would truly be awesome.

Also, with regard to monetary policy, am I suppose to be looking into the recent changes in terms of the cash rate (e.g. should I talk about what are the implications of keeping the cash rate steady?)

Thanks in advance!

JTrudeau

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Re: HSC Economics Question Thread
« Reply #549 on: June 01, 2018, 03:59:29 pm »
+1
Hey Guys,

I have this assignmnet on the following question:

Discuss the effectiveness of the government’s monetary and fiscal (budget) economic policies in achieving economic growth, low inflation and low unemployment for the Australian economy.

I am really stucked with this question. If anyone can give me any ideas on what to write that would truly be awesome.

Also, with regard to monetary policy, am I suppose to be looking into the recent changes in terms of the cash rate (e.g. should I talk about what are the implications of keeping the cash rate steady?)

Thanks in advance!


Hey there! So with Economics essays, I find them to be a bit of an “info dump but with style”. So take what you’ve learnt in your notes, and piece them together in a way that makes sense.

For this, you definitely want to define your key terms: Inflation, Economic Growth, Unemployment, Monetary Policy, and Fiscal Policy. This’ll take place in the first few paragraphs. You’ll want to cover the basic definitions, types, and briefly the causes.

Because it’s asking about monetary and fiscal policy in particular, make sure to elaborate on how they work (e.g. the buying and selling of second hand commonwealth government securities for MP, different budget outcomes of FP), and effects different stances have on the three economic issues.

Since it asks about effectiveness, you’d want to discuss the strengths and weaknesses of both policies, and throw in some examples and stats from Australian history.

As for diagrams, you could use the Changes in Interest Rates diagram for MP, and the Keynesian Inflationary Gap diagram or maybe Short/Long Run Phillips Curves.

Hope this helps! Good luck :)
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shaner

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Re: HSC Economics Question Thread
« Reply #550 on: June 02, 2018, 07:04:21 pm »
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Hey guys,

I need help on structuring an essay for environmental sustainability of Topic 3. How would I approach it? Where would I need to incorporate govt policies within it?

Thanks!

emilyygeorgexx

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Re: HSC Economics Question Thread
« Reply #551 on: June 02, 2018, 07:42:19 pm »
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Hey guys,

I need help on structuring an essay for environmental sustainability of Topic 3. How would I approach it? Where would I need to incorporate govt policies within it?

Thanks!

Hey!

I would definitely start off with the theory first. So things like
* Ecological sustainable development
* The trade off between economic growth and environmental quality (PPF)
* Private and social costs and benefits
* Externalities --> 2 diagrams (positive and negative)
* Focus on the 3 issues
* You may wish to do some conflicts with environment sustainability (this is more topic 4 but definitely can be integrated)

After all the theory, I would do the policies. Refer to 2018-19 Budget to make sure your essay has relevant info!

Hope this helps :)
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henrychapman

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Re: HSC Economics Question Thread
« Reply #552 on: June 04, 2018, 07:00:41 pm »
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Hey Guys,

I have this assignmnet on the following question:

Discuss the effectiveness of the government’s monetary and fiscal (budget) economic policies in achieving economic growth, low inflation and low unemployment for the Australian economy.

I am really stucked with this question. If anyone can give me any ideas on what to write that would truly be awesome.

Also, with regard to monetary policy, am I suppose to be looking into the recent changes in terms of the cash rate (e.g. should I talk about what are the implications of keeping the cash rate steady?)

Thanks in advance!
Hey Joe, (again - I seem to be following you a bit on the various forums haha)
Bit different to what everyone else might suggest, however the way we are taught to structure our essays is through phases in Australia's recent economic history. These phases include: Mining Investment Boom I (2002-2007) GFC (2008-2010) MIB II (2010-2012) and current "rebalancing" phase. Your teacher may want you to do it in terms of the economic objectives that have been listed above- i.e: a paragrah on growth, inflation and full employment and you can throw in examples from those phases in. However, if you wanted to do it the way I've suggested I'd highly recommend it because you are directly answering the question. You are asked to discuss the effective of fiscal and monetary on THE AUSTRALIAN ECONOMY-
 i.e real life impacts. This really does address the question fully. However, I would check with your teacher before attacking it from this angle because they may not support it and I know a lot of schools don't- its just the way we're taught. I essentially did the same essay in preparation for my exam (its a policy essay on either micro or macro) which I'll attach here so you can see how my response its structured. It's an assess question, so I'm forced to make a judgement, whereas you just have to provide for and against. And what I would really suggest is don't be afraid to be critical of a policy, or say that it didn't really have much of an impact ! This shows that you're really addressing the question properly. other tips: for fiscal, include names of various policies and for monetary provide reasons why the cash rate changed.
But essentially:
Intro (answer the question and definitions)
AD graph (critical in every macro essay) and show impact on AD (step marker through it)
Monetary theory set up (RBA influences cash rate through buying and selling of CGS's in ESA's)
Fiscal theory set up ( conducted through the budget, three budget outcomes and three stances, automatic stabilisers)
THEN:
GFC: (I ignored MIB I because the stimulus I used is only 2008-2018)- Fiscal very effective, Monetary not a great impact but did its job. Both ran countercyclical to economic conditions of the time (i.e recession).
MIB II: Monetary main influencer (coz it has direct control over inflation) and fiscal also contractionary to reduce growth
Current: THE MOST IMPORTANT: the markers wanna see updated and relevant trends to the economy right now. So right now: monetary is operating at an expansionary stance to try and lift growth, while fiscal is working pro cyclically (i.e with the trend) as there have been a series of contractionary budgets to try and return to surplus. The judgement here: fiscal is ineffective and is hindering Monterey's effectiveness.
In all three of these it is fundamental to discuss the effectiveness of the achievement of the three objectives - then you're directly addressing the question. Essay is attached to this post. Best of luck !

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joemassoud

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Re: HSC Economics Question Thread
« Reply #553 on: June 04, 2018, 09:34:14 pm »
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Hey Joe, (again - I seem to be following you a bit on the various forums haha)

I just realised that I have seen you on various forums (I think it was Economics and Modern).

Also, thank you so much for your advice, I will be sure to ask my teacher if he wants us to approach the question the way you did or in a different way. (I think my teacher wants me to approach the question looking at recent policies, not sure tho). At the moment, I'm thinking of looking at 3 fiscal reforms and 2 monetary reforms. By any chance could you please have a read of what I have done so far:

REFORM #1: BACKING BUSINESSES TO INVEST & CREATE MORE JOBS
One of the major reforms that were brought about by the 2018-19 Australian Budget was the government’s decision to support businesses to invest and develop more jobs for Australians. The Government’s decision to “extend the $20,000 instant asset write-off by a further 12 months to the 30th of June 2019” (Budget.gov, 2018), ultimately provides small businesses with the opportunity to reduce costs of capital investment and overall provide incentives for them to innovate and grow. CPA Australia has argued for the ”write-off to be made a permanent feature of the tax system because it encourages business to invest and create jobs” (In The Black, 2018). Furthermore, the government’s commitment to “increase the unincorporated small business tax discount rate from 5% to 8%” (Budget.gov, 2018) further reveals the government’s aim to reduce the tax burden on businesses in order to promote investment, growth and stimulate more jobs for Australians. Consequently, the flourishing small business sector will see a decrease in unemployment as a result of a dramatic increase in job creation, and will ultimately assist in promoting economic growth by stimulating aggregate demand.

REFORM #2: GUARANTEEING THE ESSENTIAL SERVICES THAT AUSTRALIANS RELY ON
Moreover, with the 2018-19 budget, the government also introduced their decision to “guarantee the essential services that Australians rely on” (Budget.gov, 2018). This ultimately means Australians will be assured access to high‑quality hospitals and schools, a strong Medicare system and vital services for those with a permanent and significant disability. As a result, this will promote economic development through the increase in investment, which will ultimately trigger economic growth. The government is also “providing additional choice for older Australians to live healthier, more independent and safer lives” (Budget.gov, 2018), so they can take advantage of the opportunities that a longer life brings. Moreover, the Government’s record investment in schools will provide teachers with the means to improve the performance of our students and prepare them for the jobs of the future and thus, stimulating economic development.

REFORM #3: PROVIDING TAX RELIEF TO ENCOURAGE & REWARD WORKING AUSTRALIANS
Additionally, the government also stated their decision to provide tax relief to encourage and reward working Australians. It is through our prospering economy, the Government can fund this plan and ultimately deliver a stronger Budget to ensure Australia continues to live within its means. The government’s Personal Income Tax Plan will make personal income tax lower, fairer and simpler. The plan begins with permanent tax relief to middle and lower income earners, to encourage and reward working Australians and to assist with the cost of living pressures. The immediate benefit for low and middle-income earners will be up to “$530 a year and up to $1,060” (Business Victoria, 2018) for a working couple, starting in 2018-19. By lifting the “32.5% tax bracket to $90,000 from 1 July 2018, around 200,000 taxpayers will be prevented from moving into the 37% tax bracket” (The Sydney Morning Herald, 2018).

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Re: HSC Economics Question Thread
« Reply #554 on: June 28, 2018, 04:16:34 pm »
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Hey!!!
ummm.... bit stuck in my assignment but just have the following questions....
Year 1 - Revenue 825 - Expenditure 700
Year 2 - Revenue 900 - Expenditure 800
Calculate the budget outcome for Year 1
What is the budget stance for Year 2?

And last question.... Explain how the RBA, through Domestic Market Operations, would decrease interest rates in the economy...

Any help would be muchly appreciated as it is due tomorrow!!! and fighting a cold (= not thinking clearly)......

Thanks Heaps!!!!!!!
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