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July 30, 2021, 03:56:54 am

Author Topic: Economics Questions Thread  (Read 124708 times)  Share 

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pahm

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Re: Economics Questions Thread
« Reply #795 on: March 17, 2020, 01:25:15 pm »
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Hey Guys,

Doing VCE economics 3/4 this year, and was wondering how you answer the "explain" questions? Just coz they're really prominent in all my SACs, and would like some advice.

Also if you have any tips for SAC's coz this is my first 3/4, would love help.

Thank youu :))

My teacher said the stuff to include are 1, definitions of any key concepts mentioned in the question and 2, examples if needed (for questions with 2+ marks)
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j8son

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Re: Economics Questions Thread
« Reply #796 on: August 11, 2020, 01:00:43 pm »
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Hi i am currently in year 10 and i just moved into economics and i am really behind ive done some questions but i dont understand these 1s. Thank you for reading.
1. Fully explain the effect of a increase in consumer confidence on the standard of living in the Australian
economy.
2. Fully explain the effect of a decrease in interest rates on the standard of living in the Aust economy.
3. Fully explain an increase in demand for our iron ore by China, on Australia’s goal of eco growth.
4. Fully explain the effect of an increase in labour wages on AS.
5. If the AUD depreciated, fully explain the effect on AS & our productive capacity.
6. Fully explain the effect on AD & the goal of economic growth, if the AUD appreciated.

justaloser

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Re: Economics Questions Thread
« Reply #797 on: August 11, 2020, 01:29:58 pm »
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Hi i am currently in year 10 and i just moved into economics and i am really behind ive done some questions but i dont understand these 1s. Thank you for reading.
1. Fully explain the effect of a increase in consumer confidence on the standard of living in the Australian
economy.
2. Fully explain the effect of a decrease in interest rates on the standard of living in the Aust economy.
3. Fully explain an increase in demand for our iron ore by China, on Australia’s goal of eco growth.
4. Fully explain the effect of an increase in labour wages on AS.
5. If the AUD depreciated, fully explain the effect on AS & our productive capacity.
6. Fully explain the effect on AD & the goal of economic growth, if the AUD appreciated.

So I'm getting that you're currently doing AD, is this Unit 2?
Think about AD like a math equation - C+I+G+X-M*. If you increase the quantity of C, then AD increases right. If you decrease the quantity of X, AD decreases. This equation is super important in Economics so you should both understand it and memorise it

*AD = Consumption + Capital Investment + Government Expenditure + Exports - Imports .

So for questions 1, 2, 3, 6:
Basically you need to revise your components of AD* so that if you see a question relating to AD, you can think, "which component of AD does this relate to?" and/or "which factor affecting AD is relevant". In question 3 the relevant factor is overseas demand and the component is exports. The second part of the questions eg. "impact on eco. growth" or "impact" really just relate to AD. So you should revise how changes in AD affect standards of living, goal of econ. growth etc. So going back to question 3, since there's more demand for exports, then exports increase and AD increases. Since increased AD increases economic growth, then would we be closer to reaching our economic growth goal? (considering target range is 3-3.5% and we're below that).

Hopefully that helps, you can DM me for a better explanation.
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j8son

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Re: Economics Questions Thread
« Reply #798 on: August 12, 2020, 09:53:15 am »
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any1 know how to do this question?

1) If the AUD depreciated, fully explain the effect on AS and our productive capacity.
(aggregate supply)
Thank you for reading

dskel

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Re: Economics Questions Thread
« Reply #799 on: August 26, 2020, 12:39:20 am »
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any1 know how to do this question?

1) If the AUD depreciated, fully explain the effect on AS and our productive capacity.
(aggregate supply)
Thank you for reading

A depreciation of the AUD is likely to have a negative effect on aggregate supply. A depreciation means Australians are required to exchange more Australian dollars for the same amount of foreign currency, as the value of foreign currency rises relative to the Australian dollar. Therefore, the cost of foreign goods and services will, ceterius paribus, increase. Firms who need to import inputs (intermediate goods) such as refined natural resources, for example, will have to pay a higher price which increases cost of production. Furthermore, the importation of capital such as factory machinery will also become more expensive, further increasing the cost of production. An increase in cost of production reduces per unit profits which reduces for profit-maximising firms the incentive to produce, decreasing aggregate supply.

Productive capacity is the maximum possible sustainable output of an economy. Higher AUD in decreasing the availability of suppliers to obtain capital will reduce the potential output of an economy as labour will be less productive with relatively less capital (tools and machines). Therefore, decreasing the efficiency of firms and reducing the economy's productive capacity.

Samueliscool223

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Re: Economics Questions Thread
« Reply #800 on: February 11, 2021, 11:15:41 pm »
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would a point outside the ppf represent a lack of intertemporal efficiency, similar to how a point on the ppf curve represents technical efficiency?

carpediemcras

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Re: Economics Questions Thread
« Reply #801 on: February 13, 2021, 11:37:51 am »
+2
would a point outside the ppf represent a lack of intertemporal efficiency, similar to how a point on the ppf curve represents technical efficiency?

Not exactly - Any point outside the PPC represents a level of output that is currently unattainable for the economy (ie. they do not have the resources, technology, etc. required to increase productive output at their current point in time). A point outside the PPC therefore can't be considered to represent a lack of intertemporal efficiency, as the economy can't produce more without further technology advancements, increased productivity, etc.

Generally speaking, the PPC won't be used to comment on intertemporal efficiency, but I would say that points along the PPC are not necessarily intertemporally efficient, as the maximal output may not be sustainable. A point below the PPC might be more intertemporally efficient than one along the PPC.

Hope that helps  :D
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Samueliscool223

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Re: Economics Questions Thread
« Reply #802 on: February 17, 2021, 10:11:20 am »
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Not exactly - Any point outside the PPC represents a level of output that is currently unattainable for the economy (ie. they do not have the resources, technology, etc. required to increase productive output at their current point in time). A point outside the PPC therefore can't be considered to represent a lack of intertemporal efficiency, as the economy can't produce more without further technology advancements, increased productivity, etc.

Generally speaking, the PPC won't be used to comment on intertemporal efficiency, but I would say that points along the PPC are not necessarily intertemporally efficient, as the maximal output may not be sustainable. A point below the PPC might be more intertemporally efficient than one along the PPC.

Hope that helps  :D
ok that makes sense, thanks

jjessiie.

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Re: Economics Questions Thread
« Reply #803 on: April 15, 2021, 02:45:11 pm »
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I'm thinking of switching one of my subjects to economics units 3 and 4, do you think it is possible to pick it up without too much difficulty? Or would switching to business management be a better option?

Samueliscool223

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Re: Economics Questions Thread
« Reply #804 on: June 21, 2021, 09:24:47 pm »
+2
I keep finding contradictions in the CPAP study guide/jacaranda text book and its pissing me off. AND I DONT SEE A SINGLE PERSON TALKING ABOUT THIS STUFF. LET ME GIVE U AN EXAMPLE, the this stupid question asked by CPAP: "Explain how a decrease in the USA inflation rate compared to rates of inflation in Australia would influence the exchange rate" and the answer is, "higher relative rates of inflation in Australia will reduce
Australia’s international competitiveness (e.g. Australian exports become relatively more expensive compared to competing products in the USA) and result in both fewer exports and a reduced demand for Australian dollars." OK!!!! MAKES SENSE!!!! BUT WAIT, THE DUMMY WHO WROTE THIS CONTRADICTS HIMSELF AND VCAA, WITH SIMULAR QUESTIONS GIVING DIFFERENT LINES OF LOGIC (ANSWER TO MC QUESTION 14 IN THE EXAM BY VCAA WHOSE LOGIC CPAP AGREES WITH)::::: "If there were an increase in inflation rates in the United States (US) it is likely that there would be an increase in US interest rates to bear down on the inflationary pressure. By raising US interest rates, it is likely to also mean that investors from around the world would be attracted to the higher interest rate returns on offer in the US. Therefore, there might be capital outflow from Australia, thus leading to a depreciation of the Australian dollar." wtf?? heh?? this is completely different reasoning, AND NOW IM JUST CONFUSED. THANKS CPAP, MORE LIKE """CRAP""", THIS CONFUSION IS COSTING ME SAC MARKS.
IN ADDITION,,,,, THE VCAA QUESTION IS   E X T R E M E L Y   FLAWED..... LIKE IT SAYS INFLATION, BUT IT DOESNT SPECIFY THAT ITS DEMAND INFLATION!! IT COULD BE COST INFLATIONARY PRESSURES THAT RESULT IN BUDGETARY ACTION TO INCREASE INFRASTRUCTURE PROJECTS N SHIT WHICH WOULD PROBABLY HAVE A DIFFERENT EFFECT ON THE EXCHANGE RATE. THIS IS JUST ONE QUESTION AMOMG THE INFATHOMABLE NUMBER OF UTTERLY FLAWED EXAM QUESTIONS. HENCE, I BELIEVE THE ECONOMICS COURSE IS GARBAGE AND BROKEN. -5/10, WOULD NOT RECOMMEND DOING SUBJECT.

THANK U FOR LISTENING TO MY TED TALK.
« Last Edit: June 21, 2021, 09:27:29 pm by Samueliscool223 »

rkjthguakj

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Re: Economics Questions Thread
« Reply #805 on: June 22, 2021, 01:16:11 pm »
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I keep finding contradictions in the CPAP study guide/jacaranda text book and its pissing me off. AND I DONT SEE A SINGLE PERSON TALKING ABOUT THIS STUFF. LET ME GIVE U AN EXAMPLE, the this stupid question asked by CPAP: "Explain how a decrease in the USA inflation rate compared to rates of inflation in Australia would influence the exchange rate" and the answer is, "higher relative rates of inflation in Australia will reduce
Australia’s international competitiveness (e.g. Australian exports become relatively more expensive compared to competing products in the USA) and result in both fewer exports and a reduced demand for Australian dollars." OK!!!! MAKES SENSE!!!! BUT WAIT, THE DUMMY WHO WROTE THIS CONTRADICTS HIMSELF AND VCAA, WITH SIMULAR QUESTIONS GIVING DIFFERENT LINES OF LOGIC (ANSWER TO MC QUESTION 14 IN THE EXAM BY VCAA WHOSE LOGIC CPAP AGREES WITH)::::: "If there were an increase in inflation rates in the United States (US) it is likely that there would be an increase in US interest rates to bear down on the inflationary pressure. By raising US interest rates, it is likely to also mean that investors from around the world would be attracted to the higher interest rate returns on offer in the US. Therefore, there might be capital outflow from Australia, thus leading to a depreciation of the Australian dollar." wtf?? heh?? this is completely different reasoning, AND NOW IM JUST CONFUSED. THANKS CPAP, MORE LIKE """CRAP""", THIS CONFUSION IS COSTING ME SAC MARKS.
IN ADDITION,,,,, THE VCAA QUESTION IS   E X T R E M E L Y   FLAWED..... LIKE IT SAYS INFLATION, BUT IT DOESNT SPECIFY THAT ITS DEMAND INFLATION!! IT COULD BE COST INFLATIONARY PRESSURES THAT RESULT IN BUDGETARY ACTION TO INCREASE INFRASTRUCTURE PROJECTS N SHIT WHICH WOULD PROBABLY HAVE A DIFFERENT EFFECT ON THE EXCHANGE RATE. THIS IS JUST ONE QUESTION AMOMG THE INFATHOMABLE NUMBER OF UTTERLY FLAWED EXAM QUESTIONS. HENCE, I BELIEVE THE ECONOMICS COURSE IS GARBAGE AND BROKEN. -5/10, WOULD NOT RECOMMEND DOING SUBJECT.

THANK U FOR LISTENING TO MY TED TALK.

One of the writers for the CPAP textbook worked at my school and even he admits that the textbook is riddled with errors. I personally didn't like the CPAP textbook and preferred the Jacaranda textbook. A lot of CPAP content tends to ramble and is irrelevant to SAC and exam questions.
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pahm

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Re: Economics Questions Thread
« Reply #806 on: June 22, 2021, 03:39:02 pm »
+1
Never used CPAP but have heard from friends who used it that it is indeed quite inaccurate in many things. Apparently once on a friend's sac they had the chance to find a mistake in the book for a bonus mark lol :o
❝ Everything is possible for one who believes ❞
Mark 9:23
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Economics [45] • Legal [47] • English • Methods • Specialist