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March 29, 2024, 05:34:11 pm

Author Topic: 2016 Economics Exam Questions Thread  (Read 12251 times)  Share 

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abcdqdxD

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Re: 2016 Economics Exam Questions Thread
« Reply #15 on: October 26, 2016, 05:10:38 pm »
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What is the relationship between budgetary and monetary policies?

Unlikely you will get a standalone question on that, usually it will be examined in a 6 or 8 mark question linking BP/MP to 2 eco goals.

- comment on whether budgetary/monetary policy is complimentary (are they both expansionary and contractionary)?
- budgetary and monetary policy are the two levers by which government/RBA can impact the achievement of the economic goals. Budgetary influences 'G' under CIGXM, and monetary policy influences primary C and I. This has flow on effects on eco growth and the other goals.

dave101

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Re: 2016 Economics Exam Questions Thread
« Reply #16 on: October 26, 2016, 07:05:40 pm »
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Does excise tax shift demand or supply curve to the left?

abcdqdxD

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Re: 2016 Economics Exam Questions Thread
« Reply #17 on: October 26, 2016, 07:27:26 pm »
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Does excise tax shift demand or supply curve to the left?

Excise tax (e.g. on tobacco) -> increase cost of production for tobacco producers -> AS curve shift left -> reduce quantity supplied

abcdqdxD

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Re: 2016 Economics Exam Questions Thread
« Reply #18 on: October 26, 2016, 08:55:44 pm »
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A lot better, much improved on the last one. Don't stress too much over it, you sound like you know what you're doing


usernameincorrect

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Re: 2016 Economics Exam Questions Thread
« Reply #19 on: October 26, 2016, 08:59:00 pm »
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Hey guys, can someone explain the link between participation rate and unemployment, and vice versa, i can't get my head around it :P thanks so much!

abcdqdxD

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Re: 2016 Economics Exam Questions Thread
« Reply #20 on: October 26, 2016, 09:13:42 pm »
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Hey guys, can someone explain the link between participation rate and unemployment, and vice versa, i can't get my head around it :P thanks so much!

Generally the two have an inverse relationship. When unemployment goes up, people get discouraged looking for work and the participation rate goes down as a result (less people seeking work or are working). When unemployment goes down, unemployed people get encouraged to look for work and the participation rate goes up.

100.00

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Re: 2016 Economics Exam Questions Thread
« Reply #21 on: October 26, 2016, 09:19:39 pm »
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Thanks ABC!
(sorry I kind of stole your "thunder" with regards to the previous answers) - I couldnt help it hahaha  ;)

Private Joke

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Re: 2016 Economics Exam Questions Thread
« Reply #22 on: October 26, 2016, 09:35:14 pm »
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What is the best way to go about finishing the exam tomorrow???

usernameincorrect

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Re: 2016 Economics Exam Questions Thread
« Reply #23 on: October 26, 2016, 09:42:58 pm »
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Generally the two have an inverse relationship. When unemployment goes up, people get discouraged looking for work and the participation rate goes down as a result (less people seeking work or are working). When unemployment goes down, unemployed people get encouraged to look for work and the participation rate goes up.

Oh wow, I've never thought of it that way. Thanks so much for the help  :D

abcdqdxD

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Re: 2016 Economics Exam Questions Thread
« Reply #24 on: October 26, 2016, 10:04:03 pm »
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What is the best way to go about finishing the exam tomorrow???

Do most of the MC in reading time and use writing time to tackle the written response questions. Redo the MC quickly in writing time to double check your answers.

I always aimed to spend 10-15 minutes writing time on MC and the rest of the writing time was dedicated to written responses.

P.GUAN

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Re: 2016 Economics Exam Questions Thread
« Reply #25 on: October 26, 2016, 10:15:48 pm »
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Is there any techniques to remember the difference between disinflation and deflation?

abcdqdxD

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Re: 2016 Economics Exam Questions Thread
« Reply #26 on: October 26, 2016, 10:25:02 pm »
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Is there any techniques to remember the difference between disinflation and deflation?

deflation: stuff getting cheaper
disinflation: stuff getting expensive at a slower rate

P.GUAN

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Re: 2016 Economics Exam Questions Thread
« Reply #27 on: October 26, 2016, 10:38:03 pm »
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This may sound stupid, but am I allowed to highlight the questions and response in the exam? or will it not scan properly?

syubi

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Re: 2016 Economics Exam Questions Thread
« Reply #28 on: October 26, 2016, 11:00:30 pm »
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If only one question fits onto about 2/3 of the page, would you be able to write a couple of lines underneath that?  :P How much generally would you be able to write underneath the lines if it's scanned?

jessamyh16

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Re: 2016 Economics Exam Questions Thread
« Reply #29 on: October 26, 2016, 11:11:56 pm »
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 how economic growth may conflict with full employment???