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May 22, 2019, 12:48:14 pm

Author Topic: Economics Questions Thread  (Read 76119 times)  Share 

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chrisjb

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Re: Economics Questions Thread
« Reply #15 on: December 16, 2010, 02:18:05 pm »
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Is everyone using economics down under this year?
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sam.utute

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Re: Economics Questions Thread
« Reply #16 on: December 16, 2010, 02:19:53 pm »
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Is everyone using economics down under this year?
It might help if you get a hold of both textbooks. For some sections (e.g. Unemployment Statistics, Environmental Policy), the MacGregor and Salla book is much better than Economics Down Under.

mba

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Re: Economics Questions Thread
« Reply #17 on: December 19, 2010, 03:56:26 pm »
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My teacher book listed the Eco Down Under Book. However, he also had a copy of the MacGregor book which I used for the whole year and found much better. Definitely recommend getting a copy of that.

A key to success, and I'm sure Sammy would agree is having a comprehensive understanding of the current economic situation and how this relates to the economic goals and policy setting. Being able to discuss the economic environment in the exam (although it is still a year away) is very important if you want to get a score in the 40's.

An understanding of the relationships between the economic goals, as well as the the importance of microeconomics to the course is also a must.

Look forward to answering questions here over the next 12 months.
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Hutchoo

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Re: Economics Questions Thread
« Reply #18 on: December 19, 2010, 04:26:17 pm »
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I'll definitely look into getting a copy of the MacGregor book.
How about checkpoints?
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chrisjb

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Re: Economics Questions Thread
« Reply #19 on: December 19, 2010, 04:29:34 pm »
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Where can you easily get the Macgregor book? It's a bit too late to find anyone selling them seccond hand now :(

I'll definitely look into getting a copy of the MacGregor book.
How about checkpoints?
I've got a copy of checkpoints, but I haven't looked at it yet.
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Hutchoo

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Re: Economics Questions Thread
« Reply #20 on: December 19, 2010, 04:32:15 pm »
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Yeah, where can you get the MacGregor book :P?
I think I'll get a copy of checkpoints, just in case.
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sam.utute

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Re: Economics Questions Thread
« Reply #21 on: December 19, 2010, 04:37:28 pm »
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Checkpoints this year was terrible. The majority of the answers to the multiple choice questions were incorrect. My Eco teacher ended up complaining to cambridge because it was so ridiculous. Hopefully they have fixed it up for next year.

mba

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Re: Economics Questions Thread
« Reply #22 on: December 19, 2010, 04:39:12 pm »
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From the publisher here : http://www.commercepresentationsandpublications.com/42904/index.html (which I think is he cheapest) or from most school book suppliers.
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schmalex

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Re: Economics Questions Thread
« Reply #23 on: December 23, 2010, 02:50:47 pm »
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I have a McGregor book that I can sell second hand. PM me. Also, I'd recommend ordering Romeo Salla's study guides. And you can order the McGregor book or Romeo Salla's study guides from www.commpap.com
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VarshaPatil

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Re: Economics Questions Thread
« Reply #24 on: January 11, 2011, 06:30:29 pm »
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Just wondering if anyone could explain "STAGFLATION" and how it occurs/how the government controls this?

schmalex

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Re: Economics Questions Thread
« Reply #25 on: January 12, 2011, 11:32:36 am »
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Pretty sure this won't be on the exam but I can provide an explanation. Stagflation is a rare situation when inflation and unemployment are both increases. This can happen due to government policies, for example with the Whitlam government spent a lot, increasing inflation, and put tighter controls on the labour market, increasing unemployment, or when policy makers confuse cost-inflation for demand-inflation (you'll learn the difference this year.) For example, if high oil prices cause a lot of goods, such as food and manufactured products to be high in price, the RBA could think that the price is going up because the demand for these goods is too high. In order to reduce demand, they could raise the target cash rate. If prices are high, this will alread lower AD, because people won't be able to afford to buy as much. If the RBA then lifts the target cash rate, there will be even lower AD, causing unemployment. However, the unemployment won't neccesarily mean lower inflation rates, because if inflation has been high for a while, inflationary expectations will cause them to remain high (there should be something about inflationary expectations in your textbook.) If inflationary expectations can't be dampened, the RBA will have no choice but to lift the target cash rate causing further unemployment. In the end, the RBA has to force the country into recession (which happened in the 80s I believe??) so that inflationary expectations will be lower, lowering inflation, and then wait for the economy to recover.


That's my understanding of it. If you want more information, there's probably information on wikipedia or something.

(By the way your understanding doesn't have to be nearly that detailed.)
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VarshaPatil

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Re: Economics Questions Thread
« Reply #26 on: January 12, 2011, 01:13:54 pm »
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okay thank you! very detailed and i understand it now. examples helped a lot xD

Jdog

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Re: Economics Questions Thread
« Reply #27 on: January 12, 2011, 02:43:09 pm »
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where did you guys get your books, i mean i want to start but my book hasn't ben published yet. its called economic fundamentals

Xavier1234

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Re: Economics Questions Thread
« Reply #28 on: February 02, 2011, 12:04:04 am »
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guys be wary of checkpoints because last year all they did were summaries of some concepts and a few questions here and there. wasnt worth it for me. hopefully they changed it this year. My class used the gregor/salla book + the study guide from the same authors that really complement the book. its $27 it was i think for 1 book.
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Hodgeyhodgey

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Re: Economics Questions Thread
« Reply #29 on: February 05, 2011, 10:29:49 am »
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Hey, I'm having a little difficulty understanding the relationship between material and non-material living standards (quite basic, I know). :/
I need to know two examples each of a positive and negative relationship.

Thanks! :) 
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