August 20, 2019, 01:40:38 pm

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#### Cranium002

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##### Re: Economics Questions Thread
« Reply #720 on: March 18, 2018, 09:58:22 pm »
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What is the best tips a top Economics Student can provide on how to study for Economics, both MCQ and Short Answer.  Thanks.

#### Chelsea f.c.

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##### Re: Economics Questions Thread
« Reply #721 on: May 18, 2018, 09:25:35 pm »
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In macroeconomics there are three topics short run, long run and really long run were I think you only focus on long run (ad-as) there are four possibilities of shifts with ad-as and what's the point of rederiving it on exam when you can draw a table of the effects of each otherwise I think it's just adapting the prompt to the example... I never did economics at school though but am majoring in it at uni so I don't know if I've helped...
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#### DoctorTwo

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##### Re: Economics Questions Thread
« Reply #722 on: October 31, 2018, 04:38:10 pm »
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I know this is last minute but I can see some people are here, so I was just wondering about question 2b from the sample exam. 2b asks 'Explain why an economy must achieve productive efficiency in order to achieve allocative efficiency. (3 marks)'. From my understanding, allocative efficiency refers to allocating resources in a way that maximises society's wellbeing, and productive efficiency is essentially maximising production and productivity, and lowest cost, but I don't understand why productive efficiency has to be achieved first. Is it because productive efficiency essentially lowers the prices that are offered to consumers and that this maximises societal wellbeing? This confuses me a bit.

#### Chelsea f.c.

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##### Re: Economics Questions Thread
« Reply #723 on: October 31, 2018, 05:02:54 pm »
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It's ok... is it a question of maximizing the size of the pie to increase the size of each slice??? In this instance by using resources more effectively we increase the overall economy and hence there's more to go around I.e. allocation... post back with more details if that doesn't help... good luck!
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#### joanna120728

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##### Re: Economics Questions Thread
« Reply #724 on: November 19, 2018, 04:22:32 pm »
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Hi does anyone know whether it's worth getting the new edition of the 3/4 eco books for 2019? I don't want to spend so much money on new books, but if there are big differences in the new edition then I'll have to buy them new.

#### S200

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##### Re: Economics Questions Thread
« Reply #725 on: November 19, 2018, 04:30:19 pm »
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The study design is already 2 years in, so the only information that would change between this year and next would be current budget initiatives and their effect on AD/AS, and maybe some updated graphs with more recent data.
If you like eBooks you can just buy the JacPlus activation code for the Economics 3/4 textbook, and that should be an updated version...
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#### DoctorTwo

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##### Re: Economics Questions Thread
« Reply #726 on: November 19, 2018, 08:51:00 pm »
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Yeah I don't know about other books but the Jacaranda ebook one updates their policies and data each year and usually a month or two before exam time.

#### saraaburns

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##### Re: Economics Questions Thread
« Reply #727 on: November 19, 2018, 10:41:58 pm »
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Hi does anyone know whether it's worth getting the new edition of the 3/4 eco books for 2019? I don't want to spend so much money on new books, but if there are big differences in the new edition then I'll have to buy them new.

The CPAP books are pretty good but don't update on budgetary policy (because the budget comes out later in the year). So if your school uses CPAP getting past ones shouldn't be a problem.
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#### tcvc

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##### Re: Economics Questions Thread
« Reply #728 on: February 06, 2019, 08:22:36 pm »
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hi,
I was wondering if anyone could tell me how changes in relative prices alter 'for whom' goods and services are produced. I was only given very brief notes on it which don't make much sense.
Thanks a lot to anyone who can help.

#### Chelsea f.c.

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##### Re: Economics Questions Thread
« Reply #729 on: February 11, 2019, 05:13:21 pm »
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Sorry don't understand question exactly could you explain a bit more?
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#### Balfe

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##### Re: Economics Questions Thread
« Reply #730 on: February 26, 2019, 07:08:23 pm »
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hi,
I was wondering if anyone could tell me how changes in relative prices alter 'for whom' goods and services are produced. I was only given very brief notes on it which don't make much sense.
Thanks a lot to anyone who can help.
The link is relatively minuscule, but I would say that the relative wages provided to different professions is what affects for whom we produce. This is because Australia is a market capitalist economy and thus goods and services end up going to whoever can afford them. So, in practice, if we have a doctor and a public servant (with a broad assumption that the doctor has a higher relative wage), the market would be said to be producing the goods and services mainly for the doctor. This is where living standards come into play in the analysis because this then means that poorer people don’t have access to the goods and services and thus their material living standards are deteriorated - as well as non-material living standards within society as a whole because this inequity in income distribution leads to rising crime rates and the development of a class system - decreasing quality of life factors for many.
Hope this makes a bit of sense!
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#### Loren_T

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##### Re: Economics Questions Thread
« Reply #731 on: June 04, 2019, 09:42:36 pm »
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Can someone please explain how the current account and the capital and financial accounts are linked? ie in calculating the BOP.
Does the amount of capital and financial accounts either impact the current account and vise versa, or equal the current account amount?

#### vox nihili

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##### Re: Economics Questions Thread
« Reply #732 on: June 04, 2019, 11:50:05 pm »
+1
Can someone please explain how the current account and the capital and financial accounts are linked? ie in calculating the BOP.
Does the amount of capital and financial accounts either impact the current account and vise versa, or equal the current account amount?

What are your thoughts on this?
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#### Seamus Wong

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##### Re: Economics Questions Thread
« Reply #733 on: June 05, 2019, 10:44:03 am »
+1
Can someone please explain how the current account and the capital and financial accounts are linked? ie in calculating the BOP.
Does the amount of capital and financial accounts either impact the current account and vise versa, or equal the current account amount?

There exists an inverse relationship between the balance on each of the accounts. The overall debit balance on the current account is completely offset by the credit balance on the capital and financial account.
Each account impacts the other:
Our CAD results in the need to fund the deficit through financial account credits (taking out loans from abroad or issuing bonds) - adding to our NFD. But as a result, the CAD is also impacted due to the primary account debits that arise from the interest payments that we have to pay on our foreign debt. (think about a normal person taking out a loan; when you pay back that debt, you have to pay back interest on top of the principal. This is the same when countries take on foreign debt)
So it essentially is self-reinforcing, in that a rise in the CAD leads to a rise in our NFD which leads to a rise in the CAD which leads to a rise in the NFD.......

Hope this helps.