Economics Marathon (4 Viewers)

[hup]

Briefly explain why the world economy is experiencing international convergence. (3 marks)
(2010 HSC Q22b)

page 33
http://www.boardofstudies.nsw.edu.au/syllabus_hsc/pdf_doc/economics-st6-syl-from2011-tracked.pdf

 

[slyhunter]

page 33
http://www.boardofstudies.nsw.edu.au/syllabus_hsc/pdf_doc/economics-st6-syl-from2011-tracked.pdf

Doesn't mean you can't answer it.

 

[aphorae]

page 33
http://www.boardofstudies.nsw.edu.au/syllabus_hsc/pdf_doc/economics-st6-syl-from2011-tracked.pdf

Well it's not like they would've asked us that question again anyway Good for globalisation essay practice though.

Globalisation, the process of economic integration between economies, has been the main contributing factor to the international convergence of the world economy - the increasing similarity of economic conditions and systems. Through the gradual breakdown of barriers between countries and the consequent rapid expansion in global trade and financial flows, economies around the world have become increasingly linked. This has ultimately led to the synchronisation of economic growth trends between different economies through the international business cycle, and the adoption of market capitalism economic systems.
^ is this right btw?


Describe TWO economic effects that the protection of domestic industries has on global trade. (2 marks)
(2007 CSSA)

 

[Bobbo1]

Briefly explain why the world economy is experiencing international convergence. (3 marks)
(2010 HSC Q22b)

Even if its not in the syllabus i'd say its rather important as part of the globalization process, so:

International convergence which refers to the increasing similarity of economic conditions in different economies during the globalization era, in terms of economic systems, performance and structure has primarily been caused due to factors such as the spread of new technologies; the growth in international trade and investment; improvements in technology and communications; new age of consumerism and the global spread of migration.

 

[slyhunter]

Good enough.

2007 CSSA - reduced global trade because it's harder to penetrate overseas markets, reduced living standards because inefficient producers are shielded

Explain how market failure causes the misallocation of scarce resources in Australia (3 marks)
(2007 HSC Q24d)

 

[aphorae]

Explain how market failure causes the misallocation of scarce resources in Australia (3 marks)
Market failure is the failure of the price mechanism to take into account the indirect or social costs of consumption and production. As the price mechanism is unable to determine a price or value for environmental resources such as the atmosphere, such resources may be exploited by firms or individuals for no cost, and destroyed through overuse. This situation is known as the 'tragedy of the commons' .
^ do you have to specifically address the 'in Australia' part - if so, how should you word it?

Why is it difficult to ensure intergenerational equity when developing environmental policies? (4 marks)
(Baulko 2004)
^ dot points is fine

 

[krnofdrg]

Explain how market failure causes the misallocation of scarce resources in Australia (3 marks)
Market failure is the failure of the price mechanism to take into account the indirect or social costs of consumption and production. As the price mechanism is unable to determine a price or value for environmental resources such as the atmosphere, such resources may be exploited by firms or individuals for no cost, and destroyed through overuse. This situation is known as the 'tragedy of the commons' .
^ do you have to specifically address the 'in Australia' part - if so, how should you word it?

Why is it difficult to ensure intergenerational equity when developing environmental policies? (4 marks)
(Baulko 2004)
^ dot points is fine

Im not sure but can you reword your question a bit more simpler ..... sorry

 

[slyhunter]

I took the question directly out of the exam, word for word.

In Australia, I'm assuming you'd have to discuss a particular sector exploiting resources, idk.

 

[artosis]

- environmental polices are unpolitically friendly. ie; carbon taxing
- govts care about votes and thus would never attempt to jeopradise the current generation for other generations
- environmental policies cause structural change. govts are only in for the short-term, thus unpopular
- environmental policies sacrifice eco growth to protect the environment, no one likes that

 

[krnofdrg]

Explain how market failure causes the misallocation of scarce resources in Australia

Market failure can arise in the allocation of environmental resources since there may be an absence of markets for environmental goods as well as a system of property rights to regulate their usage.

 

[aphorae]

Im not sure but can you reword your question a bit more simpler ..... sorry

Were you referring to me? I took it out of the paper exactly

- environmental polices are unpolitically friendly. ie; carbon taxing
- govts care about votes and thus would never attempt to jeopradise the current generation for other generations
- environmental policies cause structural change. govts are only in for the short-term, thus unpopular
- environmental policies sacrifice eco growth to protect the environment, no one likes that

Nice! #1 + #2 are pretty similar, but I guess you'd get a mark for the definition or something.

Question? Or anyone?

Here's a quick one in the meantime:

Explain the role of the No Disadvantage Test administered to enterprise agreements by the Australian Industrial Relations Commission (2 marks)
(Independent 2006)

 

[krnofdrg]

The 'No disadvantage test' compared a proposed agreement to an underpinning and relevant award that had or should have covered employees up until the proposal for an agreement. The No Disadvantage Test weighed the benefits of the award against the proposed agreement to ensure that, overall, employees were no worse off.

 

[aphorae]

Okay Your turn?

 

[krnofdrg]

What are the main methods of dispute resolution in the Australian industrial relations system?? (State and explain 2) , 4 marks .

Clue (Arbitration, Councilliation and Collective Bargaining).

 

[artosis]

Neoliberals argue that monetary policy does not actually create economic growth but only moves it forward in the economic cycle. Explain

 

[krnofdrg]

Neoliberals argue that monetary policy does not actually create economic growth but only moves it forward in the economic cycle. Explain

??? too hard

 

[powlmao]

Neoliberals argue that monetary policy does not actually create economic growth but only moves it forward in the economic cycle. Explain

From what I understand

A economic cycle is full of booms and reccessions and basically that is what monetary policy does, lossening puts it in a boom like period and tightening puts it in a reccessino like period. SoNeoliberals try to say that monetary policy will just put the economy into a recession/boom period

 

[gunat61]

Dispute resolution processes include conciliation and arbitration. Conciliation involves the process in which firms employees meet to discuss differences in the presence of third party, such as Fair Work Australia. Arbitration involves a process in which an industrial tribunal hands down a legally binding ruling to employees and firms.

2002 HSC:
Briefly explain how the RBA could intervene in the foreign exchange market to influence the $A. (3 marks)

 

[powlmao]

New question

 

[krnofdrg]

Dispute resolution processes include conciliation and arbitration. Conciliation involves the process in which firms employees meet to discuss differences in the presence of third party, such as Fair Work Australia. Arbitration involves a process in which an industrial tribunal hands down a legally binding ruling to employees and firms.

Correct!! Your turn