Economics predictions/exam thoughts (1 Viewer)

[yatsharma]

DISTANCE BETWEEN TWO SUPPLY CURVES

Can you ease explain in detail

 

[yatsharma]

DISTANCE BETWEEN TWO SUPPLY CURVES

How can you please be specific

 

[yatsharma]

Can someone explain why Q20 is 4

 

[infinityandbeyond]

From what I have seen from a youtube video, you look at the new quantity that is being supplied after the subsidy has been applied and draw a vertical line through. Then you find the vertical distance between the 2 supply curves. I got $2 but I believe I am wrong because now that I look at the question the new supply curve meet demand where the price is $3 and that gives a vertical difference of $4. Silly me!!

 

[yatsharma]

From what I have seen from a youtube video, you look at the new quantity that is being supplied after the subsidy has been applied and draw a vertical line through. Then you find the vertical distance between the 2 supply curves. I got $2 but I believe I am wrong because now that I look at the question the new supply curve meet demand where the price is $3 and that gives a vertical difference of $4. Silly me!!

Thanks

 

[jeception177]

heres my answers, let me know what you all think
A
D
C
B
B
A
B
A
C
D
B
D
A
A
B
A
C
B
C
D

shouldn't 13 be B? or am i wrong

 

[QWE-RTY]

For 13, inflation is lower than before but it is still present in the economy, so its A. It cant be B because that would require a negative inflation rate.

 

[dotwingz]

Answers

 

[jeception177]

how strict do they mark short answers because for one of the short answers i forgot to times the cpi by 100 for inflation. So then I argued the opposite stance for monetary policy to what was correct. I think it was out of 5 total, how many marks would i lose?

 

[dotwingz]

how strict do they mark short answers because for one of the short answers i forgot to times the cpi by 100 for inflation. So then I argued the opposite stance for monetary policy to what was correct. I think it was out of 5 total, how many marks would i lose?

Ive often seen in the sample answers that they accept decimal answers. Im not sure when and why but you might not get that wrong.

As for the stance, as long as you justified it well you could probably pick up 2/3 marks.

 

[John1201]

Answers

1. For the MP stance I just argued that it will worsen the CAD (Interest rate differentials) and dampen economic growth however since they are not the primary targets (Inf and UE are) it does not matter as much.
2. I said a beach is rivalled as people can own beaches and swimming pools rival them as well as the excludable argument
3. I argued that MP is limited cos time lag affecting the economy, banks not passing on the cuts and that it lacks effectiveness at stimulating once they are below 2%.
4. For effects on CAD due to AUD deprecating I just focused on BOGS and NPI/Fin effects. Int comptivness and cheaper investment. I filled up all the lines easy and went in depth about them
Do you think these answers would all be fine to get near full marks?

 

[Hscbuzman]

1. For the MP stance I just argued that it will worsen the CAD (Interest rate differentials) and dampen economic growth however since they are not the primary targets (Inf and UE are) it does not matter as much.
2. I said a beach is rivalled as people can own beaches and swimming pools rival them as well as the excludable argument
3. I argued that MP is limited cos time lag affecting the economy, banks not passing on the cuts and that it lacks effectiveness at stimulating once they are below 2%.
4. For effects on CAD due to AUD deprecating I just focused on BOGS and NPI/Fin effects. Int comptivness and cheaper investment. I filled up all the lines easy and went in depth about them
Do you think these answers would all be fine to get near full marks?

1. No chance 3/5
2. depends on marker
3. 3/5
4.3/5

 

[dotwingz]

1. For the MP stance I just argued that it will worsen the CAD (Interest rate differentials) and dampen economic growth however since they are not the primary targets (Inf and UE are) it does not matter as much.
2. I said a beach is rivalled as people can own beaches and swimming pools rival them as well as the excludable argument
3. I argued that MP is limited cos time lag affecting the economy, banks not passing on the cuts and that it lacks effectiveness at stimulating once they are below 2%.
4. For effects on CAD due to AUD deprecating I just focused on BOGS and NPI/Fin effects. Int comptivness and cheaper investment. I filled up all the lines easy and went in depth about them
Do you think these answers would all be fine to get near full marks?

1. As long as you referenced unemployment and inflation and how the stance helps the reserve bank reach these objectives, what you said was mostly valid about CAD as long as you justified it correctly. However, some markers may disagree and take a "most likely" aproach. I would say maybe a 3/4 out of 5

2. Unfortunatley i think you missed the point of this question. Public beach is non excludable, and rival does not mean alternatives can rival it.

3. As long as you fleshed that out and "explained" everything that could be a 5/5

4. Considering they say accounts i would argue they want you to talk about the KAFA aswell. Maybe 3/5?

 

[John1201]

1. As long as you referenced unemployment and inflation and how the stance helps the reserve bank reach these objectives, what you said was mostly valid about CAD as long as you justified it correctly. However, some markers may disagree and take a "most likely" aproach. I would say maybe a 3/4 out of 5

2. Unfortunatley i think you missed the point of this question. Public beach is non excludable, and rival does not mean alternatives can rival it.

3. As long as you fleshed that out and "explained" everything that could be a 5/5

4. Considering they say accounts i would argue they want you to talk about the KAFA aswell. Maybe 3/5?

For 4 I did say KAFA as I said it will be credit on KAFA but then the repayments will be debit on CA.

 

[Hscbuzman]

1. As long as you referenced unemployment and inflation and how the stance helps the reserve bank reach these objectives, what you said was mostly valid about CAD as long as you justified it correctly. However, some markers may disagree and take a "most likely" aproach. I would say maybe a 3/4 out of 5

2. Unfortunatley i think you missed the point of this question. Public beach is non excludable, and rival does not mean alternatives can rival it.

3. As long as you fleshed that out and "explained" everything that could be a 5/5

4. Considering they say accounts i would argue they want you to talk about the KAFA aswell. Maybe 3/5?

For 1, I would say he got 2-3 only. They won't agree with his CAD statement

 

[dotwingz]

For 1, I would say he got 2-3 only. They won't agree with his CAD statement

That's what I mean about a "most likely" approach. His CAD statement does make sense, but it is not is what is most likely to happen. If they take this approach he is probably looking at a 2 or 3

 

[Jendeukie]

looking at the answers dotwingz posted, i got 18 for MC. stuffed up the inflation rate question (goddamn I HATE them but i knew it should've been A or B yet my dumbass picked C lmfao inflation at NAIRU!) and my textbook lied to me ( (although it really is my fault as a very dodgy "eco" student for not checking the news - thought mining and agriculture were 2/3 our export earnings, but looks like services has beaten agriculture.

for that stance question, i probably lost a mark because i went for contractionary monetary, talked about everything, and then pretty much said the cad was relatively stable so it wouldn't be a big issue. didn't have any other arguments and stuff on that so yeah i'd be looking at 1 mark lost or 2 marks if they hate me
i anticipate another few marks in short answer, such as from monetary policy limitations question. oop, never bothered to study it because i fat crammed eco into one and a half days of studying between chem and 3u, failure is exactly what i deserve.

long response is the real kicker though ahahahaha i expect like 15-16 for both essays. hopefully i get away with a 15/16 (praying SO hard) so i can hit an 84-85 raw mark and get like idk an 89 scaled or something. i didn't prepare at all for a protectionism essay, i basically just regurgitated theory on advantages and disadvantages (with no significant use of stats lmaoooo) so that's defs a 15.

im in band 6 range for school rank (other 50% sorted), so good luck to me

 

[jeception177]

what would scale to a band 6? Like 83-84?

 

[dotwingz]

what would scale to a band 6? Like 83-84?

Typically the band 6 cut off is 83-86. Considering this test was on the easier side, i would say ~86 would be the cut off.