03 independent trials (1 Viewer)

[haru]

theres 2 questions from 03 Independent trials in multiple choice i dont get it. can u help me out. Thanks in advance.

Q11
Year 1
GDP $m 500
Population (millions) 20
CPI 100

Year 2
GDP $m 800
Population (millions) 22
CPI 125

What is the real growth in GDP between Year 1 and Year2?
A $640 m
B $300 m
C $140 m
D $32 m

Q13

Income($m) Consumption ($m) Investment ($m)
0 . 1000 . 200
1000 . 1800 . 200
2000 . 2600 . 200
3000 . 3400 . 200

In this economy , what is the equilibrium level of national income?
A $1000m
B $200m
C $6000 m
D $1200m

From the answer sheet the answer to Q11 & Q13 is C

 

[gnrlies]

theres 2 questions from 03 Independent trials in multiple choice i dont get it. can u help me out. Thanks in advance.

Q11
Year 1
GDP $m 500
Population (millions) 20
CPI 100

Year 2
GDP $m 800
Population (millions) 22
CPI 125

What is the real growth in GDP between Year 1 and Year2?
A $640 m
B $300 m
C $140 m
D $32 m

Q13

Income($m) Consumption ($m) Investment ($m)
0 . 1000 . 200
1000 . 1800 . 200
2000 . 2600 . 200
3000 . 3400 . 200

In this economy , what is the equilibrium level of national income?
A $1000m
B $200m
C $6000 m
D $1200m

From the answer sheet the answer to Q11 & Q13 is C

Ok brudda

The figures it gives you are nominal. You need to "weight" them to take into consideration inflation (to make them real). So you need to multiply the nominal figures by the ratio of CPI figures.

100 / 125 = 0.8

Real GDP Year 2 = 0.8 x 800 = 640

Growth in GDP = 640 - 500 = 140 (remember it only says growth in real GDP - not what the actual GDP figure is for year 2)

Therefore the ans is [C]

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As for the next Q - You've either written it down incorrectly, or the question is idiotic. It doesn't make sense at all.

If you rephrase the question id gladly answer it, howevor if thats as it appears then whoever wrote the question deserves to be fired from their job as the question doesn't make sense.

It appears to involve the keynesian model of income, howevor even for that it doesn't give you enough info (either that or they are assuming things which you arent expected to know - which makes the question even more ridiculous as they are meant to be testing you on the syllabus, not on their old recycled invalid questions from the old HSC. Fucking lazy teachers)

 

[ScottyG]

theres 2 questions from 03 Independent trials in multiple choice i dont get it. can u help me out. Thanks in advance.

Q11
Year 1
GDP $m 500
Population (millions) 20
CPI 100

Year 2
GDP $m 800
Population (millions) 22
CPI 125

What is the real growth in GDP between Year 1 and Year2?
A $640 m
B $300 m
C $140 m
D $32 m

Q13

Income($m) Consumption ($m) Investment ($m)
0 . 1000 . 200
1000 . 1800 . 200
2000 . 2600 . 200
3000 . 3400 . 200

In this economy , what is the equilibrium level of national income?
A $1000m
B $200m
C $6000 m
D $1200m

From the answer sheet the answer to Q11 & Q13 is C

The equilibrium level will be when National Income is = to Consumption + Investment

So taking the trends from the above question:

3000 = 3600
4000 = 4400
5000 = 5200
6000 = 6000

As you can see, equilibrium is achieved when National Income = $6000. Hence the answer is C.

And gnrlies, this is a legitimate question. I've seen it in trials before. Once you've seen it done it becomes quite logical and you won't forget it.

 

[lengjaii]

Thanks all for answering the question. I wonder if any1 has a complete version of answer (multiple choice questions) for 2004 CSSA trials paper.

Or do you, yourself have the answer sheet to it? Haru?

 

[haru]

Thanks for the help
lengjaii: the answer sheet can be found here

http://community.boredofstudies.org/22/economics/21813/practice-questions-trial-papers.html

 

[gnrlies]

The equilibrium level will be when National Income is = to Consumption + Investment

So taking the trends from the above question:

3000 = 3600
4000 = 4400
5000 = 5200
6000 = 6000

As you can see, equilibrium is achieved when National Income = $6000. Hence the answer is C.

And gnrlies, this is a legitimate question. I've seen it in trials before. Once you've seen it done it becomes quite logical and you won't forget it.

Well it might make sense if you rote learn the answer, but apart from the fact that it requires you to assume that consumption and investment is all that there is to Agg'D, it is testing a concept that is not in the syllabus. You dont need to know the keynesian model of equilibrium.

I guess my biff is that as a stand alone question, it simply doesn't make sense lol.