economics allnighter crew (2 Viewers)

[MichaelLy]

What would be the key economic data required for the exam? Interest rates, gdp, unemployment, exchange rate, CAD?

 

[leesh95]

Why did the Rudd government abolish workplace relations act?

 

[leesh95]

Also why is the $AUD so volatile?

 

[starshine02]

What would be the key economic data required for the exam? Interest rates, gdp, unemployment, exchange rate, CAD?

I'd say learn a bit of everything so you can answer most questions? This might help http://leadingedge.com.au/statistics/

Also why is the $AUD so volatile?

Aust has a narrow export base so the value of our currency can be volatile as it's kinda linked to commodity prices which are volatile especially in times of a downturn. Sorry idk if I explained it in depth enough.

And I feel like I haven't written enough essays so I'm gonna spend the next hour just writing essay plans for those that I haven't done eg - trading blocs and micro. What's the chance those ones will come up? As in, is it likely?

 

[studybuddy101]

^ for the $A you'd also want to make reference to the fact we use a floating system so that in itself lends itself to volatility

 

[MichaelLy]

Why did the Rudd government abolish workplace relations act?

I believe that would be related to political constraints as that essentially had John Howard removed from government

 

[makakandchesse]

Damn it, i think im going to cry D: so much to do and such little time...glad to know im not alone

 

[EpicHero]

What's a good external stability short answer question and the response to that?

And what are the chances of an external extended?

 

[makakandchesse]

what is the difference between headline and underlying inflation? and how would you answer it with examples?

 

[EpicHero]

what is the difference between headline and underlying inflation? and how would you answer it with examples?

Haha, last years question? It probably won't come up, but for use in a potential essay:-

Headline includes a large basket of goods and the change in price across all of them. Underlying removes the goods from the basket that have a volatile or large price change that could skew the CPI rate.

For example, take the floods in QLD that reduced the supply of banana's. This would've driven prices unrealistically high and as such, they would be included in the underlying rate.

 

[makakandchesse]

Haha, last years question? It probably won't come up, but for use in a potential essay:-

Headline includes a large basket of goods and the change in price across all of them. Underlying removes the goods from the basket that have a volatile or large price change that could skew the CPI rate.

For example, take the floods in QLD that reduced the supply of banana's. This would've driven prices unrealistically high and as such, they would be included in the underlying rate.

Ahaha Thank you, that question always seems to confuse me.

 

[MichaelLy]

Can anyone name and briefly describe two multilateral and bilateral agreements?

 

[verokond]

Can anyone enlighten me with some points for this question
'Explain why wealth distribution is less equal than income distribution'

Is it just that fact that wealth is a 'stock' concept accumulated over a long period of time....but what else?

 

[SGSII]

guys, what is hidden unemployment and why does it not count in the unemployment rate?

 

[verokond]

Hidden unemployment refers to those people who are unemployed, but are not actively seeking for work. Hence, they are not included in the unemployment stats

 

[Spiritual Being]

Hidden unemployment refers to those people who are unemployed, but are not actively seeking for work. Hence, they are not included in the unemployment stats

I think we learnt that in year 10 commerce.

 

[leesh95]

Can anyone enlighten me with some points for this question
'Explain why wealth distribution is less equal than income distribution'

Is it just that fact that wealth is a 'stock' concept accumulated over a long period of time....but what else?

People can be born in to wealth, they can inherit wealth whereas income has to be earned. An individual can work hard to increase their income level, government can give transfer payments to make it more equitable but same can't be said about wealth.

 

[leesh95]

What are the chances of unemployment/inflation/income equality coming in the paper since they were in last years exam.

 

[verokond]

People can be born in to wealth, they can inherit wealth whereas income has to be earned. An individual can work hard to increase their income level, government can give transfer payments to make it more equitable but same can't be said about wealth.

Thanks for that

 

[EpicHero]

Can anyone name and briefly describe two multilateral and bilateral agreements?

Multilateral - APEC & EU - I can't really give a description, kinda self-explanatory. Sorry!
Bilateral - Closer Economic Relations Trade Agreement - CERTA between Australia and New Zealand. An agreement to reduce trade barriers really. 8% increase in trade between the two countries since it was implemented.