Economics Marathon (3 Viewers)

[aefarrugia]

Describe TWO essential features of a public good? (2)

 

[aphorae]

1. b** because dumping only occurs temporarily, employment benefits over the long term and infant industry is temporary

Q: What are the main drivers of the globalisation process and explain how.

sorry mate its dumping no question, check your textbook, i'm sure it says somewhere there

Globalisation refers to the the increasing integration of economies around the world.
Drivers: labour, investment/TNCs, financial, trade, technology flows (and to some extent the IBC itself)

Do you mean how they drive the globalisation process? Hmm tbh I cbf answering cos it would take a while. I suppose if it was 3 marks I would talk about how tech flows drive the other flows through development of technologies e.g. standardisation of containers that increase efficiency thereby fostering trade flows etc; investment flows allow companies such as TNCs to move about in search of the most efficient production methods -> established in multiple economies = increased linkages etc.

1b
2d
3c?

yep

Discuss a possible conflict between the goals of economic growth and the preservation of the natural environment. (5 marks)

- Economic growth involves an increase in the volume of goods and services that an economy produces over time.
- As economic growth increases, the demand for resources to satisfy the demand for production increases
- Overuse or exploitation of natural resources to achieve short-term growth can deplete these resources and permanently damage the environment
- Market failure etc.
- Similarly the preservation of the natural environment constrains economic growth as firms are unable to utilise resources to their maximum potential.

^ Is this an okay way to answer it do you think? Idk how to get 5 marks from this

 

[aphorae]

Describe TWO essential features of a public good? (2)

- non-excludable: consumption cannot be restricted to those willing to pay for them
- non-rival: goods/services whose consumption by one individual does not reduce the ability of other individuals to also consume the good/service

 

[aphorae]

1. In Economics, which of the following would be regarded as investment?
(A) The purchase of 100,000 shares in National Australia Bank
(B) The purchase of $1 million of Commonwealth Government Securities
(C) Siberian Airways buying a Boeing 747 passenger jet off QANTAS
(D) A pizza store buying a new gas oven

2. If the inflation rate falls from 6% p.a. in 2011 to 2% p.a. in 2012, which of the following is true?
(A) The general level of prices is falling at an increasing rate.
(B) The general level of prices is increasing at a falling rate.
(C) The general level of prices is falling at a decreasing rate.
(D) The general level of prices is increasing at an increasing rate.

3. What would be the usual effect of a decrease in the average level of tariffs on imported steel goods from 25% to 5%?
(A) Increase foreign producers’ revenue and market share.
(B) Increase domestic producers’ revenue and market share.
(C) Increase the general price level in a country.
(D) Increase domestic producers’ costs of production.

 

[hup]

sorry mate its dumping no question, check your textbook, i'm sure it says somewhere there

Globalisation refers to the the increasing integration of economies around the world.
Drivers: labour, investment/TNCs, financial, trade, technology flows (and to some extent the IBC itself)

Do you mean how they drive the globalisation process? Hmm tbh I cbf answering cos it would take a while. I suppose if it was 3 marks I would talk about how tech flows drive the other flows through development of technologies e.g. standardisation of containers that increase efficiency thereby fostering trade flows etc; investment flows allow companies such as TNCs to move about in search of the most efficient production methods -> established in multiple economies = increased linkages etc.



yep



- Economic growth involves an increase in the volume of goods and services that an economy produces over time.
- As economic growth increases, the demand for resources to satisfy the demand for production increases
- Overuse or exploitation of natural resources to achieve short-term growth can deplete these resources and permanently damage the environment
- Market failure etc.
- Similarly the preservation of the natural environment constrains economic growth as firms are unable to utilise resources to their maximum potential.

^ Is this an okay way to answer it do you think? Idk how to get 5 marks from this

same i was thining of an answer but it would be around 3 marks or 4 at best idk how to write this stuff for 5

oh ok marking notes say

Better responses made reference to the possibility of the promotion of higher
rates of economic growth with ecologically sustainable development strategies to conserve non-renewable resources for future generations.

that would probably get an extra 2 marks or whatever

 

[Bobbo1]

Aphorae, so those are some really tough questions, could I know where i can find them?

Q (or rather explain why): http://www4.boardofstudies.nsw.edu....wer=A&courseID=15110&testQuestionID=268878425

 

[Bobbo1]

1. In economics, which of the following would be regarded as investment?
(a) the purchase of 100,000 shares in national australia bank
(b) the purchase of $1 million of commonwealth government securities
(c) siberian airways buying a boeing 747 passenger jet off qantas
(d) a pizza store buying a new gas oven

2. If the inflation rate falls from 6% p.a. In 2011 to 2% p.a. In 2012, which of the following is true?
(a) the general level of prices is falling at an increasing rate.
(b) the general level of prices is increasing at a falling rate.
(c) the general level of prices is falling at a decreasing rate.
(d) the general level of prices is increasing at an increasing rate.

3. What would be the usual effect of a decrease in the average level of tariffs on imported steel goods from 25% to 5%?
(a) increase foreign producers’ revenue and market share.
(b) increase domestic producers’ revenue and market share.
(c) increase the general price level in a country.
(d) increase domestic producers’ costs of production.

1) a
2) b
3) a

 

[hup]

1. In Economics, which of the following would be regarded as investment?
(A) The purchase of 100,000 shares in National Australia Bank
(B) The purchase of $1 million of Commonwealth Government Securities
(C) Siberian Airways buying a Boeing 747 passenger jet off QANTAS
(D) A pizza store buying a new gas oven

2. If the inflation rate falls from 6% p.a. in 2011 to 2% p.a. in 2012, which of the following is true?
(A) The general level of prices is falling at an increasing rate.
(B) The general level of prices is increasing at a falling rate.
(C) The general level of prices is falling at a decreasing rate.
(D) The general level of prices is increasing at an increasing rate.

3. What would be the usual effect of a decrease in the average level of tariffs on imported steel goods from 25% to 5%?
(A) Increase foreign producers’ revenue and market share.
(B) Increase domestic producers’ revenue and market share.
(C) Increase the general price level in a country.
(D) Increase domestic producers’ costs of production.

1c?
2b
3a

 

[aphorae]

Aphorae, so those are some really tough questions, could I know where i can find them?

Q (or rather explain why): http://www4.boardofstudies.nsw.edu....wer=A&courseID=15110&testQuestionID=268878425

the multiple choice questions? i'm looking at the past trials i have haha, just taking the relatively harder ones out. the last three were from barker 2001, the ones i were using before were from some obscure religious high school i've never heard of -> they were pretty hard, i copied almost every single question down except like 2 basic definitions

B

same i was thining of an answer but it would be around 3 marks or 4 at best idk how to write this stuff for 5

yeah idk because it says 'discuss a possible conflict' which implies one, so idk if they would accept it if i talked about different ones. probably just ramble on about market failure, define environmental sustainability, firms face higher costs with environmental regulations/standards etc., this can make them go offshore = less growth for domestic economy

Better responses made reference to the possibility of the promotion of higher
rates of economic growth with ecologically sustainable development strategies to conserve non-renewable resources for future generations.

that would probably get an extra 2 marks or whatever

ok this sounds better

 

[hup]

Aphorae, so those are some really tough questions, could I know where i can find them?

Q (or rather explain why): http://www4.boardofstudies.nsw.edu....wer=A&courseID=15110&testQuestionID=268878425

hidden unemployment means those who arent included in statistics because theyve given up looking up for work (or other reasons idk)
so if participation rate rises means more people looking for work so they become included as part of those looking for work and hidden unemployment goes down
reduction in the rate of unemployment means nothing because hidden unemployed are not included in the calculation for unemployment rate anyway

 

[aphorae]

1c?
2b
3a

1) a
2) b
3) a

I don't have the answers haha

1. I think this refers to I from AD as in investment spending by businesses rather than portfolio/direct/investment flows, so I would've said C or D - does anyone know why it wouldn't be D?
2. yep
3. yep

gtg i'll be back later

 

[hup]

I don't have the answers haha

1. I think this refers to I from AD as in investment spending by businesses rather than portfolio/direct/investment flows, so I would've said C or D - does anyone know why it wouldn't be D?
2. yep
3. yep

gtg i'll be back later

a business buying machinery or whatever is considered an investment in a business sense not economics
i wouldve thought a but it doesnt say who by
and c seems most correct because its a foreign something purchasing something in australia and its reversible

 

[Bobbo1]

the multiple choice questions? i'm looking at the past trials i have haha, just taking the relatively harder ones out. the last three were from barker 2001, the ones i were using before were from some obscure religious high school i've never heard of -> they were pretty hard, i copied almost every single question down except like 2 basic definitions

B

yeah idk because it says 'discuss a possible conflict' which implies one, so idk if they would accept it if i talked about different ones. probably just ramble on about market failure, define environmental sustainability, firms face higher costs with environmental regulations/standards etc., this can make them go offshore = less growth for domestic economy



ok this sounds better

Mind sharing them mate?, kind of running low on trials

 

[abc123yoyo]

a business buying machinery or whatever is considered an investment in a business sense not economics
i wouldve thought a but it doesnt say who by
and c seems most correct because its a foreign something purchasing something in australia and its reversible

1.d - I would say its D because investment is the purchase of capital. Capital is basically machinary that improves a firms productive capacity, i.e. fire oven = more pizzas for pizza stores, no?

 

[Aindan]

^ correct

 

[TorMental]

Year | Consumer Price Index (CPI) | Import Price Index
1 - 120 - 110
2 - 130 - 100
3 - 135 - 98
Given the changes in the data from Year 1 to Year 2 and from Year 2 to Year 3, what can be concluded about this economy?

a)The inflation rate has decreased and the volume of exports has fallen
b)The inflation rate has increased and the economy is less internationally competitive
c)The inflation rate has increased and the price of exports has increased at a faster rate than the price of imports
d)The inflation rate has decreased and the price of exports has decreased at a faster rate than the price of imports.

 

[hup]

Year | Consumer Price Index (CPI) | Import Price Index
1 - 120 - 110
2 - 130 - 100
3 - 135 - 98
Given the changes in the data from Year 1 to Year 2 and from Year 2 to Year 3, what can be concluded about this economy?

a)The inflation rate has decreased and the volume of exports has fallen
b)The inflation rate has increased and the economy is less internationally competitive
c)The inflation rate has increased and the price of exports has increased at a faster rate than the price of imports
d)The inflation rate has decreased and the price of exports has decreased at a faster rate than the price of imports.

d?

 

[TorMental]

Ya its D, but i didn't get why 'price of exports has decreased at a faster rate than the price of imports'.

Do you know why?

 

[hup]

Ya its D, but i didn't get why 'price of exports has decreased at a faster rate than the price of imports'.

Do you know why?

i think theres something wrong with the question it should be TOT instead of Import price index

inflation rate has gone down so it has to be either a or d
but information doesnt say anything about volumes so i chose d

 

[TorMental]

Ah ic, well it says Import Price Index so yah. Because it didn't say TOT, I was confused as to how we can deduce it to be 'export prices fall faster than imports'.

But I guess you can put two and two together - but there has to be a reason as to why an import price index falling = export prices falling faster than import.