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Economics Marathon (1 Viewer)

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Always

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Re: Economics Marathon - The 2006 Version

onebytwo said:
NEXT QUESTION: explain why the 'outlays' approach to CPI determination implemented by the ABS prior to 1998 was not an appropriate method of calculation.
Can someone please explain this? I don't remember learning it.
 

*Ninny-mole*

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Re: Economics Marathon - The 2006 Version

Always said:
Quote:
Originally Posted by onebytwo
NEXT QUESTION: explain why the 'outlays' approach to CPI determination implemented by the ABS prior to 1998 was not an appropriate method of calculation.

Can someone please explain this? I don't remember learning it.
I never learnt this either... Is it necessary to know? I mean, would you even need to talk about it in an essay??? Ummmm, sorry, I can't answer that...
But I do have a question if that's okay...

Question: What is the likely impact on australia's balance of payments of a decline in the TWI?
 

Sparcod

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Re: Economics Marathon - The 2006 Version

Worsening TWI= wider CAD as net exports is part of the current account
Also, more money needs to be borrowed to cover the costs of imports



Next Q: What are the costs and benefits of reduced protection??
An over-asked question
 

mitsui

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Re: Economics Marathon - The 2006 Version

costs - unemployment (more welfare payment, tax, twin deficits), esp structural, worse cAD due to lower export and higher import in the short term (althou not really the case atm as commodity is really inelastic)

benfits - economies of scale - effiencies, higher SOL & better in the long run.... (wat else? XD)

_____________________________

My question:

What theories can be used for allocative, technical and dynamic efficiency?
 

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Re: Economics Marathon - The 2006 Version

Allocative effieciency: efficient allocation of resources to industries needing them the most to satisfy the consumer tastes in the most efficient way.
Technical efficiency: the lowest possible costs when producing goods and services.
Dynamic effieciency is the embracement for/responsiveness change as consumer demands vary by bringing upon newer production methods and goods/services to remain competitive.

By achieving these three dimensions of efficiency, the firm is at its highest productive capacity and productivity is at its maximum


We're running out of askable questions...
Q:What are the advantages and disadvantages of a centralised, governement-controlled wages system.
 

mitsui

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Re: Economics Marathon - The 2006 Version

Sparcod said:
Allocative effieciency: efficient allocation of resources to industries needing them the most to satisfy the consumer tastes in the most efficient way.
Technical efficiency: the lowest possible costs when producing goods and services.
Dynamic effieciency is the embracement for/responsiveness change as consumer demands vary by bringing upon newer production methods and goods/services to remain competitive.

By achieving these three dimensions of efficiency, the firm is at its highest productive capacity and productivity is at its maximum


We're running out of askable questions...
Q:What are the advantages and disadvantages of a centralised, governement-controlled wages system.

sorry this is not a answer but a followup Q

i was trying to ask like what theories can we put in for those three area of efficiency? XD.. i know technical effiency is supported by economies of scale, is there one for allocative and dynamic? or r they both under EOS as well? :confused:
 

Sparcod

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Re: Economics Marathon - The 2006 Version

I don't get your acronyms such as EOS and SOL.
 

mitsui

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Re: Economics Marathon - The 2006 Version

Economies of SCale

Standard of Living.

=@ sry, haha
 

gemrism

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Re: Economics Marathon - The 2006 Version

Q: What are the advantages of prices and incomes policies?

1. Decreased inflationary pressures
2. The ability of an industry to pay for wage increases is taken into account
3. Firms can become more productive
 

Sparcod

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Re: Economics Marathon - The 2006 Version

Next question- What are the benefits of high inflation?
 

onebytwo

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Re: Economics Marathon - The 2006 Version

Sparcod said:
Next question- What are the benefits of high inflation?
...er.....low unemployment in the short term....cant think.....
 

Sparcod

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Re: Economics Marathon - The 2006 Version

-borrowers win
-those who can get large increases benefit
-wealth increases in value.
 

2006hsc

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Re: Economics Marathon - The 2006 Version

Without Wings said:
next question:
Outline at least one advantage and one disadvantage of using monetary policy to manage the economy
7:13 am...way too early to be doing economics...but anyway...

advantage - using a loosened monetary policy can help stimulate growth in the economy in the short term by lowering interest rates, thus increasing consumption and investment by businesses and consumers, as they have more purchasing power...(?)


one disadvantage - Monetary policy does not address long term economic growth in the long run (as this is mainly influenced by the supply factors of the economy).

Also, a loosened monetary policy may increase inflation rates as consumption and investment increases, increasing inflation from demand-pull inflation.

Im not sure if this is right

Next Question - What are the disadvantages of microeconomic reform?
 

gemrism

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Re: Economics Marathon - The 2006 Version

Without Wings said:
next question:
Outline at least one advantage and one disadvantage of using monetary policy to manage the economy
advantage- monetary policy is a quick solution to lower demand in an economy. This will decrease inflationary pressures and halt to growth of inflation, assisting sustainable economic growth.

Disadvantage- moentary policy is a blunt instrument. It works effectively on booming industries, however, industries which are suffering e.g. agriculture are worse off.
 

Sparcod

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Re: Economics Marathon - The 2006 Version

An advantage is that it isn't political and RBA isn't trying to win votes like the govt is.

A disadvantage is i don't know....
Someone help me??
 

2006hsc

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Re: Economics Marathon - The 2006 Version

Sparcod said:
An advantage is that it isn't political and RBA isn't trying to win votes like the govt is.

A disadvantage is i don't know....
Someone help me??
im going to answer my own question lol.
i wonder if you could giv an example if you get a question like this?
anyway....microeconomic policies such as reducing protectionist policies will lead to increased u/e in the short term

theres a large debate about larger inequality when microeconomic policies are introduced
 

dfm

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Re: Economics Marathon - The 2006 Version

how do you work out the equilibrium level of income when C=100 + 0.8Y and I=40?
thanks.
 

Sparcod

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Re: Economics Marathon - The 2006 Version

2006hsc said:
im going to answer my own question lol.
i wonder if you could giv an example if you get a question like this?
anyway....microeconomic policies such as reducing protectionist policies will lead to increased u/e in the short term

theres a large debate about larger inequality when microeconomic policies are introduced
why quote me? I had nothing to do with your question.
 

Always

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Re: Economics Marathon - The 2006 Version

dfm said:
how do you work out the equilibrium level of income when C=100 + 0.8Y and I=40?
thanks.
I'm not entirely sure, but this is my attempt:

In the three sector model, equilibrium occurs when Y = C + I. So,

Y = 100 + 0.8Y + 40
Y = 140 + o.8Y
0.2Y = 140
:. Y = 700

Please DO correct me if I'm wrong.
 

Sparcod

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Re: Economics Marathon - The 2006 Version

Seems right to me.

This is a long one.
Explain how political constraints affect the implementation of macroeconomic policies.
 
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