Help: Economics Past Papers (1 Viewer)

[crazy_paki123]

2008 HSC mc question 11, answer is A how??
2007 HSC mc question 5 i got it rite but still. the anser is A

2008: http://www.boardofstudies.nsw.edu.au/hsc_exams/hsc2008exams/pdf_doc/2008HSC-economics.pdf

2007: http://www.boardofstudies.nsw.edu.au/hsc_exams/exam-papers-2007/pdf_doc/economics-07.pdf

 

[OzKo]

For Q11, you just read straight across from the graph.

What's the query for Q5 2007?

 

[crazy_paki123]

i did: Initial: 60-20= 40 foreign units * 15= $600
With Tariff: 50-30=20*20 = 400
600-400=200 lol wth?

 

[will_]

the revenue from the tariff is the rectangle drawn. ie it is (20-15) x (50-30)
=$100

 

[crazy_paki123]

AHHH thanks mate

 

[Washy_182]

And the domestic output increases because there is increased protection for local producers, right?

 

[thorax94]

Someone might have to check this but my thinking is:

More protection -> higher barrier to entry -> lower competition -> increase price -> increase supply.

 

[OzKo]

And the domestic output increases because there is increased protection for local producers, right?

More producers are willing to produce at that price, so yes.

 

[will_]

Someone might have to check this but my thinking is:

More protection -> higher barrier to entry -> lower competition -> increase price -> increase supply.

for a tariff yes.

however the increase supply at the end, you are better off by saying increase in supply for domestic firms and decrease supply from overseas firms

 

[thorax94]

for a tariff yes.

however the increase supply at the end, you are better off by saying increase in supply for domestic firms and decrease supply from overseas firms

Ok. Thanks. The explanation was aimed at the tariff but I will keep yours in mind.