Section I: Multiple Choice (2 Viewers)

[cortese14]

i still want to know what answer d was.. was it the agriculture one?

 

[echeng]

hahas Dixon!! he's Trinitarian~ well! maybe the question was wrong!

 

[nataliaa.cc]

Based off people's opinion.. 14/20 =Z
Oh well, rushed it.

 

[missashy]

yes question 1 was D High dependence on agricultural production

 

[runnable]

With Dixon's book.

Read up on Causes of Unemployment, Rising participation rates.

 

[duack]

Do you guys reakon that "sam" is a good calculation of the UAI?
I put 70 for every subject and it gave me a 50UAI
Thats not possible?

lol!!!!! YES IT IS!!! do u seriously think that half the state fails their subjects lol! maybe half my school but definetly no half the state

 

[duack]

i daydreamed a lot in the exam but i reckon ill get at least a 17 in the multiple choice. i always get a 17 for the multiple choice - no higher, no lower.

 

[nataliaa.cc]

Do you guys reakon that "sam" is a good calculation of the UAI?
I put 70 for every subject and it gave me a 50UAI
Thats not possible?

Depends on subjects.
But that is possible.

 

[nataliaa.cc]

i daydreamed a lot in the exam but i reckon ill get at least a 17 in the multiple choice. i always get a 17 for the multiple choice - no higher, no lower.

Random question, but are you in a regional area/have 8 ppl in your class?

 

[Freakyboy]

Question 1 was definitely D).

For all that argue otherwise, the question said "BEST characterizes".

There's a lot more developing economies living off agriculture than oil, I'll give you that much.


And Question 7 was C).

The LRPC shows that when AD pushes for tightness in the labour market beyond the NAIRU, there will be a short-term decrease in unemployment followed by an increase in inflation, as he economy "zig-zags" back to its natural rate albeit at higher interest (degree of stagflation). As such, the only way to further decrease u/e without increasing inflation is through increasing AS rather than AD.

Keyword was "initially".

Still, I can't believe I got that fucking gini question wrong... misread it for increase in equality, and hence put welfare :burn:

 

[danjames]

Still, I can't believe I got that fucking gini question wrong... misread it for increase in equality, and hence put welfare :burn:[/quote]

what was the question again? or at least the answer coz 90% that i saw the trick

 

[missashy]

1. Which of the following best characterises a developing economy ?
D) High dependence on agrilcultural production

2. What would be the most likely effect on the RBA purchasing government securities?
B) An increase in liquidity and a decrease in interest rates

3. Which of the following described a public good?
D) A non-rival good which is non-excludable

4. What has contributed to Australias persistent current account deficit?
B) Australia's low national savings rate

5. The table shows selected data for an economy - According to the data, which statement is correct for an economy with a floating exchange rate?
A) There is a surplus of $150bn on the capital and financial account

6. Which of the following is an economic argument against protection?
D) Resources are misallocated

7. What would be the initial impact of an increase in aggregate demand when an economy is at its natural rate of unemployment?
A) An increase in unemployment and an increase in prices

8. What would be the most likely effect of a move to a more decentralised system of wage determiniation?
C) Reduced inflationary pressure

9. The diagram shows the impact of a change in trade policy on the domestic market - Which of the following explains the increase in domestic price from p1 to p2?
C) The introduction of an import quota

10. Which of the following may cause an appreciation of the Australian dollar?
A) Australia's interest rates increase relative to overseas interest rates

11. The diagram shows the Lorenz curve for an economy - What proportion of national income is recieved by the poorest 50% of households ?
A) 15%

12. How could the Australian government finance a budget deficit while maintaining external stability?
D) By borrowing funds from the domestic private sector

13. The table shows population and employment data for 2 countries A and B - Which statement is correct
C) Country B has a higher participation rate and a higher unemployment rate than Country A

14. Which of the following is a feature of market failure?
A) It is not easy to price public goods or ration their use

15. An economy is a net importer of commodities and a net exporter of manufactured goods. Which of the following will lead to a deterioration in its terms of trade?
C) The price for commodities increase relatives to price for manufactured goods on world markets

16. Which of the following contributes to wage decentralisation in Australia
D) The practice of enterprise bargaining

17. Which of the following would increase Australias Gini coefficient?
A) An increase in the G&S Tax (GST) rate

18. Which of the following would reduce frictional unemployment?
B) Improving the effectiveness of employment agencies

19. The diagram shows the aggregate demand and aggregate suppy curve for an economy - Other things being equal, which of the following will shift the aggregate supply surve from AS0 to AS1?
C) Reduced skilled migrant intake

20. Which statement about externalities is correct?
B) In the presence of negative externalities, social costs are greater than private costs

omg that took a while

 

[missashy]

I still think question 7 is A not C

 

[@who]

yea im pretty sure i got similar answers. what was the answer to that lorenz curve question? where it says something about the lowest 50% of income earners...

 

[@who]

1. Which of the following best characterises a developing economy ?
D) High dependence on agrilcultural production

2. What would be the most likely effect on the RBA purchasing government securities?
B) An increase in liquidity and a decrease in interest rates

3. Which of the following described a public good?
D) A non-rival good which is non-excludable

4. What has contributed to Australias persistent current account deficit?
B) Australia's low national savings rate

5. The table shows selected data for an economy - According to the data, which statement is correct for an economy with a floating exchange rate?
A) There is a surplus of $150bn on the capital and financial account

6. Which of the following is an economic argument against protection?
D) Resources are misallocated

7. What would be the initial impact of an increase in aggregate demand when an economy is at its natural rate of unemployment?
A) An increase in unemployment and an increase in prices

8. What would be the most likely effect of a move to a more decentralised system of wage determiniation?
C) Reduced inflationary pressure

9. The diagram shows the impact of a change in trade policy on the domestic market - Which of the following explains the increase in domestic price from p1 to p2?
C) The introduction of an import quota

10. Which of the following may cause an appreciation of the Australian dollar?
A) Australia's interest rates increase relative to overseas interest rates

11. The diagram shows the Lorenz curve for an economy - What proportion of national income is recieved by the poorest 50% of households ?
A) 15%

12. How could the Australian government finance a budget deficit while maintaining external stability?
D) By borrowing funds from the domestic private sector

13. The table shows population and employment data for 2 countries A and B - Which statement is correct
C) Country B has a higher participation rate and a higher unemployment rate than Country A

14. Which of the following is a feature of market failure?
A) It is not easy to price public goods or ration their use

15. An economy is a net importer of commodities and a net exporter of manufactured goods. Which of the following will lead to a deterioration in its terms of trade?
C) The price for commodities increase relatives to price for manufactured goods on world markets

16. Which of the following contributes to wage decentralisation in Australia
D) The practice of enterprise bargaining

17. Which of the following would increase Australias Gini coefficient?
A) An increase in the G&S Tax (GST) rate

18. Which of the following would reduce frictional unemployment?
B) Improving the effectiveness of employment agencies

19. The diagram shows the aggregate demand and aggregate suppy curve for an economy - Other things being equal, which of the following will shift the aggregate supply surve from AS0 to AS1?
C) Reduced skilled migrant intake

20. Which statement about externalities is correct?
B) In the presence of negative externalities, social costs are greater than private costs

omg that took a while

dude , for q2. if the RBA purchases govnt securities then they decrease thier liquidity not increase it.

 

[nataliaa.cc]

dude , for q2. if the RBA purchases govnt securities then they decrease thier liquidity not increase it.

I was wondering about that. Doesn't it have to do with supply, where if they purchase the securities then it means there is less available which will decrease liquidity and place pressure on rates?

 

[lolcal]

when they purchase securities that INCREASES the amount of cash and thus increases liquidity. the higher supply of cash leads to a decrease in the cash rate.

 

[@who]

by purchasing govnt securites they lower interest rates true.
but by purchasing govnt securities they decrease their supply of funds thus decreasing their ability to meet s.t. debt thus decreasing liquidity.
Fucken idiot.

 

[adz2452]

Yeah i think i had all the MC right the same that most ppl are getting except for Q19> everyone had C and someone explain to me how that works that question i was totally confussed that was the only part of the exam i found hard.
go economics best HSC subject ever YYEEE!!

 

[lolcal]

by purchasing govnt securites they lower interest rates true.
but by purchasing govnt securities they decrease their supply of funds thus decreasing their ability to meet s.t. debt thus decreasing liquidity.
Fucken idiot.

yeah no you fucking clown, by buying the securities they INJECT CASH, so INCREASE THE SUPPLY AND THUS LIQUIDITY which is why the cash rate DECREASES.

seriously, you call me an idiot and you don't understand supply and demand after doing eco for two years? get out.