Multiple Choice Solutions (2 Viewers)

[Triage]

Well, wrong reasoning = Correct answer?! :O

yeah it can sometimes happen.

 

[Rebeccaz]

Hey can someone please explain 15? I know it doesn't matter anymore but it's going to bother me

question 15 is A because….

As the A curve shifts to B the distribution of income becomes more unequal and the causes for this would be if the people on higher income paid less income tax (i.e. marginal tax rate decreased) which would mean they have more money for themselves and it would not get distributed via transfer payments to people on lower incomes/no income at all.

If business profits increased then the companies would also have more money to themselves (i.e. the higher-income earners) and it would not get distributed amongst lower-inocome earners.

Hence creating a more unequal society

 

[enigma_1]

Well, wrong reasoning = Correct answer?! :O

So many sillies for the MC. Probs 90 raw atm

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[photastic]

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[Rebeccaz]

Nope. It is $15 above the world price. This is a diagram of the domestic market. Hence, it is the difference between supply and demand that accounts for the tariff.

This is so confusing but I think I got it.

It's pretty much the price goes to $20 and the quantity supplied is 40 mill, quantity demanded is 60 mill and the difference between them is 20 mill. Since the price here is $20 and the price world price is $10, meaning the difference is $10.

Therefore $10 x 20 million = $200 million.

I kept thinking it was $100 million (i.e. 20 million x $5) but I was measuring it wrong from the equilibrium not the word price.

All good now, thank you

 

[BiasedBuffalo]

Nope. It is $15 above the world price. This is a diagram of the domestic market. Hence, it is the difference between supply and demand that accounts for the tariff.

Yep typed the wrong thing. That's what I meant- couldn't remember the question entirely.

I agree with $200. I just think that BiasedBuffalo's reasoning was wrong.

Yeah my bad, should've re-read the question before explaining it.

 

[Triage]

I can also set the record straight for anyone who may be unsure about question 7.

A major component of the NAIRU in Australia is disillusioned job searches, i.e. people who have stopped participating because they feel as though it is helpless. Now we can all accept that the unemployment rate will decrease.

And as the unemployment rate decreases, those disillusioned job searches will begin to participate again due to the fact that they can see people around them gaining employment.

Thus the participation rate will increase as well.

Another component is labour immobility. Implicit in increase labour market flexibility is increased labour mobility. Thus people that are disillusioned with job searching in their particular region may be inspired to re-participate due to the prospect of finding work in a new location.

And for these reasons, I can say with a level of certainty that the answer is B.

 

[ariannemartell]

If business profits increased then the companies would also have more money to themselves (i.e. the higher-income earners) and it would not get distributed amongst lower-inocome earners.

I had the same thought process at first but I was unsure because idk it just seems like very dodgy reasoning. Thanks though

 

[Triage]

I had the same thought process at first but I was unsure because idk it just seems like very dodgy reasoning. Thanks though

Not dodgy reasoning. The last 15 years of strong economic growth in Australia has most notably gone to the high income earners.

Low income earners are less likely to have spare money to spend on investments and will thus not be able to take advantage of the large business profits that have occurred in Australia.

That is 100% correct reasoning by Rebeccaz

 

[dildi]

My multiple Choice was horrendous

 

[NotCricket]

I can also set the record straight for anyone who may be unsure about question 7.

A major component of the NAIRU in Australia is disillusioned job searches, i.e. people who have stopped participating because they feel as though it is helpless. Now we can all accept that the unemployment rate will decrease.

And as the unemployment rate decreases, those disillusioned job searches will begin to participate again due to the fact that they can see people around them gaining employment.

Thus the participation rate will increase as well.

Another component is labour immobility. Implicit in increase labour market flexibility is increased labour mobility. Thus people that are disillusioned with job searching in their particular region may be inspired to re-participate due to the prospect of finding work in a new location.

And for these reasons, I can say with a level of certainty that the answer is B.

Your answer is correct but your reasoning is completely wrong.

 

[wplawless]

can someone explain 8(c), I ended up with (d)

 

[mmstrain]

Mate economics is over, focus on maths now!!

But to answer your question you find the CPI in both years and find out it only rose like from 100 to 101 where as Nominal GDP rose from 100 to 105.

BTW you look really cute should hit me up on fb if your not doing anything once your finished

 

[wplawless]

noooo maths ! cheers for the explanation... yeah for sure add me on fb, you free this weekend? ) xxx

 

[mmstrain]

Got a bit of UNI to get a head of but Im sure I'd be able to squeeze in an hour... or two

 

[wplawless]

that's not the only head you'll be getting if you message me x

 

[NotCricket]

that's not the only head you'll be getting if you message me x

lolwot

 

[bonesWalker]

Hi,

Here are the answers for the multi's. Ask me if you want any clarification.

1: A
2: B
3: D
4: B
5: C
6: C
7: B
8: C
9: D
10: A
11: D
12: B
13: D
14: A
15: A
16: C
17: D
18: A
19: B
20: C

I'm almost certain these are all correct, but obviously open to any well explained corrections.

Question 1 the answer is D not A - A is an example of self determination whereas D is the correct definition
Q3 I would say the answer is C for the offence of illegal downloading
Q4 I would say the answer is C - certainly not B as he has committed the crime he is NOT still planning it

The more I look the more I think you got most of these wrong!!!
Q5 the answer is NOT C - try B

 

[NotCricket]

Question 1 the answer is D not A - A is an example of self determination whereas D is the correct definition
Q3 I would say the answer is C for the offence of illegal downloading
Q4 I would say the answer is C - certainly not B as he has committed the crime he is NOT still planning it

The more I look the more I think you got most of these wrong!!!
Q5 the answer is NOT C - try B

HAHAHAHAHAHA
this is brilliant
these are the ecos answers not legal honey