2009 Economics Marathon (2 Viewers)

[aero135]

Kaatie in response to your question

Financial flows have been substantially influenced by globalisation, seeing as the increase in world growth has led to dramatic increases in exports which have allowed for the developing economies a main exporter to experience higher exchange rates and increased investment over the years. With FDI measuring 3.7% in 2008.

 

[Kaatie]

distinguish between commercial and non commercial credits, i have no idea on this one its not in my book :S

 

[aero135]

Kaatie where do you get these questions from?

 

[Kaatie]

Sheet my teacher gave me, think she made the questions up and the one before that from Australia in the global economy workbook 4th edition

 

[aero135]

Question:

Identify one trading bloc Australia Belongs to

 

[Kaatie]

Australia-Chile free trade agreement

 

[oizon]

Question?!?!?


Explain the difference between the concepts of economic growth and economic development?


nice easy one to keep the ball rolling.

 

[aero135]

Kaatie i asked for a trading bloc im pretty sure the agreement u mentioned is a BILATERAL AGREEMENT hahaha!

next question G!

Identify the two main methods used to measure World Output

 

[aero135]

oooh sorry buddy in response to your question

Economic growth refers to increase in GDP by an economy over time. Economic development is a much broader measure taking into account welfare of citizens and life expectancy etc. It ultimately aims to measure the quality of life in economies.

 

[Kaatie]

oh woops didnt read the q properly

 

[aero135]

any answer then kaatie?

 

[Kaatie]

to which question?

 

[aero135]

either of the above? multilateral or measuring world output?

 

[Kaatie]

okay.
A trading blocs Aus is in include APEC and AANZFTA
methods to measure world output are: GWP expressed in $US
GWP in $US based on PPP
The 'Big Mac index'

 

[aero135]

Good! The world output one was answered good!

LMAO i full laughed my ass off when i heard about the Big Mac index from my teacher last year nice one!

But the reason i asked the trading bloc question was because im not too sure on whether Australia has one.

APEC is a multilateral agreement and is a FORUM!

nice try

and ill get back to your TOPIC TWO questions AS soon as i learn them=)

 

[Kaatie]

yeah i didnt think Aus was in one but i thought by you asking that it meant you knew Aus was in at least one lol. Its ok i handed them into my teacher she should have them to me by tuesday . thanks anyway. okay next question umm...


Explain how the HDI works (what the numbers mean) and what are the three things it takes into account?

oh yeah and what textbook does everyone use? leading edge? or riley?

 

[aero135]

BOTH!

and ummm can u get the answers then back to me?

 

[BOSSSSS]

Don't know what the question was so I'll go with the previous question. I use both but Riley is better.

Why does the CAD always equal the Capital & Fin Account?

 

[imoO]

Because they are meant to mirror each other?

Isn't capital account + financial account meant to be equal to 0 on the current account deficit?

So in other words, do we use to money we earn from overseas to spend on overseas? I'm not too sure on this one.

For the next person,
Define Balance of Payments

 

[barbecuedflava]

^ the balance of payments shows all transactions that australia has made with other countires in a given period of time, and is spit into two accounts - the current account, and the capital and financial account

btw can someone please explain why the CAD is equal to the KAS, in simple terms? i dont completely understand this, how the cad + kas is equal to zero, i've had my teacher explain it a couple of times, but i still dont understand it