Economics HSC Marathon (2 Viewers)

[sunjet]

Inspired by the maths one, i've got a week to study for economics and i know a lot of others do as well, so basically post a question then someone reply with the asnwer in spoiler tags and post another question and so forth.

Question 1:

Describe THREE effects of unemployment

 

[d_a_n_z]

- increased income inequality
- decreased oproduction capacity (opporutunity cost of lost employment)
- additional expenditure required byteh government to fund retraining programs
(i think?)


Analayse the LT implications of domestic protection policies

 

[rn21]

-distorts the allocation of resources to inefficient sectors
-retards the international economy in the long run as country's are producing in goods in which they do not have a comparative advantage
-reduces standards of living within economies as there is less competition in the production of quality g&s

 

[05er]

Describe THREE effects of unemployment:

- Scabies from prostitution
- Blackskinacitis, and
- "The centrelink grin" that only hardened Winny Blue smokers get.

Describe THREE effects of getting a hard-on

 

[rn21]

oh yer i forgot to post a question

What is the role of the IMF?

 

[sunjet]

to promote international financial stability and ensuring exchange rates remain stable.

 

[mattchan]

Question: What are two reasons for income inequality in Australia?

 

[rn21]

reason as in factors?

-Age and Education
-Gender and Occupation
-Cultural Background
-Family Structure
-Geography

 

[rn21]

what are the types of unemployment

 

[Pixydust*]

Im not aware of any part of the syllabus specifying reasons for income inequality but i think a fair guess would be to say the trend towards decentralisation of wage determination which sees lower skilled workers (with lower bargaining power) depending on annual wage rises by the AIRC, which tend to be below the 4% average of wage rises for those higher skilled workers (with higher bargaining power) on enterprise bargaining agreements. I thik another reason is the general trend towards higher levels of unemployment since the 70's (slwoing down now but still well above 2% average in 70's) which sees more people reliant on govt benefits which are lower than market incomes, particularly a problem because unemploymen is focused in specific groups in society e.g. youth

ummm heres a question - analyze ONE cost and ONE benefit of economic growth

knock yourselves out

 

[sunjet]

Benefit - Higher incomes -> Better living standards.
Cost - Sometimes requires depletion of the environment, ie. more pollution etc.

 

[Cityboy]

Types of unemployment- Structural, cyclical, long term, seasonal, hard core

 

[Haku]

no one above asked a question so:

proposed a argument for the negative impacts of globalisation.

 

[Jago]

integrated economy --> external instability -->death

Give 3 reasons why economies would want to protect their domestic sector from imports

 

[sunjet]

- infant industry argument
- protect domestic employment (although not really considered a strong argument)
- prevent dumping

 

[Haku]

ask a question please.

Q: Outline the benefits and problems with the disparity in income and wealth. give statistics also on current rates and genii coefficient.

 

[holla back girl]

benefit:
~incentive effect- encourages the labour force to work harder and longer for a higher income, this may increase labour productivity
~increased governemnt revenue as our tax sstem is progressive; that is higher income earners pay a greater % of their income on tax
~potential for greater savings as those on higher income spend a smaller % of their income on basic goods and therefore has more money left over

cost:
less satification for those on lower incomes
sociual class division
poverty and social problems- eg crime,
decreased standard of living for those on lower incomes

statistics:
gini coefficient:
0.311, rising form 0.296 in the mid 1990s.
that is inequality has actually worsened



question: why is economic growth important to an economy?

 

[Haku]

Economic growth is important as it increase the standard of living of the inhabitants of that economy. Economic growth lower unemployment rate due to increase in demand. This increase in disposable income lead to more goods to be purchase and more wants are satisfied and less poverty results.

 

[underthebridge]

Q: How do global influences act as a limitation on policy implementation

 

[Jago]

- FOREX markets tend to encourage "open" economies, thus limiting reform abilities
- IBC - difficult to increase domestic growth in a global economic downturn
- International organisations (WTO) has on occasion forced the austn govt to change its export assistance policies and quarantine regulations (eg: ban on fresh salmon imports from canada)
- The G8 can also have a significant influence over the global economy and therefore over the domestic maco policies of small countries such as aust.





Q: What are some of the economic and social costs and benefits of income inequality