General Thoughts: Economics (2 Viewers)

[y510920]

If that's the case 82 ish raw mark then.... any idea what that aligns to?

By the way, the essay isn't bad..... just gah, feel so stupid in myself

yea i would really like to know, maybe a high band 5? considering last year was like 84 for a band 6 this year will be about 87 i think

 

[kev-is-red]

yea i would really like to know, maybe a high band 5? considering last year was like 84 for a band 6 this year will be about 87 i think

No way. Raw mark of 87 aligned to 94 last year. Maybe it will align to 93 this year, but not 90.

 

[y510920]

No way. Raw mark of 87 aligned to 94 last year. Maybe it will align to 93 this year, but not 90.

i didn't really research much about the raw mark.... to be honest, i really hope your prediction is accurate 82-83, cause i have a chance getting it.
also given the fact mc is pretty hard this year, which will really differentiate the band between candidates and we didn't do as bad as some others....
when we our marks back do we know our hsc raw mark?? or just the atar? sorry i sound like a noob here but i am....

 

[cloudstr1f3r]

i didn't really research much about the raw mark.... to be honest, i really hope your prediction is accurate 82-83, cause i have a chance getting it.
also given the fact mc is pretty hard this year, which will really differentiate the band between candidates and we didn't do as bad as some others....
when we our marks back do we know our hsc raw mark?? or just the atar? sorry i sound like a noob here but i am....

Hear, hear. MC would actually differentiate a lot of the high quality students, middle and low.... Anything beyond 15 would be considered as decent for a 'thoughtful' MCQ like this one....
Short answer is a bit ummm, like 'Who's your father' I guess, you said he is, but are you sure? The so called 'Case study' thing is not a case study on Globalisation but it is actually about the strategies which the economy you've selected and how they respondeded to the contractionary nature of the international business cycle. Straight forward, but very difficult to predict what you could get...

Question 25 and 26 are straight forward....

But I had a think about Q28.. 'Discuss the impact of changes in the domestic and global economy on Australia's exchange rate' and thought it'd screw over a lot of people. A lot of the students would think that it is ABOUT the current changes in the domestic and global economy.... but you should actually structure your essays like this:

Changes in Domestic (Boom or recession) or etc
Changes in Global economy (Boom or recession) or etc

So.... you do actually have to talk about both appreciation and depreciation, another trick questions for people who jump in thinking it's only about what the economy is experiencing right now... that's also a big no no.... Even though I didn't do a good job on this and shouldn't comment, but I'm actually an economics maniac and I see that the BOS is once again trying to screw people over....

 

[y510920]

Hear, hear. MC would actually differentiate a lot of the high quality students, middle and low.... Anything beyond 15 would be considered as decent for a 'thoughtful' MCQ like this one....
Short answer is a bit ummm, like 'Who's your father' I guess, you said he is, but are you sure? The so called 'Case study' thing is not a case study on Globalisation but it is actually about the strategies which the economy you've selected and how they respondeded to the contractionary nature of the international business cycle. Straight forward, but very difficult to predict what you could get...

Question 25 and 26 are straight forward....

But I had a think about Q28.. 'Discuss the impact of changes in the domestic and global economy on Australia's exchange rate' and thought it'd screw over a lot of people. A lot of the students would think that it is ABOUT the current changes in the domestic and global economy.... but you should actually structure your essays like this:

Changes in Domestic (Good or bad)
Changes in Global economy (Good or bad)

So.... you do actually have to talk about both appreciation and depreciation, another trick questions for people who jump in thinking it's only about what the economy is experiencing right now... that's also a big no no.... Even though I didn't do a good job on this and shouldn't comment, but I'm actually an economics maniac and I see that the BOS is once again trying to screw people over....

tbh, i don't find mc as hard as many had thought, despite i had made some genuine mistakes (not careless), i finished within 20 minutes.
short answer is one of the best feeling....but like you said, the strategies question got me really stuck....others are fine.
i find monetary policy essay hard to begin with,,,,,i dunno, i am just not used to the 'how' bos word.....its like basically explaining every little steps and the mechanisms....not much argument and evaluation needed for example: the trade off between inflation and unemployment when you tighten/loosen the stance.....
i didn't do appreciation, cause i don't really understand what they want, also the fact that i prepared for micro....

 

[cloudstr1f3r]

tbh, i don't find mc as hard as many had thought, despite i had made some genuine mistakes (not careless), i finished within 20 minutes.
short answer is one of the best feeling....but like you said, the strategies question got me really stuck....others are fine.
i find monetary policy essay hard to begin with,,,,,i dunno, i am just not used to the 'how' bos word.....its like basically explaining every little steps and the mechanisms....not much argument and evaluation needed for example: the trade off between inflation and unemployment when you tighten/loosen the stance.....
i didn't do appreciation, cause i don't really understand what they want, also the fact that i prepared for micro....

It's not a straight forward exam to be honest... a lot more hypothetical than last year's. If you link fiscal with distribution of Y, and monetary with inflation and unemployment... That's like drinking coffee in Britain, they are reversing the likely outcomes of these macroeconomic policy and trying to catch everyone off guard. Because to be honest, fiscal? Lorez Curve? Most Keynesians wouldn't even care about this would they?

There is no clear cut answer to any of the essays, especially Q28 when it talked about changing nature of domestic and global. Now I thought I'd look like a retard talking also about depreciation in the exam, but it turns out that it is actually required. At least the demonstration of appreciation and depreciation by a graph gave me two marks, tick, tick there I guess. But yeah.... no CLEAR answer, and as you said I didn't do 'appreciation', that could be the common mistake by the whole of NSW. Thinking that yes, AUD is worth 1.0686 of the USD, and yes we are appreciating therefore the question is only asking about appreciation... But no, it's a trap by the BOS.... I think. You need to talk not only about good times, but also the bad times. Appreciation and depreciation and also some of its effects, although myself I flipped it around, but now I don't look like a retard talking about vice versa conditions lol

I did monetary too, and I think the 'How' is a bit lol, feels like I'm doing Belonging Paper 1. But remember, did you talk about how MP was used to sustain inflation rate before 2008, but it actually helped to boost employment levels after 2008? That the business cycle also influenced its effects on both inflation and unemployment? I don't think the question is MOSTLY about the 'How', but they wanted to know how you implement monetary policy, yes tightening or loosening MP and increasing the supply of money in the M3 market. So, a bit 'Who's your father' again...... No clear answer in any of the questions......

Yeah the strategies one I just did USA, large amounts of net foreign debt % of GDP, two rounds of quantitative easing and interest rates near 0%. Total Keynesian economic perspective in economic strategies to influence economic activity in this period of contractionary business cycle...

 

[kev-is-red]

What an exam. Finished in like an hour! As a consumer of those questions I was most enthusiastic.

Really? Please explain how you did 20 multiple choice questions, 40 marks of short answers and two essays in one hour.

 

[Graham Arnold]

Really? Please explain how you did 20 multiple choice questions, 40 marks of short answers and two essays in one hour.

Hes obviously retarded and thought the exam only consisted of multiple choice questions. Thats why he was ethusiastic. What a guy.

 

[cloudstr1f3r]

I'll just reflect on the whole exam now and come up with a prediction on a Band 6 cut off for the course....

For the multiple choice, not only you needed a very clear concept in your head, but you also needed to choose the best answer. Not only did you need to know your stuff, but you also had to APPLY the stuff in what you've learnt in this year and choose what seems to be most suitable. As mentioned 15+ would be a good mark for this set of MCQs, because at the start of Question 1, the answer is obvious, but it gives you that sense of skepticism.

For the short answers, mixed feelings to be honest. You might argue globalisation to be straight forward, but bilateral agreement? It could cause so many different effects on an economy which is disadvantageous. I must admit the current account one is easy and straight forward though, then labour policy, yes straight forward but again unclear in some of the questions. The last one, environmental, especially the 5 mark one is also ambiguous to be honest. For those who say that short answers was piss easy, I actually disagree, the short answers are ambiguous this year, compared against the ones' in the previous years.

For the essays, the stimulus ones had a mix and turn, fiscal with inequality and yes monetary links well with inflation, but unemployment? Eh? Shouldn't they flip each other around. Unclear questions, and again throwing away the significance of prepared answers, you cannot write whatever you want in this easy, you'd suffer a lot.

For 27 and 28, 27 I think is straight forward but I didn't revise for microeconomic policy. Question 28 is clear that it is a trick, it's not only about appreciation, but also about vice versa... so again, catching people who jump into the questions without thinking, it's not about current economic conditions. It's about theories and conceptualising yourself WITH the question, not about how European has a sovereign debt crisis, but you actually need to analysis the situations hypothetically.

In my opinion, hard exam, not straight forward and also tricky. They are trying to minimise the possibility for someone to use prepared essay responses in this exam... I see in the coming years that they'd also scrape out the case study.

In my very honest opinion, cut off would be lower than last year, that's definite. I would say around 75-78. Because if you reflect again on the exam, it actually was tricky and not that totally easy. But on the bright light, no more economics, no more guessing, back into something with much more grounding. History and English.

 

[y510920]

In my opinion, hard exam, not straight forward and also tricky. They are trying to minimise the possibility for someone to use prepared essay responses in this exam... I see in the coming years that they'd also scrape out the case study.

In my very honest opinion, cut off would be lower than last year, that's definite. I would say around 75-78. Because if you reflect again on the exam, it actually was tricky and not that totally easy. But on the bright light, no more economics, no more guessing, back into something with much more grounding. History and English.

i couldn't agree more about that. i had that feeling right away after i saw the questions: bos doesn't want any prepared essays...... in regards to the cut off, i have a feeling it is going to be lower, as you said, or remained the same, hardly a higher cut off?

 

[Lis020393]

I think that for your essay as long as you wrote something about the influences on demand and supply of $A (investment opportunities/interest rates/demand for exports/global eco conditions/consumer tastes and preferences) and if it's well written you should still get a 15/20. Because I did the exchange rates essay and I talked about the impact of changes in domestic and global economy AND the effects of an appreciation and depreciation of the $A so I see no reason why just because you didn't answer the question, you shouldn't get some marks for your application of theory/knowledge.
Then again, I'm not an HSC marker so what would I know? Don't worry, most people found the exam quite difficult so even if you do poorly in one of your essays, the whole state may have performed poorly overall

 

[cloudstr1f3r]

i couldn't agree more about that. i had that feeling right away after i saw the questions: bos doesn't want any prepared essays...... in regards to the cut off, i have a feeling it is going to be lower, as you said, or remained the same, hardly a higher cut off?

Definitely not higher. If the cut off for last year is 80, it'd only stay static but definitely not increase. If you compare last year's multiple choice and this year's. Last year's was actually also hard.... this year's even worst.

Short answers pretty much the same, but they could still answer something prepared last year for their 'case study', this year you had to read the news, not only memorising what you wrote about China or India, but actually knowing what's the PROBLEM in the global economy and how different economies tried to stimulate them with different strategies. Then thus, short answer were a bit a tad harder this year I would say, anything calling this exam easy really need to rethink themselves to be honest, because when you re-think about the exams, what it gives you is 'Oh my god, I might screw this up and have to do a BA at USYD.'

For all those who feel bad after the exam, I feel the same. BOS is evidently trying to shift their focus this year in the HSC, back to calculus base in 2U maths, English Adv self explanatory, and most importantly also look at this economics paper. It's theory based, not assessing your ability to memorise, but the HSC is finally assessing your ability to think logically.

To be honest, this year's cut off might be like the cut off for chemistry or physics.... as they are trying to acknowledge the fact that economics is not a HSIE subject, but also a science in some sense, that it should be a lot harder but also have a lower cut off for 'Band 6'. 75-78 is really my guess, those who say that the cut off would be 82-84... in all due respect, please think about that again... The emphasis of this whole exam has changed drastically.

I abide with 75-78... nothing lower than 73 though, 75 would seriously be a logical prediction for Band 6 cut off. 68-75 for a band 5. 56-68 for a 4 and etc.... I don't think anyone would get a Band 3 here.

 

[cloudstr1f3r]

I think that for your essay as long as you wrote something about the influences on demand and supply of $A (investment opportunities/interest rates/demand for exports/global eco conditions/consumer tastes and preferences) and if it's well written you should still get a 15/20. Because I did the exchange rates essay and I talked about the impact of changes in domestic and global economy AND the effects of an appreciation and depreciation of the $A so I see no reason why just because you didn't answer the question, you shouldn't get some marks for your application of theory/knowledge.
Then again, I'm not an HSC marker so what would I know? Don't worry, most people found the exam quite difficult so even if you do poorly in one of your essays, the whole state may have performed poorly overall

Are you talking to me? Haha.

Yeah after re-reading the question I figured out that my approach wouldn't be the end of the world. Because if I read the question correctly I'd go off a tangent about the European sovereign debt crisis, instead of also talking about depreciation and its effects.

So at the end of the day.... I don't think my approach actually killed me, but it had limited my ability.

 

[Lis020393]

Are you talking to me? Haha.

Yeah after re-reading the question I figured out that my approach wouldn't be the end of the world. Because if I read the question correctly I'd go off a tangent about the European sovereign debt crisis, instead of also talking about depreciation and its effects.

So at the end of the day.... I don't think my approach actually killed me, but it had limited my ability.

Yeah sorry, I'm gonna remember to reply with quote from now on
Honestly, by the way you described how you wrote your essay, it's actually pretty detailed and covered a lot of issues so I reckon you'll end up doing pretty well although you didn't answer the question

 

[cloudstr1f3r]

Yeah sorry, I'm gonna remember to reply with quote from now on
Honestly, by the way you described how you wrote your essay, it's actually pretty detailed and covered a lot of issues so I reckon you'll end up doing pretty well although you didn't answer the question

Yeah I actually covered a lot of stuff... Increase in Y, Current account, External stability, NFD whatever haha. So as many of the different effects appreciation and depreciation of the AUD would bring to the Australian economy, and linking it to the fundamental causes of such changes (but there could've been more links if I sat down and took a deep breath)... Like as I've said and repeated a lot of times, the inelastic demand for Australia's demand.

I also put in random economic theories like the Marshall-Lerner condition in my international competitiveness paragraph, how a low AUD compared aligned with its trading partners would although hurt some aspects of the Australian economy, but the Marshall-Lerner condition would kick into effect improving the CAD and also output within the economy, therefore it could devoid the disadvantageous aspect of a low AUD....

By the way, thanks for the reply, much appreciated.
Although yes, I must admit I didn't link much to the question, but I did link into the causes of it in every disadvantage/advantage for the different changes in the AUD....

Don't know, fingers crossed. I feel really frustrated in myself..... I love Economics, I'm been reading about economics since David Hume up to Paul Krugman... But stress at times messes up everything.

 

[Lis020393]

Yeah I actually covered a lot of stuff... Increase in Y, Current account, External stability, NFD whatever haha. So as many of the different effects appreciation and depreciation of the AUD would bring to the Australian economy, and linking it to the fundamental causes of such changes (but there could've been more links if I sat down and took a deep breath)... Like as I've said and repeated a lot of times, the inelastic demand for Australia's demand.

I also put in random economic theories like the Marshall-Lerner condition in my international competitiveness paragraph, how a low AUD compared aligned with its trading partners would although hurt some aspects of the Australian economy, but the Marshall-Lerner condition would kick into effect improving the CAD and also output within the economy, therefore it could devoid the disadvantageous aspect of a low AUD....

By the way, thanks for the reply, much appreciated.
Although yes, I must admit I didn't link much to the question, but I did link into the causes of it in every disadvantage/advantage for the different changes in the AUD....

Don't know, fingers crossed. I feel really frustrated in myself..... I love Economics, I'm been reading about economics since David Hume up to Paul Krugman... But stress at times messes up everything.

lol don't stress about it because I think they'll be pretty impressed with how much of the course you covered and how you were able to make the links between exchange rates and external stability and current account and all that stuff.
I've never even heard of the Marshall-Lerner condition before but I tell you what, even though I answered the question, I don't think I covered half as much as what you covered for exchange rates. You must have wrote a lot or wrote fast?
Good luck and I hope you do well when the results come out, and I hear ya about the stress, it really does mess with your brain

 

[cloudstr1f3r]

lol don't stress about it because I think they'll be pretty impressed with how much of the course you covered and how you were able to make the links between exchange rates and external stability and current account and all that stuff.
I've never even heard of the Marshall-Lerner condition before but I tell you what, even though I answered the question, I don't think I covered half as much as what you covered for exchange rates. You must have wrote a lot or wrote fast?
Good luck and I hope you do well when the results come out, and I hear ya about the stress, it really does mess with your brain

Haha thanks!

Oh the Marshall-Lerner condition is also an accelerated theory, I don't think you need it in the HSC. But it's basically a situation that, for a currency devaluation to have a positive impact on trade balance, the sum of price elasticity of exports and imports (in absolute value) must be greater than 1. As a devaluation of the exchange rate means a reduction in the price of exports, quantity demanded for these will increase. At the same time, price of imports will rise and their quantity demanded will diminish. I quoted wiki on that, but finally this condition states that there would a J curve effect on the CAD. http://welkerswikinomics.com/blog/wp-content/uploads/2008/12/j-curve.png something like this.... I think this is only taught in more advanced economics syllabuses (Or 1st year Micro in Aus), definitely not the HSC... So I pulled it in for the piss in my international competitiveness paragraph haha... As I've said, I'm an econ maniac.

I wrote 5 pages, small handwriting, aprox 15 words per line. So yeah... I wrote fast I guess don't know. People who write 8 pages IMO have huge ass writing lol

Anyways, I heard on the radio that some economists had trouble answering some of the MCQ questions lol. Proves how our cut off would defo decrease.

 

[cloudstr1f3r]

Another quick notes about this exam is that it shared 60% pure economic theory and 40% focused on Australia.... I see them to be shifting into a more theoretical paper.... Which might be a good thing I guess...

 

[Bobbo1]

Definitely not higher. If the cut off for last year is 80, it'd only stay static but definitely not increase. If you compare last year's multiple choice and this year's. Last year's was actually also hard.... this year's even worst.

Short answers pretty much the same, but they could still answer something prepared last year for their 'case study', this year you had to read the news, not only memorising what you wrote about China or India, but actually knowing what's the PROBLEM in the global economy and how different economies tried to stimulate them with different strategies. Then thus, short answer were a bit a tad harder this year I would say, anything calling this exam easy really need to rethink themselves to be honest, because when you re-think about the exams, what it gives you is 'Oh my god, I might screw this up and have to do a BA at USYD.'

For all those who feel bad after the exam, I feel the same. BOS is evidently trying to shift their focus this year in the HSC, back to calculus base in 2U maths, English Adv self explanatory, and most importantly also look at this economics paper. It's theory based, not assessing your ability to memorise, but the HSC is finally assessing your ability to think logically.

To be honest, this year's cut off might be like the cut off for chemistry or physics.... as they are trying to acknowledge the fact that economics is not a HSIE subject, but also a science in some sense, that it should be a lot harder but also have a lower cut off for 'Band 6'. 75-78 is really my guess, those who say that the cut off would be 82-84... in all due respect, please think about that again... The emphasis of this whole exam has changed drastically.

I abide with 75-78... nothing lower than 73 though, 75 would seriously be a logical prediction for Band 6 cut off. 68-75 for a band 5. 56-68 for a 4 and etc.... I don't think anyone would get a Band 3 here.

as much as i agree with you and hope that it drops that low, i dont think it really can from an 82 to a 78 within a matter of a year - my guess is it'll come down to 80 and start moving downwards from there in years to come

 

[y510920]

Guys I really think the essays were generic and you could have prepared them. I prepared 5 essays (macro + micro + Labour markets + case study +economic issues interwined) and it all suited the questions , just a bit of manipulating and adapting . However the multiple choice? That was fucked.

what are you getting for your mc?