General Thoughts: Economics (1 Viewer)

Marc26

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For the essays, will there be options scaling?

I heard a rumour, but I don't think there will be since all the essays were generally quite standard
 

pHyRe

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Insight as in go beyond just explaining how the economic system works, but give a genuine perspective and thoughtful ideas. Sort of like a "personal response" from english but rooted with fundamental facts/theory/stats/graphs. Like in today's unemployment essay, rather than just list how unemployment occurs and it's direct impacts, some good insight would be to integrate ideas on external stability (higher employment = higher imports = worsening BOGS = worsening CAD, take it further by giving one or two sentences on the issues with a CAD and link it all back to the question at hand). It's really just about going further than the chapters of your textbook and demonstrating every corner of your knowledge with the syllabus and how it all works together

sorry for the essay
sweet i think i did that a bit. my school must mark hard or something. wrote 6 pages (1200 words) each in trials of good, stat filled stuff with some alright insight and got 16 and 15. I might buy my raw marks depending on costs, see if that's a correct assumption.
 

feniq

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

These are 100% the correct answers. Question 20 is D because government revenue will decrease if they increase tariffs. This is because the tariff revenue is equal to the tariff x the quantity of imports. At the equilibrium price level, Imports are zero therefore tariff revenue will be: 10x0=0. Whereas if tariffs were at $5, the government would make revenue of 20x5=100.

Overall the questions this year were not too challenging. Extended response question this year was really straightforward as was short answers. IMO multiple choice will be the major discriminator.
 

Lachyy

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Lol mate. Im not going to waste my time arguing with you. A government would not implement a tariff if they were getting no revenue. Simply as that.
Main point of a tariff isn't to get revenue though, it's to protect domestic industries, employment, internal stability etc.
 

mosxcow

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Am I the only one who thought this exam was much more difficult than previous years?
 

NWO

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kinda the same.. just that it focussed lots on CAD. i improved the CAD part from trials i believe
 

leesh95

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Am I the only one who thought this exam was much more difficult than previous years?
I did too especially from 2012 where the short answers were really generic. But everyone on the forum doesn't seem to think so
 

anomalousdecay

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I did too especially from 2012 where the short answers were really generic. But everyone on the forum doesn't seem to think so

I just used the "clear and concise" method we need for phys and chem for short answers cause I haven't seriously studied eco this year, but I think I actually did well by making up economic theory on the spot somehow.
Its not exactly a full-on rote course.

However, m/c was stuffed for me. I got 11 answers for c. Certainly stuffed up there.
 

Randox

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

These are 100% the correct answers. Question 20 is D because government revenue will decrease if they increase tariffs. This is because the tariff revenue is equal to the tariff x the quantity of imports. At the equilibrium price level, Imports are zero therefore tariff revenue will be: 10x0=0. Whereas if tariffs were at $5, the government would make revenue of 20x5=100.

Overall the questions this year were not too challenging. Extended response question this year was really straightforward as was short answers. IMO multiple choice will be the major discriminator.
How do you know these are 100% correct?
 

deadpatch

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found the test incredibly easy, essays were a breeze - feeling a state rank
 

deadpatch

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I put long term unemployment, wouldn't seasonal be the case for manufacturing? At christmas time there is more demand for manufactured goods and so a decline in manufacturing activity would affect seasonal unemployment.
listen to what this cunt has to say guys, he knows his shit, because i know my shit and i can confirm he is right.
 

Randox

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listen to what this cunt has to say guys, he knows his shit, because i know my shit and i can confirm he is right.
Pretty sure changes in the structure of the economy such as a decline in manufacturing industry will increase long term UE as they find it harder to re enter the labour force due to not keeping up with changes in the economy. Page 185 of Dixon textbook. 2nd dot point at the top of the page...
 

elecsplash

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Pretty sure changes in the structure of the economy such as a decline in manufacturing industry will increase long term UE as they find it harder to re enter the labour force due to not keeping up with changes in the economy. Page 185 of Dixon textbook. 2nd dot point at the top of the page...
what about what i said in my last post about seasonal? is that wrong?
 

Randox

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what about what i said in my last post about seasonal? is that wrong?
Well i guess its correct to a certain extent but manufacturing industry is such a broad thing to class as being seasonal. Idk was a hard qn. I think you might be right to an extent but as usual in Eco there is a more likely/right answer.
 

feniq

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l0l, its obviously seasonal, because people who get laid off from the manufacturing sector will need to retrain and acquire new skills. If they don't then they will be long-term unemployed. The point about this question is that there is also "rise in mining sector activity". If more workers move to the mining sector, it has nothing to do with seasonal factors.
 

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