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I think that writing practice extended responses is different to writing prepared extended responses. Practice extended responses are great. but they are really only useful when A) you don't know the question before you attempt to answer it B) you do it under exam conditions, or within similar...

It wont really help your multiple choice as they are completely different exercises. I am not going to write a list out here, but I have written an extensive guide on writing extended responses a little while back. It was pinned but it has since been taken off. It should be back there...

You have pointed something very important out. No matter what CAD and K&FA sum to zero, so therefore you cannot have as darshil wrote a fall in exports producing a simultaneous fall in the K&FA over the same period (ceteris paribas). Economics is full of things called feedback loops. this...

A few things: 1 - Do not prepare an extended response for every topic because this is an incredilbe waste of time. 2 - there is a specific style to writing good extended responses in HSC economics. You need to know how to write one using some important stylistic elements. By the time of...

Yes the absolute size of a quote refers to the quantity of imports allowed. Not to be confused with "wow that quota has a whopping BIG effect on trade"

There are some interesting links between the BOP and fixed currencies because there wont necessarily (in fact it is unlikely) be a "balance". historically when currencies were backed by gold, there would need to be a 'specie' inflow (i.e. gold would have to come into the country) in order to...

For the benefit of others, equilibrium conditions : AD = Y or C + I + G + X - M = Y So it is just a matter of substition (assuming C + I = Y)

Actually foreign aid can be in both the CAD and the K&FA. It just depends on the nature of the aid. if it is a lum sum transfer (i.e. Australia giving 10 billion dollars to a country to do what they wish) then it goes in the CAD because it is a non reversible transaction. When aid is...

Ok, well it is just the multiplier.. So if autonomous investment (or government spending, or autonomous consumption etc etc) increases by 100 and income increases by 300 then the multiplier is 3. You can use this to calculate any assosciated questions.

Thats mainly because there is none. Well there are a few but they are marginal. They are mainly microeconomic policies aimed at improving efficiency in the labour market. For example think about things like apprenticeships etc etc. Under the Howard government the bulk of the policies were...

Best thing to do is to try and tell a story. Stories make sense because each part connects with the other. for example if you were to list Australia's prime ministers since the second world war, you could simply try and rote learn it remembering dates and names only ; alternatively you could...

theres no such thing as "enough statistics". Statistics arent really a box you need to tick in order to get a good mark, they are something you need to use in a way that demonstrates your arguements etc. You could have thousands of statistics but if only a handful are relevant and useful, then...

Looks ok

well because you seem to be in a panic, I will say the following first: Dont worry about doing this because it is not something you ever need to do in HSC economics. You only ever really need to know that AD = C + I + G + X - M and that in equilibrium Y = AD. Now what I think you are...

Ive read a few things and just want to make a couple of points: 1 - There is no differential calculus in either the preliminary or HSC course, it is just a tool you can use to determine elasticities if you have the appropriate information (but not something you ever need to do). You dont need...

Yes you are right to point out that you can have movements along the supply curve as well as shifts of the supply curve, but it is always a game of semantics over which one means which. I mean if you ask me there is no difference between an incease in supply and an increase in the amount...

Ok there is a few dimensions to this question that I want to deal with. Headline inflation and underlying inflation refer to different ways in which inflation can be measured. Now let me point something out: inflation is inflation. There is not two kinds of inflation, simply two kinds of...

Dont worry too much about this. They mean the same thing.

Firstly, the terms of trade does not measure anything to do with volumes, so worrying about the short run or long run effects is a waste of time. The J-curve does not come into play here. The ToT is: XPI / MPI Where MPI and XPI are the import and export price index respectively. So...

Dont buy the 2009 textbook simply for information on the GFC. This should be sufficient: http://www.dynamiceconomics.com.au/article.pdf