General Thoughts: Economics (3 Viewers)

[camdaman12]

OH MY GOD. I realised I said hidden unemployment increases unemployment. Fucking idiot.

I SAID THIS TOO LOL
because i thought that if people are made redundant and become "discouraged job seekers" they are not included in the labour force. number of unemployed stays the same whilst labour force decreases therefore unemployment rate increases

zzzzzzzzzzzzzzzz

 

[Ekman]

Guys i wrote rba prints money for the financing budget on interest rates question. it drives down interest rates right? i had to guess it in the moment

No it would cause an increase in interest rates, as there is greater inflation going on.

 

[camdaman12]

fk i think my mind mustve exploded on q14, I realise now I picked something entirely wrong

5 was about foreign aid (capital or net secondary??)
6 was about increasing efficiency of domestic industries to improve international competitiveness - increase/decrease import quota and subsidies
7 was the combination of policies (fiscal and monetary) where they gave the stats for growth, inflation and unemployment
8 - automatic stabiliser during an upswing (I'm guessing it was either income or company tax but idk which one to pick)
12 - environmentally sustainable method for recycling soft drink cans question

my answers

5 i put capital because it direct for a specific reason
6 i put increase quote and decrease subsidies to improve efficiency in long term
7 i forgot
8 i put income tax
12 i put reduce social costs, decreased negative externality or smth

 

[Untroubled]

2015 economics paper is actually very challenging.
I have had a look at the past 5 papers and they definitely had questions, for each section, that were more predictable and/or repetitive over the years.
This year, the examiners wished to put every damn area of the syllabus that I hated and attempted to avoid during study, why thank you dear examiners, thank you.

 

[Ekman]

my answers

5 i put capital because it direct for a specific reason
6 i put increase quote and decrease subsidies to improve efficiency in long term
7 i forgot
8 i put income tax
12 i put reduce social costs, decreased negative externality or smth

I said the same things
For question 7 I think I did contractionary policies for both. Apparently eco growth is sustainable at 3-4%, since eco growth was 4.5% and inflation increased heaps, I said contrationary for both

 

[teridax]

not gonna lie the short answers were quite unconventional and MC was pretty difficult imo. Fuck me dead the 90+ raw dream is over

tbh, i'm not surprised this has been the case. with reference to drifting's post last year:

No, in fact they are getting more difficult.

Look at some of the 4/5 mark short answer questions in 2004 and compare them to 2013, you'll notice previously a lot was focused on basic content regurgitation (explain, describe etc). More recently a stronger emphasis on analysis based questions have been implemented so just memorising content won't get you a b6 like it did before. I'm focusing more on short answer/essay based questions and so multiple choice may have gotten easier, i'm not 100% sure.

2015 economics paper is actually very challenging.
I have had a look at the past 5 papers and they definitely had questions, for each section, that were more predictable and/or repetitive over the years.
This year, the examiners wished to put every damn area of the syllabus that I hated and attempted to avoid during study, why thank you dear examiners, thank you.

to be frank, you should ideally know your all of your content so if you didn't and the topics appeared which weren't what you wanted, it's tough luck and you only have yourself to blame, not the examiners.

 

[sy37]

Found the MCQ and short answers easy as well. Yes, very different to previous years but still doable. Only question that was retarded was the international division of labour one. Anyone knows what the answer to that was? In saying that, I ran out of time for the extended responses included graphs and stats but it was a bit all over the place wrote like 5 pages for one and 3 for the other

International division of labour --> increases gross world output, trade, TNCs that transmit eco conditions, etc I just talked about stuff like that

honestly if it made logical sense in my head I put it down

 

[camdaman12]

I said the same things
For question 7 I think I did contractionary policies for both. Apparently eco growth is sustainable at 3-4%, since eco growth was 4.5% and inflation increased heaps, I said contrationary for both

ohhhh i thought that was rly weird but yeah i said contractionary for both too
defs contractionary for monetary, but for fiscal ????????

 

[Ekman]

International division of labour --> increases gross world output, trade, TNCs that transmit eco conditions, etc I just talked about stuff like that

honestly if it made logical sense in my head I put it down

I said this as well.

 

[Drifting95]

Thanks!
Those questions seem fairly straightforward.
I think I all these questions were listed as part of the predictions thread Drifting made. If you followed it, you should have aced this

Yep, except for microeconomic reform though, I said that was unlikely.

In all honesty, these questions are fairly generic and a student that did practice essays wouldn't have any issues. I actually like q28 more than a CAD specific question because you can link BOP + exchange rates + macro policies together, this suits students that have a strong understanding of current issues and can draw out implications (it's easier for top students to distinguish themselves from the rest). The hardest part is staying logical in your writing and not going off on a tangent.

 

[atargainz]

how big do you guys write man fuark. I wrote 5 pages for both which is the same as my preprepared english essays (about 1k-1.2k)

 

[malcolm21]

No it would cause an increase in interest rates, as there is greater inflation going on.

the government may increase interest rates afterwards, but isn't the result of the initial increase in supply in the economy pushing the cash rate down initially, which is the reason there may be an intervention where they increase them? I wrote they went down, can anyone confirm

 

[teridax]

Yep, except for microeconomic reform though, I said that was unlikely.

In all honesty, these questions are fairly generic and a student that did practice essays wouldn't have any issues. I actually like q28 more than a CAD specific question because you can link BOP + exchange rates + macro policies together, this suits students that have a strong understanding of current issues and can draw out implications (it's easier for top students to distinguish themselves from the rest). The hardest part is staying logical in your writing and not going off on a tangent.

Does this mean that the eco papers are moving towards understanding the content as opposed to rote learning?

 

[astab]

Anybody reckon they got 20 for the MC? Was the answer to question five a debit on the CAD or Capital and financial?

 

[snail489]

my answers

5 i put capital because it direct for a specific reason
6 i put increase quote and decrease subsidies to improve efficiency in long term
7 i forgot
8 i put income tax
12 i put reduce social costs, decreased negative externality or smth

I said the same things
For question 7 I think I did contractionary policies for both. Apparently eco growth is sustainable at 3-4%, since eco growth was 4.5% and inflation increased heaps, I said contrationary for both

okay i put all the same ones i think, except for q7 where i had double contractionary at first and then changed it to expansionary fiscal fk

 

[Ekman]

Anybody reckon they got 20 for the MC? Was the answer to question five a debit on the CAD or Capital and financial?

Debit on capital, since it is conditional aid for building a school or something

 

[astab]

Debit on capital, since it is conditional aid for building a school or something

Sweet thanks mate.

 

[Drifting95]

Does this mean that the eco papers are moving towards understanding the content as opposed to rote learning?

Considering the other 3 essay questions were generic, i'd say there is still an element of rote involved. In regards to short answers though, it's clear they're getting more difficult every year and there aren't as many "easy" marks as previously.

 

[camdaman12]

what dkd everyone get for question 19 MC about the headline and underlying inflation

 

[astab]

If you talked about trading blocs when the question asked for trade agreements, will that bode negatively on your mark?