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March 29, 2024, 07:49:54 am

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chasej

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Re: Economics Questions Thread
« Reply #525 on: April 18, 2014, 03:04:05 pm »
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Cheers for the great advice Chasej.

Also, when explaining economic goals would you use "business and consumer confidence" as one factor affecting inflation? Or would you separate them - ie. factor one business confidence; factor two consumer confidence.

Thanks!

No problem. They're two separate factors (which effect different items in the AD equation also) so should be discussed separately, however they are so similar I would advise against using them both in the same response.
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chasej

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Re: Economics Questions Thread
« Reply #526 on: April 19, 2014, 10:11:39 pm »
+1
Didn't get a response for my previous post.. probably because it was too rant-like :P

I will re-ask it in a calmer tone.

In questions like "Explain two factors affecting Aggregate Demand"

If I say Factor 1 is Consumer Sentiment and a second is a second is disposable income

Do I need to define Aggregate Demand, Consumer Sentiment and Disposable Income?


A second question I have is: do we need to know in detail the Genuine Progress Indicator (GPI) .. my book uses it as an example for an alternative to GDP.. Do I need to know GPI in detail?


Thanks

For the first question, yes you would have to define all three. Don't just start each response off with definitions, that would be boring. but to accurately explain the answer to questions, you certainly would have to define those three key concepts. I've said it many times, economics is primarily a conceptual understanding based subject, like you certainly wouldn't get any marks just by blurting out definitions, but you do need to do some rote learning to properly answer questions. Basically, definitions alone won't earn you marks, but definitions are required to reach the standard required to get full marks. You could probably get an A or low A+ without definitions, but to bring you to the next level, you have to concisely define the key concepts in each response.

I don't think I have my old prac SACs to provide examples anymore as I gave them to my teacher to use for this year's class but I could try and ask if I could upload some exemplars if enough want.

For the second question, yes you have to know the alternatives to GDP in detail, a couple of years ago many students got stumped on a 4-marker (iirc) simply because they skimmed over alternatives and didn't learn enough detail. There are two in the textbook but generally the only ever ask you to answer questions about one of the two in exams (they give you the choice), so you're probably safe learning one in detail (define, know what it is/how it is calculated, compare in detail to GDP) and the other superficially (just define, know what it is, explain briefly).

Relevant study guide key knowledge point:
Quote
• limitations of GDP and alternative measures of living standards, including Genuine Progress
Indicator (GPI) and Measuring Australia’s Progress (MAP);
The word including means you have to know both.
« Last Edit: April 19, 2014, 10:14:24 pm by chasej »
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abcdqdxD

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Re: Economics Questions Thread
« Reply #527 on: April 19, 2014, 11:21:50 pm »
+3
You never need to 'define' AD as such but you need to explain whether C/I/G/X/M has been affected and how. Factors don't have to be defined in isolation. e.g. instead of saying consumer sentiment is .... you could say something like, recently consumer sentiment has trended downwards from 110 index points to 95 index points, suggesting individuals are increasingly concerned about their future job security and the performance of the economy... as such these individuals are likely to reduce their expenditure because... blahblah. decreasing C, AD, etc.


chasej

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Re: Economics Questions Thread
« Reply #528 on: April 22, 2014, 02:12:26 pm »
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Also, in terms of remembering key statistics how would you guys go about it?

Like, would you remember level of GDP growth for the past 4 years or just remember the 4 year average? Or do you not need to remember it at all?

I am looking at memorising unemployment rate, productivity, GDP and disposable incomes for the past 4 years.. Do you guys think this is a bit of an overkill?

Thanks again.
For the statistics I memorised 1 year intervals (I think I learnt what it was around June each year for the past four years). Then in responses I would say something like "over 2013-14 consumer confidence trended upwards from x% in June 2013 to y% in June 2014".
You also don't have to know the exact figures, for example if the growth rate went from 2.1% to 3.1% you'd be safe saying it went "upwards from around 2% to just above 3%"
Graduated with Bachelor of Laws (Honours) / Bachelor of Arts from Monash University in June 2020.

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millie96

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Re: Economics Questions Thread
« Reply #529 on: April 25, 2014, 07:03:08 pm »
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why do falling stocks cause inflation or increase prices?

abcdqdxD

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Re: Economics Questions Thread
« Reply #530 on: April 25, 2014, 09:04:49 pm »
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why do falling stocks cause inflation or increase prices?

I don't think that's part of the study design

millie96

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Re: Economics Questions Thread
« Reply #531 on: April 25, 2014, 10:05:25 pm »
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Oops my mistake read the question wrong. thanks anyway

M_BONG

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Re: Economics Questions Thread
« Reply #532 on: April 27, 2014, 08:07:47 pm »
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Hey guys,

Was just doing some CPAP and TSSM questions..

The phrases "Terms of trade", "Current Account Deficit" and "Trade Weighted Index" all seem to be assumed knowledge and pop up as definition questions. Eg. define Terms of trade..

But
The Study Design does not mention  those terms and I remember Chasej said you don't need to know all the factors affecting AD and AS... so wouldn't I be correct in saying that I don't need to know all the above three terms, since they all refer to a specific AD/AS factor?

Thanks!

chasej

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Re: Economics Questions Thread
« Reply #533 on: April 27, 2014, 11:25:48 pm »
+2
Hey guys,

Was just doing some CPAP and TSSM questions..

The phrases "Terms of trade", "Current Account Deficit" and "Trade Weighted Index" all seem to be assumed knowledge and pop up as definition questions. Eg. define Terms of trade..

But
The Study Design does not mention  those terms and I remember Chasej said you don't need to know all the factors affecting AD and AS... so wouldn't I be correct in saying that I don't need to know all the above three terms, since they all refer to a specific AD/AS factor?

Thanks!

All those terms are on the study design or directly implicated with terms which are on the study design.

First key knowledge dot point under U3 AOS2 external stability section:
Quote
the nature, significance and measurement of international transactions including the balance of payments, exchange rates, terms of trade and net foreign debt;

These things can be considered AD/AS factors however they have their own dot point requiring you to know them separately to AD/AS factors.
Graduated with Bachelor of Laws (Honours) / Bachelor of Arts from Monash University in June 2020.

Completing Practical Legal Training (Graduate Diploma of Legal Practice)

Offering 2021 Tutoring in VCE Legal Studies (Awarded as Bialik College's top Legal Studies Student in 2014).

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Jono_CP

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Re: Economics Questions Thread
« Reply #534 on: May 04, 2014, 07:22:11 pm »
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How does everyone deal/cope with the multiple choice questions??? Sometimes I feel like it just a process of luck... Does anyone have any tips or methods of going about multiple choice questions, in relation to economic growth and employment or in general? E.g. I got 4/5 for one multiple choice test relating to microeconomics, and got the easiest one wrong. And I studied super hard for supply and demand and only got 1/5 and nearly failed the SAC. Help would be much appreciated...

Thank you!

D.J.#20

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Re: Economics Questions Thread
« Reply #535 on: May 04, 2014, 10:09:56 pm »
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Anyone have summarised notes on EG/ FE/ DIST ??

chasej

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Re: Economics Questions Thread
« Reply #536 on: May 04, 2014, 10:33:15 pm »
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Anyone have summarised notes on EG/ FE/ DIST ??

People say mine are pretty good for learning the theory. These notes are the whole course but it isn't hard to find what you're looking for. http://www.atarnotes.com/?p=notes&a=feedback&id=1276

Good luck!
Graduated with Bachelor of Laws (Honours) / Bachelor of Arts from Monash University in June 2020.

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abcdqdxD

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Re: Economics Questions Thread
« Reply #537 on: May 05, 2014, 01:54:56 am »
+1
How does everyone deal/cope with the multiple choice questions??? Sometimes I feel like it just a process of luck... Does anyone have any tips or methods of going about multiple choice questions, in relation to economic growth and employment or in general? E.g. I got 4/5 for one multiple choice test relating to microeconomics, and got the easiest one wrong. And I studied super hard for supply and demand and only got 1/5 and nearly failed the SAC. Help would be much appreciated...

Thank you!

My advice is to go through each alternative carefully and eliminate alternatives one by one until you only have one left. Can be useful to draw supply/demand graphs or upward/downward arrows to signify effects on goals.


millie96

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Re: Economics Questions Thread
« Reply #538 on: May 11, 2014, 04:19:14 pm »
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How do changes in the budgetary policy affect inflation?

chasej

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Re: Economics Questions Thread
« Reply #539 on: May 11, 2014, 04:42:22 pm »
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How do changes in the budgetary policy affect inflation?

Budgetary policy essentially effects aggregate demand by either increasing or decreasing the G1 and G2 section of the AD equation. Hence a lower surplus or increase in defecit causes demand inflation by increasing G1/G2 and likewise a higher surplus or lower defecit decreases demand inflation by decreasing G1/G2 in very general terms.

To actually understand the effect of a budget the budget items itself must be looked at to determine the effect e.g. a defecit may be smaller decreasing G1/G2 however if this is due to many tax cuts the budget may have an expansionsery effect on AD hence increasing demand inflation by allowing consumers to spend more due to higher disposable incomes.
Graduated with Bachelor of Laws (Honours) / Bachelor of Arts from Monash University in June 2020.

Completing Practical Legal Training (Graduate Diploma of Legal Practice)

Offering 2021 Tutoring in VCE Legal Studies (Awarded as Bialik College's top Legal Studies Student in 2014).

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