Prepared essays for the eco HSC (1 Viewer)

[.kumori]

Hi guys,
For the HSC, should we expect in the short answer or extended response section of the exam to test the research in comparison of the Australian economy to another economy that we did in the first Yr 12 topic "The Global Economy"?

Like if in my internals, I had to research about China's policies regarding economic growth and development, would I need to prepare an essay for it in the HSC?

 

[ben_from_econtools]

Hi, yep they can definitely test it. I would say I have probably seen it more in short answer, but if it is in short answer it will be extended (like a 5 or 6 marker). You could try betting on not preparing an essay for it and choosing whatever else they have offered as a question but that banks on them not asking two questions that require you to compare to your country of choice.

From my calculations its about 5% of essay marks on average so not very common, and as you can see they have never asked it for both 25/26 and 27/28 pairs.

 

[.kumori]

ok thanks dude!

 

[.kumori]

I'm kinda confused with this but im doing some in-class research for monetary policy and one of the questions is, what is the relationship between the RBA and the government?

I didn't know there was any relationship between the two so... im not sure what to answer to this.
And ai just says the gov appoints the Monetary Policy Board. Is that it?

 

[ben_from_econtools]

I'm kinda confused with this but im doing some in-class research for monetary policy and one of the questions is, what is the relationship between the RBA and the government?

I didn't know there was any relationship between the two so... im not sure what to answer to this.
And ai just says the gov appoints the Monetary Policy Board. Is that it?

Correct at a base level. But then I would talk about independence of the RBA decision making process. And then
I would talk more about how their decisions impact each other. So both fiscal and monetary policy can influence aggregate demand through their own mechanisms but sometimes given the different interests of both organisations they may not always work together towards the same aim. The best example would be looking at the current inflationary crisis and assess if any government measures are working against fighting inflation as the RBA is actively working to reduce inflation through its recent series of price hikes. To extend you can say that fiscal policy has ability to influence aggregate supply through measures for example that boost productivity,while the RBA does not have this ability as it is a blunt tool - people talk about the hammer and the jaws it can help lift or lower aggregate demand through cash rate changes or influencing expectations of future but it cannot target where that occurs necessarily.

 

[.kumori]

Ohhhh! Ok thank you for your help.