Section I: Multiple Choice (2 Viewers)

[Tbomb2k]

formula for real gdp for year 3 is

820.0 multiplied by (100 divided by 125)

which gives 656.

I thought that it would be 110 divided by 125 because the current year minus previous year divided by previous year etc????

 

[melaniemelanie]

This is right; buying CGSs would make a flow of money AWAY from the government, and c) isn't logical; the budget deficit is already there so the gov can't increase taxation/decrease expenditure - if they did, it wouldn't be a deficit!

yeah buying govt securities is in D, not A, A is correct, its hear right in front of me in the textbook

 

[melaniemelanie]

yeah buying govt securities is in D, not A, A is correct, its hear right in front of me in the textbook

thats the exact formula i was using in past papers! and i kept getting them wrong, i dont know where i got it from, but yeah i was using the years cpi over previous cpi, and then i looked in the textbook, and you actually just use the 100 over the present cpi, hasnt got anything to do with previous cpi, dont no why just follow the formula they give me haha

 

[ScottyG]

1 D
2 C
3 D
4 A
5 C
6 D
7 D
8 C
9 D
10 C
11 B
12 A
13 D
14 A - "Borrowing funds from the RBA" - disused, but legitimate, and correct.
15 A
16 B
17 A
18 A
19 B
20 B

Almost certain of their correctness.

 

[aurel]

No the formula for real GDP = nominal GDP x 100 / CPI (its not divided by the inflation rate)

So 656 is right.

 

[Tbomb2k]

No the formula for real GDP = nominal GDP x 100 / CPI (its not divided by the inflation rate)

So 656 is right.

ahhh ok. fine i have to settle with 19/20 lol.

 

[followme]

My answers to MC:
1) D
2) C
3) B
4) A
5) C
6) D
7) D
8) C
9) A <---- sighs
10) C
11) B
12) A
13) D
14) A
15) A
16) B
17) A
18) D <---#$%^&
19) B
20) B

hopefully 18/20

 

[hsc=luck:(]

hey guys, for number 7 isnt it C, because as the quota decreases, local producers will face more competition (no protection).
And for 9, is it B?do they talk about the TWI, if so it should be an appreciation for Japanese yen...

 

[P_Dilemma]

I'm gonna go through page-by-page, ok?

1. D (Obvious)
2. C (Obvious)
3. B (Higher GDP + Higher Literacy + Lower Motality? You bet ur ass!)
4. A (Kinda obvious)

Ok, next page...

5. C (If inflation goes up... u can continue that line of thought...)
6. D (kinda obvious)
7. D (Less of something in the country to bother you, right? So less competition, right?)

Next page...

8. C (Be very wary of the calculations...)
9. D (Process of elimination...)
10. C (Honestly, i was thinking "WHAT BENEFIT" but then i chose C...)

Page 6...

11. B (ToT is about PRICE, so we sty with PRICE, k? And the ratio os exports/imports, not the other way around)
12. B (Uh, I forgot the equation, so i guessed =P. But the smartest guy in out grade also chose B for this one! So...)
13. D (Kinda obvious)
14. A (B,C,D will NEVER happen. K? And A is soo textbook stuff...)

Turn over...

15. A (Obvious)
16. B (This this so many times it wasn't funny...)
17. D (Actually, i have no idea. Someone convince me!)

Last page!

18. A (CYCLICAL, yeah?)
19. A (This got me thinking... It couldn't be B, because AID would be in the current account transfers. C is an income credit in the current account. D is a credit, no matter how you look at it. So, by process of elimination I am left wth... A. Yet it still kinda looks wrong... "Interest" repaid... sounds like income debit...)
20. B (Process of elimination.)

There are my answers. My biggest conflicts are 12 and 17, i guess. 19 i'm 90% convinced.

-P_D

 

[jfan30]

hey guys, for number 7 isnt it C, because as the quota decreases, local producers will face more competition (no protection).
And for 9, is it B?do they talk about the TWI, if so it should be an appreciation for Japanese yen...

A decrease in a quota would reduce the amount allowed in so reduced comp. 9 is def not b, because in the table it shows a depreciation therefore the amount of trade with japan is decreasing.

 

[barrel_roll]

i don't get why 7 is d...
i got b instead...didn't the quota increase?

....


shit!

 

[denise_]

i got 17/20 gah.. stupid mistakes

 

[s2indie]

bleh. 17/20. I misread a question.

 

[lilkiwicutie89]

I'm gonna go through page-by-page, ok?

1. D (Obvious)
2. C (Obvious)
3. B (Higher GDP + Higher Literacy + Lower Motality? You bet ur ass!)
4. A (Kinda obvious)

Ok, next page...

5. C (If inflation goes up... u can continue that line of thought...)
6. D (kinda obvious)
7. D (Less of something in the country to bother you, right? So less competition, right?)

Next page...

8. C (Be very wary of the calculations...)
9. D (Process of elimination...)
10. C (Honestly, i was thinking "WHAT BENEFIT" but then i chose C...)

Page 6...

11. B (ToT is about PRICE, so we sty with PRICE, k? And the ratio os exports/imports, not the other way around)
12. B (Uh, I forgot the equation, so i guessed =P. But the smartest guy in out grade also chose B for this one! So...)
13. D (Kinda obvious)
14. A (B,C,D will NEVER happen. K? And A is soo textbook stuff...)

Turn over...

15. A (Obvious)
16. B (This this so many times it wasn't funny...)
17. D (Actually, i have no idea. Someone convince me!)

Last page!

18. A (CYCLICAL, yeah?)
19. A (This got me thinking... It couldn't be B, because AID would be in the current account transfers. C is an income credit in the current account. D is a credit, no matter how you look at it. So, by process of elimination I am left wth... A. Yet it still kinda looks wrong... "Interest" repaid... sounds like income debit...)
20. B (Process of elimination.)

There are my answers. My biggest conflicts are 12 and 17, i guess. 19 i'm 90% convinced.

-P_D

HEYYYYYYYYYYY.... P_Dilemma .. how was it? .. according to your answers i would sscore 16/20...

Cheers... xoxo

 

[TNguyen]

17 is actually a) bro not D

a decrease in labour costs means lower costs of production meaning producers can produce more, thus increasing supply.

 

[jackal8]

damnit

q7 and q14 wrong.

careless errors ='[

 

[arkanisw]

hey guys, for number 7 isnt it C, because as the quota decreases, local producers will face more competition (no protection).

seems like there's so much confusion over 7.

just look at the graph, after the quota decreased, the price went UP for oversea goods right?

so oversea goods are now more expensive, meaning domestic goods are cheaper and hence less competed





TO be honest i have NO idea why q13 is D, and why the other poster says it's obvious..



i wish someone could explain tat one clearly to me..

but lol actually no, i dun intend on keeping my economics with me

 

[sideshowtim]

19. A (This got me thinking... It couldn't be B, because AID would be in the current account transfers. C is an income credit in the current account. D is a credit, no matter how you look at it. So, by process of elimination I am left wth... A. Yet it still kinda looks wrong... "Interest" repaid... sounds like income debit...)


-P_D

the answer is b. from the textbook:
"The second item is capital transfers in the form of foreign aid to assist other countries to build up their infastructure or capital stock (such as an Australian donation to build a bridge in the Solomon Islands)

 

[sideshowtim]

i also think 20 is d not b. we see the gini coefficient rising yeah? that means in increase in inequality, remember the closer the number is to 1 it means greater inquality. the only thing you could put this rise in inequality down to is a reduction in taxes for high income earners because they are now paying less tax.

edit: damn i misread the question didnt see the since 2003 bit.

 

[moskvich]

Wasn't 20 C??

Seriously, the curve shows that inequality rises and drops..

C is micro reform..