TASMANIAN QUALIFICATIONS AUTHORITY and concepts. · Using a circular flow of income model, explain...

Questions: 9 Pages: 8 ©Copyright for part(s) of this examination may be held by individuals and/or organisations other than the Tasmanian Qualifications Authority.

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Tasmanian Certificate of Education

ECONOMICS

Senior Secondary

Subject Code: ECN315111

External Assessment

2011

Section A

Time: approximately 36 minutes

On the basis of your performance in this examination, the examiners will provide results on the following criterion taken from the course statement: Criterion 3 Demonstrate knowledge and understanding of economic terms

and concepts.

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CANDIDATE INSTRUCTIONS You MUST ensure that you have addressed the externally assessed criterion on this examination paper. You must answer FIVE questions from this section. You must write brief and clear answers for each of the questions you have chosen. All answers must be written in the spaces provided on the examination paper. Each question is worth 6 marks. (5 x 6 = 30 marks) This examination is 3 hours in length. It is recommended that you spend approximately 36 minutes in total answering the questions in this booklet. All written responses must be in English.

Economics

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Question 1 What is the economic problem? ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks) Question 2 What are the differences between a pure market and a planned economy? ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

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Question 3 What is meant by market failure? ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks) Question 4 Explain the concept of demand. ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

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Question 5 Explain the term economic development with specific reference to the Human Development Index. ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

Question 6 Explain the relationship between the marginal propensity to consume and the multiplier. ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

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Question 7 What is meant by sustainable economic growth? ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

Question 8 Explain the difference between structural and cyclical unemployment. ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

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Question 9 What is the difference between a current account deficit and a budget deficit? ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... (6 marks)

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This question paper and any materials associated with this examination (including answer booklets, cover sheets, rough note paper, or information sheets) remain the property of the Tasmanian Qualifications Authority.


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ECONOMICS

Senior Secondary


External Assessment

2011

Section B


On the basis of your performance in this examination, the examiners will provide results on the following criterion taken from the course statement: Criterion 4 Demonstrate knowledge and understanding of economic data.

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Economics

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CANDIDATE INSTRUCTIONS You MUST ensure that you have addressed the externally assessed criterion on this examination paper. You must answer SIX questions from this section. ALL questions in Part 1 and THREE questions from Part 2. You must write brief and clear answers for each of the questions you have chosen. All answers must be written in the spaces provided on the examination paper. Each question is worth 5 marks. (6 x 5 = 30 marks) This examination is 3 hours in length. It is recommended that you spend approximately 36 minutes in total answering the questions in this booklet. All written responses must be in English.

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PART 1

ALL questions in this part are compulsory for all students. Question 10 A particular area of Tasmania’s forests is renowned for its use in the forest industry and as a tourist attraction. Suppose that a new mineral deposit is found beneath this area and its estimated worth to the Tasmanian economy is $10 million. Define opportunity cost and what would the opportunity cost of mining the forest be? ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... (5 marks)

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Question 11 Consider the diagram below showing two points on a demand curve, a and b. The rectangle

€

OP1aQ1, which represents total revenue at price

€

P1 is exactly the same size as rectangle

€

OP2bQ2 , which represents total revenue at price

€

P2 . What is the price elasticity of demand at point a? Explain. ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... (5 marks)

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Question 12 Suppose the current market price for a next-day flight from Hobart to Melbourne is $165. Use a market diagram to explain the likely simultaneous effect on this price of a 10% increase in the cost of aviation fuel, and a 5% increase in the price of a seat on the Spirit of Tasmania. ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... (5 marks)

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PART 2

Answer THREE questions from this part. Question 13 Consider an industry in which a firm must buy permits from the government for the right to emit each tonne of pollution it produces. The government sells permits at the price $23 per tonne of pollution. Identify a factor affecting demand that would lead to an increase in the number of pollution permits purchased, and a factor affecting demand that would lead to a decrease in the number of pollution permits purchased. Illustrate on the diagram.

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Question 14 The market below shows a price ceiling

€

Pmax( ) that does not affect the equilibrium price

€

Pe( ) and quantity

€

Qe( ) . Illustrate and describe how a factor that affects demand or supply might bring the price ceiling into effect.

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Question 15 The diagram below represents the market for apples in Australia. Currently, apples are supplied domestically and from many countries around the world. Illustrate and describe what would happen to the number of domestically produced apples and the number imported if the world price fell to $950/tonne.

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$1000

price/tonne

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Question 16 One of Australia’s largest import sources is the United States of America. The diagram below shows the Australian dollar exchange rates against the US dollar between 13 May and 14 June 2011. Identify a period in which the value of imports was likely to have decreased, and a period in which the reverse is true. Explain.

(Source: Reserve Bank of Australia)

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Question 17 The graph below shows quarterly year-end percentage changes in GDP and welfare payments in Australia between March 2006 and November 2010. Use the diagram to discuss the role of welfare payments as an automatic stabilizer.

Growth in GDP and Welfare

(Source: Reserve Bank of Australia) ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... ....................................................................................................................................................... (5 marks)

% Change in Welfare

% Change in GDP

1/03

/06

1/06

/06

1/09

/06

1/12

/06

1/03

/07

1/06

/07

1/09

/07

1/12

/07

1/03

/08

1/06

/08

1/09

/08

1/12

/08

1/03

/09

1/06

/09

1/09

/09

1/12

/09

1/03

/10

1/06

/10

1/09

/10

1/12

/10

Welfare

GDP

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Question 18 Suppose the government of an economy with a budget deficit is considering implementing a tax policy to help it achieve a budget surplus. The table shows the 2010 level for real GDP, CPI, Government Revenue and Government Expenditure. The forecast figures both with and without the tax are also shown. Calculate the current and forecast level of the budget surplus/deficit with the tax and without the tax, and comment on whether you think the central bank of this country would support the tax policy.

2010 Level Forecast Annual Growth With Tax Without Tax Real GDP ($B) 1 100 1% 4% CPI 128 6% 3% Government Revenue ($B) 315 20% 0% Government Expenditure ($B) 330 10% 0%

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ECONOMICS

Senior Secondary


External Assessment

2011

Section C


On the basis of your performance in this examination, the examiners will provide results on the following criteria taken from the course statement: Criterion 5 Demonstrate knowledge and understanding of economic problems.

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Economics

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CANDIDATE INSTRUCTIONS You MUST ensure that you have addressed ALL of the externally assessed criteria on this examination paper. Answer ALL THREE questions in this section. All answers must be written in the spaces provided on the examination paper. Each question is worth 10 marks. (3 x 10 = 30 marks) This examination is 3 hours in length. It is recommended that you spend approximately 36 minutes in total answering the questions in this booklet. All written responses must be in English.

Economics

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Question 19 Governments usually justify intervention, for example, price intervention, in markets on the basis that there is market failure. What problems can be caused by a government intervening in a market when there is no market failure? (10 marks) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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Question 20 What are the problems associated with removing protectionist trade policies such as tariffs and subsidies? (10 marks) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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Question 21 The Australian dollar is a floating exchange rate, so that it may appreciate or depreciate freely depending on market forces. Explain the problems faced by importers and exporters in the face of a fluctuating Australian dollar. (10 marks) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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ECONOMICS

Senior Secondary


External Assessment

2011

Section D


On the basis of your performance in this examination, the examiners will provide results on the following criteria taken from the course statement: Criterion 6 Demonstrate knowledge and understanding of economic solutions.

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Economics

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CANDIDATE INSTRUCTIONS You MUST ensure that you have addressed ALL of the externally assessed criteria on this examination paper. Answer ALL THREE questions in this section. All answers must be written in the spaces provided on the examination paper. Each question is worth 10 marks. (3 x 10 = 30 marks) This examination is 3 hours in length. It is recommended that you spend approximately 36 minutes in total answering the questions in this booklet. All written responses must be in English.

Economics

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Question 22 Using a circular flow of income model, explain how market mechanisms in an economy can solve an imbalance between injections and leakages caused by an increase in taxation by the government. (10 marks) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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Question 23 The response to recent deterioration of global economic conditions in the Australian economy has been partly through fiscal policy and partly through monetary policy. Comment on how these two policies might be used to reduce the effects of a global recession on the Australian economy. (10 marks) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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Question 24 Explain the role of monetary policy in managing demand-pull inflation and unemployment. (10 marks) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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ECONOMICS

Senior Secondary


External Assessment

2011

Section E


On the basis of your performance in this examination, the examiners will provide results on the following criteria taken from the course statement: Criterion 7 Analyse and evaluate economic issues and information.

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CANDIDATE INSTRUCTIONS You MUST ensure that you have addressed ALL of the externally assessed criteria on this examination paper. You must answer ONE question from this section. Your answer must be written in the space provided on the examination paper. You must write clear and detailed answers for the question you have chosen. This section is worth 30 marks. (1 x 30 = 30 marks) This examination is 3 hours in length. It is recommended that you spend approximately 36 minutes in total answering the questions in this booklet. All written responses must be in English.

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Question 25 Carefully examine the following extract:

Wage Gains Down, Inflation Up

Australian Financial Review, 11 July 2011

Cutting carbon pollution will come at the cost of slower growth, lower income gains and a spike in inflation as higher energy costs drive a shift away from emission-intensive industries, according to Treasury analysis. Treasury modelling shows that in the next nine years, GDP will be 0.3 per cent smaller than without a carbon price. Although the results suggest the effect of a carbon price on the overall economy will be modest, it will nonetheless crimp wage gains and lead to a sharp one-off jump in living costs, with estimates headline inflation will surge 0.7 per cent in 2012-13 – effects the government will seek to offset through pre-emptive tax cuts and handouts. CommSec chief economist Craig James said that as a tax reform, the impost of the carbon price was poor, failing to be either simple, equitable or efficient.

(a) Use an appropriate model to explain why Treasury predict that a carbon tax will lead to higher

inflation and lower growth. (6 marks) (b) Use the concept of opportunity cost to explain the trade-off between economic growth and

having a carbon price described in the article. (6 marks) (c) What are the consequences of a reduction in economic growth? (6 marks) (d) What do you expect to happen to the level and composition of unemployment if a carbon

price is introduced? (6 marks) (e) How would you expect the RBA to respond to the spike in inflation? (6 marks)

Section E continues opposite.

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Section E (continued) Question 26 Carefully examine the following extract:

Australia’s Current-Account Deficit Unexpectedly Widens

Bloomberg, 1 March 2011

Australia’s current-account deficit unexpectedly widened in the three months through December as investors abroad received larger dividends and other income from holdings in the country. The shortfall on goods, services and investment increased to A$7.3 billion ($7.4 billion) from a revised A$6.5 billion in the third quarter, the Bureau of Statistics said in Sydney today. ‘The deficit is relatively low by Australian standards and consistent with more saving in the economy,’ said Stephen Roberts, a senior economist at Nomura Australia Ltd. in Sydney. ‘It’s probably going to be bigger this quarter due to the floods in Queensland.’ Net exports were ‘expected to make no contribution’ to gross domestic product growth in the fourth quarter, the bureau said today. In the previous quarter, net exports subtracted 0.4 percentage point from growth.

(a) Explain what components of the current account led to an unexpected widening of the deficit

in the three months through to December. (6 marks) (b) Explain why the current account deficit is ‘consistent with more saving in the economy’. (6 marks) (c) Justify the prediction in the article that the current account deficit will get larger due to the

floods. (6 marks) (d) Should policymakers be concerned about the widening of the current account deficit and

explain your answer? (6 marks) (e) Make a prediction about the effect of a rising Australian dollar on the current account deficit. (6 marks)

Section E continues over the page.

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Section E (continued) Question 27 Carefully examine the following extract:

Surprise Jobs Surge Won’t Spur RBA to Raise Rates, Say Economists

The Australian, 8 July 2011

The Reserve Bank is unlikely to be moved to raise interest rates based on a surprising surge of 23 400 in new jobs created in June, say economists. The unemployment rate stayed steady at 4.9 per cent, but the number of new jobs caught the financial markets and economists off guard. However, the unemployment rate is unlikely to influence the RBA, with interest rates expected to stay on hold until later this year. Credit Suisse strategist Jarrod Kerr said the Australian labour market, similar to the economy, was undergoing a major change, with the mining sector hiring workers while non-resource sectors were downsizing workforces. ‘The economy is undergoing a structural adjustment and quite a significant one,’ Mr Kerr said. ‘Jobs are being shed in the manufacturing sector, some service industries and in agriculture. Jobs in mining and construction are booming, while other industries have been grinding along back towards or above pre-crisis levels.’ TD Securities strategist Roland Randall said the strong Australian dollar could also impede jobs creation, with non-mining sectors struggling with the elevated currency.

(a) How is it possible for 23 400 jobs to be created without changing the unemployment rate

from 4.9%? (6 marks) (b) Explain how the composition of the unemployed might be affected by the mining sector

expanding its workforce while non-resource sectors downsize. (6 marks) (c) Why might the RBA be hesitant to raise rates? (6 marks) (d) How could the strong Australian dollar impede jobs growth? (6 marks) (e) Predict the effect on the economy and the problems that may arise for the RBA of the

introduction of a new tax on the profits of the resource sector. (6 marks)

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Question Number: (In the box write the number of the question you have answered.) ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

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TASMANIAN QUALIFICATIONS AUTHORITY and concepts. · Using a circular flow of income model, explain...

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