Economics 2015 HSC exam pack

Candidates showed strength in these areas:

• clearly distinguishing between renewable and non-renewable resources (Q21a)
• making specific reference to the impact of globalisation on the environment in a named economy (Q21b)
• understanding market failure in environmental management (Q21c)
• identifying a reason for the decrease in the budget deficit (Q22a) and clearly demonstrating the impact of one budgetary reduction strategy on the distribution of income (Q22c)
• demonstrating the effect of hidden unemployment on the unemployment rate with clear and concise explanation of the effects of an appreciation of the US dollar on the inflation rate in Australia (Q23a&b)
• demonstrating a good understanding of the concept of NAIRU and the microeconomic and/or macroeconomic implications for a government aiming to reduce unemployment (Q23c)
• comprehensive consideration of two factors that explain differences in levels of economic development (Q24b).

Candidates need to improve in these areas:

• understanding the clear links between globalisation (Q21b), market failure (Q21c) and environmental management
• comparing (rather than describing) the relationship between methods of servicing the budget deficit and their effects on interest rates; for example, identifying the difference between monetary financing of a deficit and quantitative easing (Q22b)
• making clear the relationship between hidden unemployment and unemployment and demonstrating clear economic reasoning when explaining links between appreciation and inflation; as well as NAIRU and government policy implications (Q23)
• understanding the concept of the international division of labour and its contribution to globalisation (Q24a).

Candidates showed strength in these areas:

• addressing both microeconomic reform (MER) and economic objectives (Q25)
• demonstrating the continuing role of MER by applying the relevant information provided and their own knowledge and statistics (Q25)
• supporting a sustained and logical argument with a range of MERs (Q25)
• demonstrating a detailed knowledge of a wide range of changing sources of growth and effects on the Australian economy and recognising complex economic relationships (Q26)
• presenting a balanced, comprehensive and contemporary synthesis of relevant economic theory and economic growth data (Q26)
• utilising economic theory, data and diagrams by including the use of the Keynesian aggregate demand diagram, incorporating the multiplier effect and/or the aggregate demand / aggregate supply model, to support the relationships between changing sources of growth and effects on the Australian economy (Q26).

Candidates need to improve in these areas:

• providing a balanced response to MERs and their impact on economic objectives (Q25)
• demonstrating a clear need for the continued role of MER into the future and including relevant examples to support arguments (Q25)
• demonstrating clear and comprehensive economic links within and between MERs and economic objectives
• developing a more analytical and balanced approach that places equal weighting on both changing sources of economic growth and effects on the Australian economy (Q26)
• integrating data from the stimulus and using own knowledge to show the relationship between changing sources of growth and effects on the Australian economy (Q26)
• directly addressing the set question rather than excessively incorporating or describing the stimulus (Q26).

Candidates showed strength in these areas:

• presenting an informed argument about the contributions of a range of international organisations and trade agreements to global economic growth and development (Q27)
• understanding the role of both monetary and fiscal policy in influencing elements of economic activity (Q28)
• understanding the concept of external stability and its components, such as the current account deficit and net foreign debt (Q28)
• using relevant economic data to support an analysis (Q28) or argument (Q27).

Candidates need to improve in these areas:

• providing a detailed and balanced response in relation to both international organisations and trade agreements and economic growth and development (Q27)
• understanding the links, but differences between, economic growth and economic development (Q27)
• addressing the question by clearly linking how macroeconomic policy can influence or improve external stability (Q28)
• understanding the extent to which domestic macroeconomic policy can influence external stability (Q28).