State whether the following statement is true or false : Under perfect competition price is determined by equilibrium of demand and supply. State whether the following statement is true or false : Token coins are such coins whose face value is greater than their intrinsic value. Concept: Money - Store of Value Chapter: [2. State whether the following statement is true or false : Credit control is the function of commercial banks.
State whether the following statement is true or false: Central bank also performs commercial banking business. Define or explain the following concept : Individual economic unit. Define or explain the following concept : Marginal utility. Concept: Diminishing Marginal Utility Chapter: [0. Define or explain the following concept : Elasticity of demand. Concept: Measurement of Elasticity of Demand Chapter: [1. Define or explain the following concept : National income. Concept: Concept of National Income Chapter: [0.
Define or explain the following concept : Effective demand. Concept: Demand Chapter: [1. Define or explain the following concept : Budget. Concept: Types of Budget Chapter: [2. Give reason or explain the following statement: The supply of agriculture commodity is relatively inelastic.
Give reason or explain the following statement: A monopolist can control the supply of goods. Give reason or explain the following statement: The supply of land is inelastic.
State with reason whether you agree or disagree with the following statement: Macro economics is different from micro economics. Concept: Macro Economics Chapter: [0. Give reason or explain the following statement: As a banker for the government, the central bank transfers government funds. Give reason or explain the following statement: Micro economics is also known as price theory.
Distinguish between the following : Desire and Demand. Slicing method and Lumping method. Distinguish between the following : Paper money and Metallic coins. Distinguish between the following : Quantitative and Qualitative measures of credit control. Distinguish between the following : Output method and Income method of measuring national income.
Distinguish between Average Revenue and Average Cost. Concept: Main Market Forms Chapter: [0. The builder of the website is Mr. Shah Jamal Who has been serving for 30 years as an Asst. He has requested both concerned students and teachers to spread this website home and abroad. Your email address will not be published. Areas for students to improve include: explaining and identifying one cost and one benefit of globalisation a providing relevant examples of costs and benefits of globalisation to support their response a relating the question to Australia b providing statistics or evidence to support their response b.
Areas for students to improve include: applying economic knowledge to interpret changes in the hypothetical economy d providing arguments based on the changes evident in the table for the hypothetical economy, rather than offering reasons based on conditions in the Australian economy d. Section III Question 25 In better responses, students were able to: present clear links to each part of the question with explicit discussion of a number of economic concepts refer to key trends such as the slowdown and collapse of the textiles, clothing and footwear TCF industry and the passenger motor vehicle industry to support their arguments provide succinct definitions and well explained concepts such as comparative advantage, international competitiveness and structural unemployment clearly articulate a detailed understanding of the question, providing relevant data and graphs that were appropriately referenced.
Areas for students to improve include: presenting clear and relevant arguments on the implications of free trade on all three economic objectives of full employment, income distribution and external stability developing clear links between free trade and the three economic objectives referring to the stimulus with a clear understanding of the question and the concepts required, and providing relevant examples, data and graphs to support their arguments.
Question 26 In better responses, students were able to: provide well substantiated judgements of the contribution of macroeconomic policy decisions to economic growth synthesise their own knowledge from the information provided to support their arguments demonstrate knowledge and understanding of periods since where macroeconomic policy contributed to economic growth — for example, the s recession, the Asian Financial Crisis, the Commodities Boom Mark I and Mark II, the European Debt Crisis and the more recent stances on macroeconomic policy demonstrate a balanced response with respect to both monetary and fiscal policies, while also acknowledging the role of microeconomic reform in supporting macroeconomic policy by increasing the capacity for growth.
Areas for students to improve include: directly answering the question asked integrating economic theory with contemporary economic information to make balanced and effective judgements of the contribution of macroeconomic policy decisions to economic growth integrating the information provided to support their arguments and judgements of economic policies. Section IV Question 27 In better responses, students were able to: integrate relevant economic terms and concepts into a well-balanced critique of the policies established to achieve environmental sustainability.
Areas for students to improve include: forming clearer interpretation of the question and planning their extended response to help them present an organised, well-structured response linking each paragraph back to the question using relevant economic terminology and phrases demonstrating clearer relationships between economic terminologies demonstrating broader contemporary knowledge of the domestic and global economy.
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