Economics 12

[akbararshad]

dude, in qs 1 i chose option D, dont remember wat was it..... nd i dont knw but i still think dat da ans fo dat pes for oil was A i.e option 1 and 2...

 

[exampasser]

Full storage tanks means that more oil can be supplied at short notice doesn't it? So that wouldn't lead to an inelastic supply, and neither would a fleet of delivery tankers.....so the answer should be 1 and 4 shouldn't it?

 

[djdead1]

I think it'll be easier if we compile all the questions into one post? He's what I wrote on the ones i remember:

These aren't the question numbers they're just so its easy to see how many questions have been answered out of the 30.

1. Capital is made from the other factors of production
2. A command economy is more likely to be stable
3. A reduction in tariffs will shift the demand curve for domestically produced cars to the left
4. Conditions 1 and 4 will make supply relatively inelastic
5. Increased interest rates in USA and decreased in UK will increase supply and decrease demand for the pound so the new value was at point C.
6. To reflect the true value of a merit good to society demand needs to increase as opposed to supply increase so that price increase as the merit good is worth a higher value.
7. A change in the quantity demanded"? Not sure if it meant shift in demand curve or change in quantity traded.
8. The J-curve was being illustrated.
9. The terms of trade was 150 so value of imports changed by -20%
10. The answer was C ie. the opportunity costs were 1 and 2 since the value of 1.5 is between this.
11. Japanese car manufacturer moving into UK: will improve trade in goods but current account balance uncertain in the long run.
12. When PED is unitary expenditure doesn't change with increasing price.
13. When bus fares increase by 1% demand for rail travel increases by 0.16%
14. On average, employed UK workers had an increase in real income as wage rates increased more than inflation.

That's 14 can anyone remember any more?

q1. i chose ucertain returns
q4.1 and 2
q7. meant change in price just an extension of demand curve no shift
q13. did u hav da XED with bus as 0.13.....bcoz da XED wid bus travel ws 0.13...

30. what will be the new equilibrium ER between Us and UK. which one did u guys choose?

 

[djdead1]

did u guys hav this question:
a countrys ER to b depreciating what conditions must be fulfilld
exprt value: fall/rise
import value: rise/fall
income and transfers: rise/ fall
?

 

[ahsan99]

James sir! ..just tell me will a company train ALL of its workers at times when it
can refine oil and earn profits!? it wont be able to earn profits then
They do train workers but not all of them, and they do train them
such that it does not effect their output..secondly check cie eco book : p

oh FULL STORAGE TANKS ARE NOT FULL STORAGE TANKERS!!!
Check internet and book for this..you will find Ability to store a point
and move on!

 

[djdead1]

I think it'll be easier if we compile all the questions into one post? He's what I wrote on the ones i remember:

These aren't the question numbers they're just so its easy to see how many questions have been answered out of the 30.

1. Capital is made from the other factors of production
2. A command economy is more likely to be stable
3. A reduction in tariffs will shift the demand curve for domestically produced cars to the left
4. Conditions 1 and 4 will make supply relatively inelastic
5. Increased interest rates in USA and decreased in UK will increase supply and decrease demand for the pound so the new value was at point C.
6. To reflect the true value of a merit good to society demand needs to increase as opposed to supply increase so that price increase as the merit good is worth a higher value.
7. A change in the quantity demanded"? Not sure if it meant shift in demand curve or change in quantity traded.
8. The J-curve was being illustrated.
9. The terms of trade was 150 so value of imports changed by -20%
10. The answer was C ie. the opportunity costs were 1 and 2 since the value of 1.5 is between this.
11. Japanese car manufacturer moving into UK: will improve trade in goods but current account balance uncertain in the long run.
12. When PED is unitary expenditure doesn't change with increasing price.
13. When bus fares increase by 1% demand for rail travel increases by 0.16%
14. On average, employed UK workers had an increase in real income as wage rates increased more than inflation.
15. Where 2 PPCs were given, their opportunity costs were constant.
16. A fall in the value of exports and a rise in the value of imports and a fall in income transfers will lead to a depreciation of the currency.
17. An argument against trade protection is that domestic prices will increase.
18. When a country's currency appreciates.i don't remember the answer....

That's 18 can anyone remember any more?

13. wht was da XED for rail given to u?
18. when a countrys currency appreciates, volume of exports decreases, right?

 

[JamesSmith]

Candidly speaking I don't remember my answers. I just remember that i was getting stuck in these questions and i was confused between two options. ahhaha.. but i'm sure i did cut out the point of delivery vans, and oil tankers.

 

[djdead1]

Candidly speaking I don't remember my answers. I just remember that i was getting stuck in these questions and i was confused between two options. ahhaha.. but i'm sure i did cut out the point of delivery vans, and oil tankers.

wht was ur answer to the PPC of two countires?

opp costs are constant? or they cn never make da same combo of goods?

 

[JamesSmith]

Lovely work by djdead!
my answers match for 2,3,4,5,8,9,11,12,13,14,15,17...
i don't remember answers for 6,16,18..

 

[JamesSmith]

no the opportunity costs were constant. they could make same combination as the lines did intersect at a point.

 

[djdead1]

Lovely work by djdead!
my answers match for 2,3,4,5,8,9,11,12,13,14,15,17...
i don't remember answers for 6,16,18..

cngrats!!! 16 is surely wrong fo me ! i knew its da wrng asnwer ws about to erase n correct but the examiner took it away !
anyways the credit goes to exam passer i jst gave a few questions still tryin 2 rmember more!!

 

[djdead1]

no the opportunity costs were constant. they could make same combination as the lines did intersect at a point.

u , my friend, have made my day....well, sort of

 

[JamesSmith]

as for q1. : I was unable to comprehend it. :s
q7. the curves did shift! so answer was graph 1 and graph 3.
q10. i messed up and selected the option which had 3:2, and 4:1.
q18: the prices of the exports rise in term of other currencies.

 

[JamesSmith]

no the opportunity costs were constant. they could make same combination as the lines did intersect at a point.

u , my friend, have made my day....well, sort of

i made your day... THANK me.. i've just a single thank
hahahahha

 

[djdead1]

as for q1. : I was unable to comprehend it. :s
q7. the curves did shift! so answer was graph 1 and graph 3.
q10. i messed up and selected the option which had 3:2, and 4:1.
q18: the prices of the exports rise in term of other currencies.

lstn, the question said change in QUANTITY DEMANDED so dude, that is a CLEAR signal. when quantity demanded changes itmeans pric has changed and da graph doesnt shift, when they say chane in demand dats when da curve shift...........

q18.....ummm i kno what ure sayin is right....but what was da oder option wid exports? eider my variant had difrnt options or i dun rmember corectly or i chose da wrong option lol...teme?

 

[djdead1]

o and btw even i hav just a sing thanks

 

[djdead1]

as for q1. : I was unable to comprehend it. :s
q7. the curves did shift! so answer was graph 1 and graph 3.
q10. i messed up and selected the option which had 3:2, and 4:1.
q18: the prices of the exports rise in term of other currencies.

lstn, the question said change in QUANTITY DEMANDED so dude, that is a CLEAR signal. when quantity demanded changes itmeans pric has changed and da graph doesnt shift, when they say chane in demand dats when da curve shift...........

q18.....ummm i kno what ure sayin is right....but what was da oder option wid exports? eider my variant had difrnt options or i dun rmember corectly or i chose da wrong option lol...teme?

sowiee i got it....yes yes.....q18 thats what i chose...volume of exports deccreases actualy my bad.....

 

[ahsan99]

James i did not get you. You messed up and choose 3:2 and 4:1?
3:2 is rite!

 

[djdead1]

James i did not get you. You messed up and choose 3:2 and 4:1?
3:2 is rite!

haha i didnt notic dat lolzz

 

[JamesSmith]

the graphs DO shift. If you look at the x axis; in the graph 2 the quantity demanded remained same even as the supply curve shifted. In other two the quantity traded did differ.. that is how at least i concluded.

i appeared in variant 12; but i don't remember other options.