Economics Competition (1 Viewer)

[5q7]

Who else sat the UNSW Economics Competition?

I got the following answers:

1 B
2 C
3 A
4 C
5 B
6 D
7 A
8 B
9 C
10 D
11 D
12 D
13 C
14 B
15 C
16 C
17 B
18 D
19 A
20 C
21 D
22 D
23 B
24 B
25 C
26 B
27 C
28 B
29 A
30 D
31 B
32 D
33 C
34 A
35 B
36 B
37 B
38 D
39 A
40 D

I think that I might have got 4, 16, 28 and 40 wrong. Can anyone tell me what the answers were for these questions? How did you go in it?

 

[-pari-]

um...
you bothered to write them down seperately??

 

[5q7]

No, I kept the question paper.

 

[nickthebiscuit]

type the question out n we could probably answer..

my skl keeps them -.-' how cheap lol despite the cost of the comp. including the question paper

 

[5q7]

4. The 'Mona Lisa' has which of these properties?
a) Inelastic demand
b) Inelastic supply
c) Elastic demand
d) Elastic supply

16.
i - The service industry comprises the majority of Aust's GDP
ii - The mining industry comprises the majority of Aust's exports

a) Statement 1 is true
b) Statement 2 is true
c) Both statements are true
d) Both statements are false

28. The primary role of the IMF is to:
a) Assist developing countries with infastructure projects and combatting poverty
b) Maintain stability in world's financial markets
c) Resolve disputes between nations
d) Promote free trade and reduction in trade barriers between nations

40. (need diagram for this question - there are two symmetrical demand curves, A on the left and B on the right) For a given change in price, which of these demand curves has the highest elasticity of demand?
a) A
b) B
c) Both A and B have the same elasticity
d) Not enough information

 

[jb_nc]

haha, I remember my economics teacher talking about the mona lisa's inelastic supply about 1000 times during my HSC year... (can't remember what it is now though).

 

[nickthebiscuit]

4. The 'Mona Lisa' has which of these properties?

I thought it was inelastic supply

16.
i - The service industry comprises the majority of Aust's GDP
ii - The mining industry comprises the majority of Aust's exports

I put A

28. The primary role of the IMF is to:

b) Maintain stability in world's financial markets


40. (need diagram for this question - there are two symmetrical demand curves, A on the left and B on the right) For a given change in price, which of these demand curves has the highest elasticity of demand?

d) Not enough information

price elasticity of demand needs a supply curve to determine the effect on price

i remember reading a txt book amongst other things that said not to interpret the elasticity of demand according to the slope of the curve, if you look at the calculations, they require a change in price @ a given level, but there isn't a supply curve that tells the price change~

pls correct me if im wrong~