General Thoughts: Economics (3 Viewers)

[megaman]

u times the cpi thingo with the percentage weighting thing

i dnt think its in a textbook so i think mainly the mathematicians got it right

i got housing

what was non-discretionary and discretionary parts of that budget :S

I personally put non-discretionary as taxation, and did that for the second bit of the question as well and for the discretionary part I put government welfare/security payments. I think im right...hopefully didnt get them backwards.

Edit-

SHIT! looked it up...got it backwards definition of a non-discretionary thing- A non-discretionary or cyclical component of the budget refers to changes in government revenue/expenditure which are caused by changes in the level of economic activity, or national income that affect the budget outcome. This is generally uncontrollable by the government.

 

[Evertonian]

I personally put non-discretionary as taxation, and did that for the second bit of the question as well and for the discretionary part I put government welfare/security payments. I think im right...hopefully didnt get them backwards.

Edit-
http://community.boredofstudies.org/newreply.php?do=newreply&p=4702173
SHIT! looked it up...got it backwards definition of a non-discretionary thing- A non-discretionary or cyclical component of the budget refers to changes in government revenue/expenditure which are caused by changes in the level of economic activity, or national income that affect the budget outcome. This is generally uncontrollable by the government.

I think income tax is non-discretionary. Remember the cyclical component are the non-discretionary and non-deliberate changes. Hence automatic stabilisers, PAYE income tax is received and then given out via welfare payments/transfer payments.

But then I put discretionary as transfer payments as the govts can choose to give more money to certain groups in society.

 

[akim93]

I think income tax is non-discretionary. Remember the cyclical component are the non-discretionary and non-deliberate changes. Hence automatic stabilisers, PAYE income tax is received and then given out via welfare payments/transfer payments.

But then I put discretionary as transfer payments as the govts can choose to give more money to certain groups in society.

tranfer payments are actually non discretionary
if the economy goes into a recession, the government would hand out its money?? just like the 900 dollar thing he gave out+ all other benefits due to 2008 credit crunch
something like taxation would be discretionary

 

[untitled....]

Did you guys notice how the tax rates and welfare rates don't change?
I noticed that for qu. 22 and so then I put GST...
Is that right?

 

[Lostie29]

can you guys please help me estimate one of my marks im very worried T.T
for section 3 i didnt no micro so i did the other one..
and like i mentioned economic develpment like all the parts and integrated alot of the stimulus
but didnt talk bout another econoy or australia like thoroughly?
do u think i can fail?

 

[ajay12]

can you guys please help me estimate one of my marks im very worried T.T
for section 3 i didnt no micro so i did the other one..
and like i mentioned economic develpment like all the parts and integrated alot of the stimulus
but didnt talk bout another econoy or australia like thoroughly?
do u think i can fail?

Everyone can fail, I just think you take the cake.

 

[Lostie29]

Everyone can fail, I just think you take the cake.

what do u mean by that? LOL

 

[bell531]

Its quite bad if you dont refer to the other economy or australia for that question

 

[vpa2891]

Did you guys notice how the tax rates and welfare rates don't change?
I noticed that for qu. 22 and so then I put GST...
Is that right?

I put GST too but my teacher said the question asked for discretionary change that contributes to change in the budget. The budget comes form surplus to deficit but GST (which is the revenue for govt) increases from 43 to 45 so it's not correct

 

[Lostie29]

Its quite bad if you dont refer to the other economy or australia for that question

wait what was the question again??
did it say AUSTRALIA AND another economy or did it say AUSTRALIA OR ANOTHER COUNTRY T.T
arg i stuffed up ><

 

[megaman]

it definitely said 'and' that's why i didn't do it.

+1

 

[anthonysak]

the answer is food

110 x .2 =22 food
120 x .15=18 housing

pwnt u guys

i win

 

[vpa2891]

the answer is food

110 x .2 =22 food
120 x .15=18 housing

pwnt u guys

i win

I remember 110x .2 for housing
120x .15 for food
not the other way around

 

[JAM91]

i think i did housing it was simple maths if i remember

also i thought descretionary was referring to tax because the government has no control over how much is paid whereas non descretionary was transfer payments. made sense considering the next question was "how does a non descretionary item change the distribution of wealth" so transfer payments fit perfectly.

 

[DMT92]

Non discretionary changes are changes that are built into the budget, there are only 2
1. the progressive tax system
2. social security and welfare.

This is because they are not changed or adjusted physically, but instead are changed due to the cyclical nature of the economy. For example during an upturn as more people are employed, Income tax rates rise and social security payments are reduced this is because there are more people employed, thus more tax to collect and thus less welfare to be handed out. Transfer payments are discretionary changes. U should have said that social security and welfare influence the distribution of income because of the reallocative effect or somethin. DW about it, it wasnt worth much anyway.

 

[bell531]

yeah DMT is right. the correct non-discretionary answers could have been taxation or social security, so long as they reflected the change in budget outcome. discretionary changes could have been anything else, so long as they contributed to the changed outcome, i put defence