Question this
hmmm.. i reckon this teacher would have scored 16/20 tops.
i reckon them smart0asses on the board chucked in some tricks which may have worked on a lotta people.
i question 5, 6, 14 and 17.
5) D -look out for the confusion between "real" and "nominal" GDP".
this question called for some assumptions that the rate of inflation was NOT = 0% in yr1.
6) D - is completely true, however the syllabus seems to have stressed the importance of "gov. revenue" so that ppl naturally assume B is correct. On closer inspection, imports are taxed if they EXCEED the quota, so it still works to generate revenue
14) B - higher $AUD = INCREASED imports due to lower costs
= DECREASED exports due to higher costs for other countries
therefore IMPORTS > EXPORTS. which means that TOT deteriorates
17) B as discussed by all these ppl.
i dunno about the answer to 19, anyone have an explanation?
CONCLUSION: had the teacher sat the exam, they kinda fucked the MC's, especially disgraceful since they are the teacher.