HSC Economic Quiz

The HSC Economic s course is designed to test a student knowledge in four topic areas:

  1. The Global Economy
  2. Australia’s Place in the Global Economy
  3. Economic Issues
  4. Economic Policies and Management

While students are required to understand the causes and effects of economic trends they must have an understanding of general economic terms, concepts, relationships and theories.The following are questions address foundational knowledge for the HSC economics course.

 

Question 1

The unemployment rate (%) is calculated as:

a) (Unemployed persons/labour force) x (100/1)

b) (Labour force/ working age population) x (100/1)

c) (Labour force/unemployed persons) x (100/1)

d) (working age population/labour force) x (100/1)

 

Question 2

The Gini Coefficient is:

a) A number between 0-1 which measures the extent of income inequality in an economy.

b) A number between 0-1 which measures the level of GDP growth in an economy.

c) A number between 0-1 which measures the level of government debt obligations.

d) A number between 0-1 which measures the productivity of labour in an economy.

 

Question 3

The two main automatic stabilisers in the budget are:

a) Infrastructure spending and unemployment benefits

b) Jobs and growth

c) Unemployment benefits and progressive income tax

d) Unemployment benefits and inflation

 

Question 4

The objectives of the Reserve Bank of Australia are:

a) Currency stability, maintaining full employment and promoting economic prosperity and welfare.

b) Currency stability, lowering interest rates and funding government spending.

c) Setting the budget stance, guaranteeing the debts of the major banks and maintaining full employment.

d) Currency stability, maintaining full employment and designing Australian currency.

 

Question  5

Which of the following counties is not a part of the Group of Eight Nations?

a) Japan

b) The united states

c) Canada

d) Australia

 

Question 6

The components of aggregate demand (AD) are:

a) Consumption, interest rates, government expenditure, exports less imports.

b) Consumption, economic growth, unemployment and government spending.

c) Consumption, investment, government expenditure, exports less imports.

d) Government spending, consumption, labour productivity and imports.

 

Question 7

The current cash rate (May 2017) is:

a) 75%

b) 5%

c) 25%

d) 0%

 

Question 8

All things remaining equal, which of the following is most likely to explain an appreciation of the Australian dollar under a floating exchange rate?

a) A decrease in Australian interest rates.

b) An increase in overseas interest rates.

c) Increased domestic demand for imported goods.

d) Increased demand for Australia’s exports

 

Question 9

Public goods are best characterised as:

a) Non-excludable and limited.

b) Non-excludable and non-rival.

c) Provided by private firms and non-rival.

d) Excludable and rival.

 

Question 10

When economic growth is lower than the increase in labour productivity, unemployment will most likely:

a) Increase

b) Decrease

c) Remain constant

d) None of the above

 

Question 11

What is the most likely effect of an increase in the labour force participation rate in the short-term?

a) Economic growth will decrease.

b) The unemployment rate will increase.

c) The exchange rate will depreciate.

d) The unemployment rate will decrease.

 

Quiz courtesy of Thomas.

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Top 7 English Exam Preparation Tips

7 Top tips for studying for an English Exam

by Tim

  1. Know your text(s)

  • Have a thorough understanding to the main themes and concepts within your texts of study
  • A way to test your knowledge is to write a paragraph in your own words explaining and describing your insight to a particular theme in your text.
  1. Put all your notes into a table

    This will organise your notes neatly and allow you to easy access your notes.

  2. Draft 1… Draft 2… Draft 3…

  • Whether your assessment task is an essay, creative task or speech you should have your first draft (typed or written) at least 2 weeks before your exam.
  • Write about themes that your liked or enjoyed when you were studying the text. Expect to make multiple drafts for your assessment tasks, especially for creative writing.
  1. Hand in your Drafts to your school teacher, tutor or parent/friend to read and edit

  • Remember to get comments and feedback from the person who read your Draft.
  • Make the appropriate changes according to your Drafts to make it even better.
  1. Read other essays/creatives and become the person to give feedback

  • Read other people’s essays/creatives to gain insight only and not to copy them
  • Read to learn from them, look at their strengths and weaknesses, and see how you can replicate it in your own way.
  • When reading, out yourself in the shoes of an HSC English Marker. This way you will understand what are the specifics that they are looking for and repeat this step with your essay/creative.
  1. Practice… Practice… Practice…

  • Practise answering different essay questions with your ‘perfect essay’ and practise moulding your response so that you answer the essay question each time.
  1. Never memorise responses, only memorise your main ideas and analysis

  • During the exam you must be writing your response to answer the question or stimulus given.

Maths Puzzles

The Missing Dollar Problem

Three friends eat lunch at a restaurant, and the bill comes to $30. They each pay $10. While leaving the table, the waiter realises that the bill was incorrectly calculated, and actually came to a total of $25. Knowing that $5 cannot be divided into 3 evenly, he pockets $2 himself and gives the friends $1 each back.

So, each friend has paid $9, and the waiter has pocketed $2. But $9 + $9 + $9 + $2 = $29. Where did the missing dollar go??

Solution: There really isn’t anything missing – just a play on words. Accounting rules need to apply. Click here for a more detailed explanation.

Who would you hire?

Imagine you’re the employer of a big company, and you need to hire someone for one month. There are two top applicants. Applicant A wants to be paid $1000 per day ($30,000 over the month). Applicant B wants to be paid 1 cent on the first day, 2 cents on the second day, 4 cents on the third day, 8 cents on the fourth day and so on, doubling each day until the month is over. Who would you hire?

Hint: You can calculate how much Applicant B wants to be paid on any given day by using powers of 2. For example, on day 4 he wants to be paid 2^3 = 8 cents. On day 10 that’s 2^9 = 512 cents.

Solution: Applicant B would be paid more than $10 million over the month! He would be paid $5,368,709.12 on the 30th day alone! (Calculated by finding 2^29). This question shows just how big the powers of a number can quickly become!

We Love Maths!

Love Maths?

Did you know?

  • 111,111,111 multiplied by 111,111,111 gives 12,345,678,987,654,321
  • 2520 is the smallest number that can be exactly divided by all the number 1 to 10

Sodoku helps with your maths?

Article on benefits of Sodoku for strengthening core logic skills needed to solve Maths problems… Give your struggling student a small challenge in the holidays!

simple-sodoku

Finish this simple Soduku – rules: the consecutive numbers 1 to 4(a set) must fill the remaining empty boxes BUT there can only be 1 set (in any order) per row(s), column(s) or box(es)

Sites to visit if you want to practice over the holidays:

Primary and up to yr 11:

http://www.math.com/

https://www.khanacademy.org/

http://www.schoolatoz.nsw.edu.au/homework-and-study/mathematics/help-sheets

For Year 12:

http://www.boredofstudies.org/view.php?course=1

http://www.harderhscmaths.com/ (videos to watch of harder maths being completed)

Do boys like maths more than girls?

Article about Maths and gender?

 

Probability Pandemonium

Crazy Kids:

Imagine that you know a family has 2 children (that aren’t twins). Later, you discover that one of the children is a girl, what then is the probability that the other one is a girl?

Hint: it’s not 1/2!

Answer see below…

 

Devious Doors:

There was a games show which included a section in which you could win a car by correctly selecting which door it was behind. It went like this:

  1. The host would ask you to pick and stand in front of 1 out of 3 closed doors, 1 of which had a car behind it, the other 2 with nothing
  2. The host would then reveal a door that you hadn’t chosen that had nothing behind it, leaving two unopened doors, one of which you were still standing in front of.
  3. The host would then ask, would you like to stick with the door you’re currently with, or would you like to switch to the other remaining unopened door?

If you wish to maximise your probability of winning the car, what should you do?

Answer see below…

 

 

Solution Crazy Kids:

You have to consider the possible combinations of the children’s genders and how the information came to you.

When you knew that they had 2 children there were 4 possibilities:

Older:                   Boy        Boy        Girl         Girl

Younger:              Boy        Girl         Boy        Girl

When you discover that one is a girl it eliminates the possibility that they’re both boys, it also leaves only 1 of the remaining 3 that has the second child as a girl.

Therefore the answer is 1/3!

Solution Devious Doors:

You should switch!

When you first chose your door there was a 2/3 chance that it contained nothing. Despite the host eliminating one of the nothing outcomes it is still more likely that you are currently standing in front of a nothing outcome because of when you made your selection.

Therefore since it’s more likely that you have nothing and the other nothing option is gone you have a 2/3 chance of winning if you switch to the remaining door! Deal or No Deal works on the same concept to a much larger scale.

Must Know Creative Writing Tips!

Creative Writing Hints and Tips

Stuck with how to start your piece of creative writing – enjoy our hints and tips for improving your creative writing.

  1. Establish a credible setting: use evidence, quotes, physical and emotional spaces. Use similes and metaphors to extend your description.
  2. Think about structure: Where is the end point of the story. What are the series of events, complications and climax that shape the structure.
  3. Who is the protagonist? Is there an antagonist?
  4. Play with your sentence structure. Try short/long sentences – look for effect.
  5. Play with imagery/patterns of imagery/symbolism.
  6. Use figurative language sparingly but not clichéd.
  7. Go for the simple language/ simple sentence. Cut the adjectives and see the effect.
  8. Go for atmosphere – try and create a relaxed or tense mood. Think about pathetic fallacy.
  9. Give a credible ending – open ended/cliff hanger or tying up loose ends.
  10. Where is the climax? Is there a denouement?
  11. Is there symbolism inherent within the text? Repeated motif.
  12. Can you make any allusions to classical/popular culture?
  13. Is there a postscript?
  14. Do minor characters play a part?
  15. HSC Creative writing is to a Novel like a Trailer is to a Movie. Your story must be packed with techniques AND be able to tease the reader – BUT not satisfy them.

By our tutor Anne Marie.

Chemistry – Fun Animal Facts and Questions

Chemistry Fun Animal Facts :

  • Hot chilli peppers create a burning sensation due to a chemical molecule called capsaicin. While the molecule is an irritant to mammals including us humans, birds lack the receptor responsible for this effect so are immune to this burning sensation.
  • Goldfish can see visible light like us humans, but they can also perceive infrared and ultraviolet light.
  • Macadamia nuts are toxic to dogs.

Chemistry Questions you can test on your friends:

  1. What are the only two chemistry elements that are liquid at room temperature?
    Bromine and Mercury. Although gallium will melt from the heat of your hand.
  1. If you pour a handful of salt into a glass full of water, will the glass overflow?
    Surprisingly, no! The water level will actually go down! There will be roughly a 2.5 per cent reduction in volume.
  1. Roughly how much salt (NaCl) is in the average adult human body?
    About 250g.
  1. What do diamonds and lead pencils have in common?
    Lead pencil’s contain graphite which is a form of pure carbon like diamond.
  1. What is the only letter that doesn’t appear on the periodic table?
    J.
  1. What is the most abundant element in the universe?
    Hydrogen.
  1. Are there more atoms in a bucket full of water or are there more bucketfuls of water in the Atlantic Ocean?
    There are more atoms in a bucket full of water.
  1. How much of the oxygen in the atmosphere is produced by the Amazon rainforest?
    About 20%
  1. What is the chemical formula for dry ice?
    Dry ice is actually solid carbon dioxide, so CO2.
  1. What is the rarest naturally occurring element in the Earth’s crust?
    Astatine, the entire Earth’s crust appears to only contain 28g of it.
  1. What colour is liquid oxygen?
    Blue.
  1. Will a stale egg float or sink in fresh water?
    A stale egg will float
  1. What is the acid in milk called?
    Lactic acid.
  1. Dilute acetic acid is found in almost every household kitchen. What is another name for it?
    Vinegar
  2. How much does water expand by when freezing into ice?
    Water expands about 9% when it frozen into ice

by our tutor – Alex.

Word of the week – Substantiate

Substantiate – ‘sub-stan-tee-ayt’, Verb; Provide evidence to support or prove the truth of an argument

Example: When writing an essay, make sure that you substantiate your argument with evidence!

Word of the Week – Abstemious

Abstemious – Adjective; ‘ab-stee-mee-uh s’: 
1. Sparing or moderate in eating and drinking;
2. characterised by abstinence;
3. sparing

Example: The Abbess of the monastery was an abstemious woman