Economic Management Unit 4 Assessment

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Questions and Answers

What is the purpose of external assessment (EA) developed by the QCAA?

The purpose of EA is to provide a standardized assessment for all schools, administered under the same conditions and at the same time.

How many questions are included in the external assessment examination for a subject?

The examination consists of one paper with 15 questions.

What types of questions are included in the external assessment examination?

The examination includes ten multiple choice questions, four short responses, and one extended response.

Describe the type of stimulus used for the short response items in the examination.

The stimulus includes diagrams and scenarios related to aggregate demand/aggregate supply and economic cycles. Signup and view all the answers

What is the role of the external assessment marking guide (EAMG) in the assessment process?

The EAMG is used by markers to evaluate student responses and ensure fair grading. Signup and view all the answers

What is the significance of publishing external assessment papers and the EAMG?

They are published in the year after administration to promote transparency and guide future assessments. Signup and view all the answers

In what context were the short response items related to superannuation balances created?

They were based on data and information sources concerning different age groups and sex. Signup and view all the answers

How does the external assessment examine the economic situation of payroll tax in Australia?

It does so through an extended response that involves fictional dates and representations. Signup and view all the answers

What does Point A on the economic cycle represent, and how does it relate to inflation pressures?

Point A represents an overheating economy characterized by high consumption, low unemployment, and high aggregate demand, which lead to increased inflation pressures. Signup and view all the answers

Explain the role of income tax as an automatic stabiliser in the context of an overheated economy.

Income tax acts as an automatic stabiliser by reducing disposable income, thereby decreasing consumption and helping to mitigate inflation in an overheated economy. Signup and view all the answers

Why would reducing income tax conflict with the objectives of an automatic stabiliser at Point A?

Reducing income tax would conflict with the automatic stabiliser's purpose by potentially increasing disposable income and consumption, which could exacerbate inflation pressures at Point A. Signup and view all the answers

What economic criteria should be used to evaluate the effectiveness of policies addressing gender inequality in superannuation?

Economic criteria should include the evaluation of benefits and costs to different sectors of the economy, as well as the overall impact on equity and economic growth. Signup and view all the answers

How do demand-side and supply-side causes differ in their impact on economic trends?

Demand-side causes affect economic trends through changes in consumer spending and aggregate demand, while supply-side causes influence trends via production costs and the availability of goods and services. Signup and view all the answers

What is the significance of high aggregate demand in relation to an overheating economy?

High aggregate demand in an overheating economy indicates that the economy is operating beyond its sustainable capacity, which can lead to inflation if not managed properly. Signup and view all the answers

Describe how evaluating economic outcomes assists in drawing conclusions regarding fiscal policy.

Evaluating economic outcomes allows one to assess the effectiveness of fiscal policies by weighing their benefits against costs across different sectors and understanding the broader economic implications. Signup and view all the answers

What characteristics are associated with an overheated economy?

Characteristics of an overheated economy include high levels of consumption, very low unemployment rates, and consistently high aggregate demand. Signup and view all the answers

In the context of economic policy, why is it essential to address the inequality of superannuation balances between genders?

Addressing superannuation inequality is crucial for improving overall economic equity and ensuring a secure retirement for all, which ultimately contributes to sustainable economic growth. Signup and view all the answers

How can the findings from data analysis be applied to policy recommendations in economics?

Findings from data analysis can be applied to policy recommendations by providing evidence-based insights that inform decision-makers about potential impacts and trade-offs of various fiscal strategies. Signup and view all the answers

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Study Notes

External Assessment Overview

Developed and marked by Queensland Curriculum & Assessment Authority (QCAA).
Common assessment for all schools, administered simultaneously under uniform conditions.

Examination Structure

Consists of one paper with 15 questions totaling 61 marks.
Assessment design aligns with the summative external assessment specifications from the syllabus.
Topics assessed specifically cover Unit 4, with a focus on Topic 2: Economic management.

Examination Format

10 multiple choice questions.
4 short response questions, utilizing both provided and unseen stimulus.
Extended response question addressing a fictional scenario related to payroll tax in Australia.

Short Response Stimulus Details

Included source materials like diagrams demonstrating aggregate demand/supply shifts.
Utilized economic cycles highlighting extreme peaks in activity.
Incorporated authentic data regarding superannuation balances across age and gender demographics.

Assessment Decisions

Markers evaluate responses according to the external assessment marking guide (EAMG).
Both the assessment papers and EAMG are published the following year after administration.

Multiple Choice Question Insights

Varied student response percentages on multiple-choice questions.
Correct answers identified through bold formatting in response tables.

Effective Student Practices

Strong understanding of economic concepts, differentiating between demand and supply causes.
Proficient data analysis to describe trends and articulate relevant economic relationships.
Evaluated economic outcomes by weighing benefits and costs affecting various sectors of the Australian economy.

Example of Effective Responses

Understanding Economic Cycles

Recognized extreme points in the economic cycle, understanding inflation pressures.
Explained the role of income tax as an automatic stabilizer, leveraging the circular flow of income model.
Identified the conflict between reducing income tax and the function of automatic stabilizers during periods of economic overheating.

Analysis of Policy Options

Evaluated policy strategies aimed at addressing gender inequality in superannuation balances.
Required analysis to illustrate how different policies could promote equity in economic systems.

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