hsc economics sec2 mock up
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2014 HIGHER SCHOOL CERTIFICATE EXAMINATION
Economics
Section II
40 marksAttempt Questions 2124
Allow about 1 hour and 15 minutes
for this section
Answer the questions in the spacesprovided. These spaces provideguidance for the expected length ofresponse.
Extra writing space is provided onpages 18 and 19. If you use this space,clearly indicate which question youare answering.
Write your Centre Number andStudent Number at the top of thispage.
Please turn over
151101191
Centre Number
Student Number
000197543
456Centre Number
12345678Student Number
Student, Sample
456 12345678
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Question 21(10 marks)
(a) A highway currently passes through a country town. The government is proposingto build a bypass that diverts highway traffic away from the town.
Discuss the costs and benefits of this proposal................................................................................................................................
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Question 21 continues on page 11
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Question 21 (continued)
(b) Explain the effect that globalisation has had on environmental sustainability.
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End of Question 21
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Question 22(10 marks)
(a) A hypothetical economy has a simple multiplier of 2.5.
Calculate the change in national income that would result from an increase in
investment of $100 million................................................................................................................................
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(b) Outline how economic growth in a major trading partner might influenceeconomic growth in Australia.
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(c) How will an increase in Australias marginal propensity to save (MPS) affect
Australias economic growth?...............................................................................................................................
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Question 22 continues on page 13
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Question 22 (continued)
(d) Explain the effects of a reduced rate of economic growth on the AustralianGovernment budget.
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End of Question 22
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Question 23(10 marks)
(a) Distinguish between the current account deficit and foreign debt.
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(b) Explain how the level of national savings can influence the size of the current
account.
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Question 23 continues on page 15
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Question 23 (continued)
(c) What are the positive and negative implications of a current account deficit forthe Australian economy?
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End of Question 23
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Question 24(10 marks)
(a) The following diagram shows aggregate demand and aggregate supply curvesfor a hypothetical economy.
On the diagram, draw the new curve that results if there is a fall in labourproductivity. Label the new equilibrium price P1 and the new equilibriumquantity Q1.
(b) Outline an effect of product market deregulation on inflation.
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(c) Outline a feature of a centralised labour market policy.
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Question 24 continues on page 17
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2
P
P0
AS
AD
0 QQ0
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Question 24 (continued)
(d) Outline an advantage and a disadvantage of moving from a fixed exchange rateto a floating exchange rate system.
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End of Question 24
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Section II extra writing space
If you use this space, clearly indicate which question you are answering.
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______________________________________________________________________________
Section II extra writing space
If you use this space, clearly indicate which question you are answering.
000197543
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2014 Board of Studies, Teaching and Educational Standards NSW