HSC Economics Exam Questions With Answers
Define globalisation
The breaking down of geographical & artificial barriers over a period of time (between countries & economies)
Explain/ Example: The reduction in protectionist policies e.g. tariffs, quotas and subsidies demonstrates an increased trad...
hsc economics exam questions with answers define g
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HSC Economics Formulas
Calculation of government revenue from tariff
Tariff x level of imports (diagram)
Calculation of a subsidy
Vertical distance between initial equilibrium price and new supply curve (diagram)
Balance of Payments
CA + KAFA + Net Errors/Omissions
Current Account
BOGS + NPI + NSI
Balance of Goods and Services
Net goods + net services
Financial Account
Direct Investment; Portfolio Investment; Financial Derivatives; Other Assets; Reserve Assets
Terms of Trade
Export Price Index/Import Price Index x 100
Economic Growth
Real GDP (cy) - Real GDP (py)/Real GDP (py) x 100
Real GDP
Nominal GDP x 100/CPI
Leakages
T+S+M
Injections
G+I+X
Aggregate Demand
AD = C + I + G + (X-M)
Aggregate Supply/Income (two sector model)
Y=C+S
Aggregate Supply/Income (three sector model)
Y = C + S + T (three sector model)
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