2018economics-w.pdf - Victorian Certificate of Education...

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ECONOMICS Written examination Thursday 1 November 2018 Reading time: 2.00 pm to 2.15 pm (15 minutes) Writing time: 2.15 pm to 4.15 pm (2 hours) QUESTION AND ANSWER BOOK Structure of book Section Number of questions Number of questions to be answered Number of marks A 15 15 15 B 4 4 65 Total 80 Students are permitted to bring into the examination room: pens, pencils, highlighters, erasers, sharpeners and rulers. Students are NOT permitted to bring into the examination room: blank sheets of paper and/or correction fluid/tape. No calculator is allowed in this examination. Materials supplied Question and answer book of 24 pages Answer sheet for multiple-choice questions Additional space is available at the end of the book if you need extra paper to complete an answer. Instructions Write your student number in the space provided above on this page. Check that your name and student number as printed on your answer sheet for multiple-choice questions are correct, and sign your name in the space provided to verify this. All written responses must be in English. At the end of the examination Place the answer sheet for multiple-choice questions inside the front cover of this book. Students are NOT permitted to bring mobile phones and/or any other unauthorised electronic devices into the examination room. © VICTORIAN CURRICULUM AND ASSESSMENT AUTHORITY 2018 SUPERVISOR TO ATTACH PROCESSING LABEL HERE Victorian Certificate of Education 2018 STUDENT NUMBER Letter
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2018 ECONOMICS EXAM 2 SECTION A – continued SECTION A – Multiple-choice questions Instructions for Section A Answer all questions in pencil on the answer sheet provided for multiple-choice questions. Choose the response that is correct or that best answers the question. A correct answer scores 1; an incorrect answer scores 0. Marks will not be deducted for incorrect answers. No marks will be given if more than one answer is completed for any question. Question 1 The type of unemployment caused by technological change is known as A. cyclical unemployment. B. frictional unemployment. C. structural unemployment. D. hard-core unemployment. Question 2 Expansionary monetary policy is most likely to cause A. a decrease in welfare payments. B. an appreciation of the Australian dollar. C. a reduction in the rate of economic growth. D. an increase in the size of the budget deficit. Question 3 S 0 S 1 D 1 D 0 B H A E C price of hats quantity of hats per period A health warning stating that wearing a hat reduces skin cancer would be likely to change the equilibrium in the hat market, shown in the diagram above, from point A to point A. B. B. C. C. H. D. E.
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3 2018 ECONOMICS EXAM SECTION A – continued TURN OVER Question 4 Of the following policy initiatives, which one is least likely to increase aggregate supply in the economy?
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