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Economics 2014 HSC exam pack

Marking guidelines are developed with the examination paper and are used by markers to guide their marking of a student's response. The table shows each question and the criteria with each mark or mark range. Sample answers may also be developed and included in the guidelines to make sure questions assess a student's knowledge and skills, and guide the Supervisor of Marking on the expected nature and scope of a student's response. They are not intended to be exemplary or even complete answers or responses.

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Economics HSC exam paper 2014
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Economics marking guidelines 2014
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Economics Sample Writing Booklet 2014
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HSC Marking Feedback

Select from the link(s) below to view feedback about how students performed in this year’s examination.

Use the feedback to guide preparation for future examinations. Feedback includes an overview of the qualities of better responses. Feedback may not be provided for every question.

Course Specific Marker Notes

Section II

Candidates showed strength in these areas:

explaining the effect of US subsidies on Australian farmers and consumers (Q.21)
knowing about the protection of domestic industry (Q.21)
demonstrating understanding of the depreciation of currency (Q.22)
explaining the effects of interest rate rises (Q.22)
understanding why the labour participation rate may fall (Q23)
explaining the costs and benefits of microeconomic reform (Q.24)
understanding the limitations of fiscal and monetary policies in addressing an economic slowdown (Q.24).

Candidates need to improve in these areas:

understanding the difference between local content rules and export incentives (Q.21)
discussing reasons for the protection of domestic industry (Q.21)
understanding key terms such as the trade weighted index (Q.22)
understanding the difference between the working age population and the labour force participation rate (Q.23)
explaining, using economic terms and concepts, how the increase or decrease of the labour force participation rate affects government revenues and expenditures (Q.23).

Section III

Candidates showed strength in these areas:

demonstrating knowledge of contemporary fiscal policy in terms of both revenue and expenditure measures (Q.25)
explaining how labour market policies can be used to address structural elements of inequality through the use of various programs (Q.25)
using the Lorenz curve and Gini coefficient to show an in-depth understanding of the factors contributing to inequality (Q.25)
explaining the various theoretical causes of inflation (Q.26)
supporting answers with graphs (Q.26)
integrating economic terms and concepts related to inflation (Q.26).

Candidates need to improve in these areas:

demonstrating a clearer relationship between the various labour market and fiscal policies and how they reduce income and wealth inequality (Q.25)
responding to both labour market and fiscal policies (Q.25)
integrating data from the stimulus and using own knowledge of current economic statistics to highlight the effects of inflation on the Australian economy (Q.26)
explaining relevant relationships, such as between inflation and unemployment or inflation and the exchange rate (Q.26).

Section IV

Candidates showed strength in these areas:

addressing both economic growth and development strategies (Q.27)
using relevant economic data and statistics (Q.27)
using relevant economic terms, concepts and relationships to support arguments (Q.27 and Q.28)
demonstrating an understanding of the role of the government and government policies (Q.28).

Candidates need to improve in these areas:

applying accurate data and relevant examples to support arguments (Q.27 and Q.28)
labelling and explaining graphs that have been included to support the response (Q.28)
understanding carbon taxes and emission trading schemes (Q.28).

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