Loading subjects
21 exam-style questions with model answers, plus 34 quick multi-choice questions — every question on the site for this standard, grouped by the 7 pages of notes they come from.
Write a full answer before you reveal the model one — that comparison is where the marks come from. Every block links back to the notes that teach it.
Name two New Zealand organisations that publish economic statistics, and state one series each publishes that could be used for this standard.
Explain in detail why it matters whether the data you use is real or nominal, annual or quarterly, and seasonally adjusted or not.
Two students choose different pairs of contemporary economic issues for their AS91226 reports. Student A chooses economic growth and unemployment. Student B chooses inflation and the number of overseas tourists.
Compare and contrast the two choices, and give a reasoned judgement about which is better and why.
A country's real GDP is $410bn in one year and $423bn the next.
Calculate the economic growth rate, and explain why an index number is useful when comparing two series measured in different units.
Nominal GDP rises 6.5% in a year when the price level rises 5.8% and population rises 1.9%.
Calculate real GDP growth and real GDP per capita growth, and explain in detail what these three figures together tell you about the economy.
A student presents a graph showing New Zealand's nominal average wage rising every year for ten years, and concludes that New Zealand workers have become steadily better off.
Discuss this conclusion. Compare and contrast what nominal wages, real wages and real wages per capita would each show, and explain what additional processing the student should have done.
State the six things every figure in your report must have, and explain why a line graph is usually the right choice for this standard.
Explain in detail how you would present two issues measured in different units — for example export receipts in $ billions and the exchange rate in US$ — on a single figure, and why doing so helps meet the standard's criteria.
A student's report contains a graph with a vertical axis running from 4.0% to 4.6%, showing New Zealand's unemployment rate over two years. The line appears to rise steeply. The student writes: "Unemployment has risen dramatically."
Discuss the presentation and the conclusion. Compare and contrast what this graph shows with what a properly scaled graph over a longer period would show, and explain what the student should do.
Explain the relationship between nominal GDP and real GDP in a country's data, using an economic concept.
Explain in detail the relationship between the Consumers Price Index and the Official Cash Rate in New Zealand data, using economic concepts and models.
Within the issue of international trade, a student's data shows New Zealand's export receipts rising over three years while export volumes fall.
Explain this relationship using economic concepts and models, compare and contrast the two possible explanations, and give a reasoned judgement about which is more likely and what it means for New Zealand.
Explain the inter-relationship between economic growth and unemployment data, using an economic concept.
Explain in detail the inter-relationship between the NZ$ exchange rate and New Zealand export receipts, including the direction of causation.
A student's data shows that New Zealand's economic growth and unemployment moved in opposite directions for eight years, but in one particular year both rose at the same time.
Explain the normal inter-relationship and the year in which it broke down. Compare and contrast the two situations, and give a reasoned judgement about what the exception reveals.
Explain what extrapolation means, and state the three requirements the Excellence criterion places on the forecast.
A student forecasts that New Zealand's unemployment rate will rise, based only on the fact that unemployment has been rising for six quarters.
Explain in detail why this does not meet the Excellence criterion, and what would need to be added.
Your two issues are inflation and the Official Cash Rate. Inflation has fallen from 6.8% to 3.1% over eight quarters, and the OCR has been held at 5.5% for the past four quarters after rising steadily before that.
Make a justified forecast for inflation, using extrapolated data from both issues, and discuss the limitations of your forecast.
(Figures are invented, for method only.)
State the three things AS91226 requires for Achieved, and state what Excellence adds.
Explain in detail the difference between describing data and explaining it, and why this distinction determines the grade in AS91226.
Two students submit AS91226 reports. Student A submits twenty pages with extensive data, many graphs and long descriptions. Student B submits eight pages with four graphs, but every relationship is explained with a named model and the forecast uses both issues.
Compare and contrast the two reports against the criteria, and give a reasoned judgement about which is likely to achieve the higher grade and what each student should do differently.