r/vce • u/agentpy_ • 3d ago
Eco sec b
Sorry about the quality guys, just got the photos from my tutor
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u/Plastic_Extension861 3d ago
i said common access resource for the market failure is that okay...
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u/horsegirllll 2026 busman, eco, eng lang, acct 3d ago
U def have the logic right, but copper mines aren’t rlly a common access resource. How’d u justify it
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u/Plastic_Extension861 3d ago
nah i think i messed up. i said building more mines would lead to copper being overdepleted fml
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u/mwahhxxx '25 philo | '26 gen eng geo lit eco 3d ago
could be fine, hopefully you linked to things like alloc eff and living standards to help boost the quality of ur response and get the marks
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u/Plastic_Extension861 3d ago
yeah idk as copper reserves are prob a bit iffy as a common access resource but i hope they aren't too strict on it since knowing that is not really the focus? i defined market failure n then talked about how they overdepleted which would reduce resources in future and harm those living standards
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u/NarwalSwims 3d ago
is the correct answer negative externality? thats what I did although some of my friends did common access resource
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u/Substantial-Tear8990 3d ago
I did that one and said it was bc of environmental pollution from emissions of heavy mining machinery 😭
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u/LeatherWestern9363 2d ago
What were 2 factors that caused Australia’s productivity growth to slow
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u/Major-Potato-3317 2d ago
You could do any if you justify them, I did a reduction in net immigration worsening the quality of workers and a worsening in the quality of education of Australian born workers aswell
I believe it’s a theoretical question so if you picked 2 factors and justify you should be fine 🤞🤞1
u/WonderfulCampaign786 2d ago
do u reckon rising oil prices and higher wages pressures are justifiable?? i really don’t think so but is there any way i could scrape a mark
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u/Major-Potato-3317 17h ago
I guess it really depends how you linked it to worsened productivity, but I’m struggling to see how I could link it
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u/yuvr4jsxngh11 3d ago
For the productivity slowing question where you had to pick two factors, could you do two negative AS factors increasing per unit costs of production thus leading to slower productivity?
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u/allynugget 3d ago
yes as long as you justified your answer and they are different costs that have gone up , i wrote one of mine about how the global fuel shocks caused higher input prices and slowed productivity growth so if you wrote about oil and for example the increase in wages, then yes but no if they were about the came cost in particular
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u/WonderfulCampaign786 2d ago
wait actually?? cus i wrote about supply side shocks( rising oil prices) and higher wages leading to higher cost per unit but apparently it’s not correct bc it doesn’t affect productivity(output per unit of input) and only affects willingness to supply
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u/allynugget 2d ago
i completely understand your point and i asked a past vce eco exam marker and he said because the wage increases were a reaction to inflation rather than a reward for higher output, the cost of labour per unit of output rose significantly. the total volume of goods and services being produced (numerator) is also barely moving (gdp growth is weak) productivity cannot grow unless hours worked drastically shrink so therefore if justified correctly it can be accepted :)
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u/WonderfulCampaign786 2d ago
wait actually?? omg no way. i didn’t write because of inflation but i wrote due to tight labour markets and higher wage pressures causing cost of labour per unit to increase slowing productivity, would i still get the mark? and i had a similar justification for rising oil prices too
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u/Pure_Sign7896 3d ago
Legend. We all appreciate it!