SECTION C (15 marks)___ /15 The government of Australia imposes a new law that all accountants must complete 2 years of

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Section C 15 Marks 15 The Government Of Australia Imposes A New Law That All Accountants Must Complete 2 Years Of 1 (75.39 KiB) Viewed 31 times

SECTION C (15 marks)___ /15 The government of Australia imposes a new law that all accountants must complete 2 years of additional study with a professional body in order to practice as an accountant in Australia. This means that people intending to be accountants must spend a total of 5 years studying, 3 years in a university and 2 years with a professional body before they can practice as an accountant. The law comes into effect immediately. Required: Select the best answer(s) to each of the following questions. More than one selection may apply to each question. MARKS: 3 marks for each correct answer. MINUS 3 marks for each incorrect answer. Refer to the demand and supply graph for accountants in Australia (below) to answer questions 2, 3, and 4 that follow. T₁ R₁ Y To X /15 1 Referring to the Vertical (y) and Horizontal (x) axes of the graph above: a. The x-axis represents the number of accountants b. The x-axis represents the salaries of accountants The y-axis represents salaries for accountants c. d. The y-axis represents the number of accountants 2 If the equilibrium point before the new law is implemented is represented by the intersection of "To' and 'R', the equilibrium point after the new law implemented is represented by the intersection of: a. 'To' and 'R' b. 'T₁' and 'R₁' C. 'To' and 'R₁' d. 'To' and 'R₂' 3 According to the graph, in the short-to- medium term, this new law will lead to: a. an increase in the supply of accountants b. a decrease in the supply of accountants C. an increase in the wages of accountants d. an increase demand for accountants Ro R₂ Highlight all that apply A B C D ABCD A B C D Mark 8