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  1. Introductory concepts
  2. Market mechanism
  3. Elasticities  
  4. Market structures
  5. Market failures
  6. Macro activity/eco growth
  7. Inflation
  8. Employment & unemployment
  9. External Stability
  10. Income distribution
  11. Factors affecting economy
  12. Fiscal/Budgetary policy
  13. Monetary Policy
  14. Aggregate Supply Policies
  15. The Policy Mix
  16. Course revision


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 Course notes quick navigation

1 Introductory concepts 2  Market mechanism  3 Elasticities  4 Market structures 5  Market failures  6  Macro economic activity/eco growth  7 Inflation 8  Employment & unemployment  9  External Stability  10  Income distribution 11.Factors affecting economy  12  Fiscal/Budgetary policy  13  Monetary Policy   14 Aggregate Supply Policies  15 The Policy Mix

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2. Discuss how lower income tax rates and the implementation of a carbon tax will impact on household disposable income 2 marks


3. Explain how relative scarcity is related to the concept of opportunity cost. 3 marks

4. Discuss one problem for an economy that is producing inside its production possibility frontier (PPF) and briefly outline a strategy to overcome this problem. 3 marks

5. Explain what is meant by the following statement: 'Economics is about how resources are allocated among competing uses.' (2 marks)

6. Discuss how the provision of government financial support to flood affected groups comes at an opportunity cost. (2 marks)

7. Briefly discuss what is meant by an efficient allocation of resources. (2 marks)

9. Define technical efficiency and discuss how an increase in technical efficiency can improve living standards. (3 marks)

How you are marked

The maximum score for each question is 100%. For every hint used, your percentage score is reduced by the ratio of that letter to the total letters required in the answer. For example, if the total number of letters within the gaps is 50 across the whole response, then each letter is worth 2 percentage points. Each hint will therefore reduce your score by 2 percentage points.

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17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

10. Explain the meaning of the term productive capacity. 2 marks

1. Discuss how the use of taxes is related to the economic concept known as relative scarcity and opportunity cost. 4 marks

8. Explain how the introduction of a carbon tax can help to achieve a more efficient allocation of resources. (4 marks)