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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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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.

1. Explain how resources are allocated in a perfectly competitive market. (4 marks)

2. Discuss how a global oil shock might cause a change in relative prices in a perfectly competitive market (3 marks)

4. Explain how growth in immigration is likely to have impacted on the market for housing in Australia (2 marks)

5. Explain how growth in the prices of factors of production is likely to impact on the market for housing in Australia (2 marks)

6. Explain how the market (price) mechanism allocates resources, using the example of higher demand for fuel efficient cars to illustrate. (5 marks)

7. Explain how an engineering skills shortage influences relative prices and the allocation of resources (3 marks)

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8. Explain how strong growth in China and a war in the Middle East might impact on commodity prices (4 marks)

9. With reference to the role of the price mechanism, describe how resources are allocated in a competitive market economy. Use an example to illustrate. (5 marks)

10. Explain how an increased global supply of iron ore is contributing to lower iron ore prices. (3 marks)

3. Explain how an increase in the price of petrol would change relative prices & influence the allocation of resources. (4 marks)