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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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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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1. Explain how misleading and deceptive conduct by hire car companies might be considered to be example of a market failure in the form of asymmetric information. 4 marks

2. Explain how the introduction of a carbon tax should help to achieve a more efficient allocation of resources. 4 marks

3. Discuss the role of governments in terms of addressing 'market failures' in the form of asymmetric information. 3 marks

4. Explain how market power may decrease efficiency in the allocation of resources and living standards. 6 marks

4. Explain how market power may decrease efficiency in the allocation of resources and living standards. 6 marks

4. Explain how market power may decrease efficiency in the allocation of resources and living standards. 6 marks

5. Explain how the imposition of an indirect tax on tobacco is intended to influence the allocation of resources. 3 marks

4. Explain how market power may decrease efficiency in the allocation of resources and living standards. 6 marks

6 Outline the role of the ACCC and discuss how an alliance (or merger) between two large firms might have a negative effect on the market for airline services. 4 marks

4. Explain how market power may decrease efficiency in the allocation of resources and living standards. 6 marks

7 Outline the general role of government with respect to the degree of competition existing in industries. 3 marks

4. Explain how market power may decrease efficiency in the allocation of resources and living standards. 6 marks

8 Explain why a merger between two of the big four banks is unlikely to occur in Australia given the current competition laws. 2 marks