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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.

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1. Discuss two reasons to support the view that real GDP is a poor measure of an economy's living standards. 4 marks

2. Discuss how the Genuine Progress Indicator can be a better measure of Australia's living standards. 4 marks

3. Explain how a lower rate of global growth can impact on Australian living standards. 3 marks

4. Explain how low rates of productivity growth can reduce Australia's living standards. 4 marks

5. Discuss how a higher rate of population growth and a strong terms of trade can boost economic growth in Australia. 5 marks

6. Explain the difference between productivity and production. 3 marks

7. Explain how a higher exchange rate is likely to affect the goal of strong and sustainable economic growth. 4 marks

8. Define the goal of strong and sustainable growth and discuss one impact on material living standards of failing to meet this goal. 4 marks

9. Explain how excessive rates of economic growth can lead to a decrease in non-material living standards. 3 marks

10. Outline how a strong rate of economic growth will impact on the level of unemployment in Australia. 2 marks

11. Discuss two possible factors that might explain why positive rates of economic growth might not reduce the rate of unemployment. 4 marks

12. Explain how economic growth may be affected by an increase in both domestic consumer confidence levels and Chinese consumption. 3 marks