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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. Explain how a higher exchange rate is likely to affect the goal of low inflation. 4 marks

2. Define the goal of low inflation and discuss one impact on living standards of failing to meet this goal. 3 marks

3. Outline how an ageing population is likely to make it more difficult to achieve the goal of low inflation. 3 marks

4. Explain how a fall in the value of the Australian dollar is likely to impact on Australia's inflation rate . 4 marks

5. Describe how strong growth in developing economies, such as India and China, is likely to impact on inflationary pressures in the Australian economy. 2 marks

6. Describe how strong growth in consumer and business confidence is likely to impact on inflationary pressures in an economy experiencing capacity constraints. 3 marks

7. Explain how a lower labour force participation rate can have a negative effect on the goal of low inflation. 4 marks

8. Explain why a higher exchange rate is likely to reduce inflation. 3 marks

9. Discuss how a fall in consumer sentiment can contribute to a relatively low rate of inflation. 3 marks

10. Discuss why the increase in excise on tobacco products is likely to make it more difficult to achieve the goal of the low inflation. 3 marks