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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. Define the economic goal of full employment. 3 marks

2. Explain how the achievement of full employment might affect the rate of economic growth. 2 marks

3. Describe how a greater level of consumer caution is likely to impact on the achievement of full employment. 4 marks

4. Briefly outline how a strong rate of economic growth should help to reduce unemployment in Australia. 2 marks

5. Define labour force participation rate. 2 marks

6. Explain how an increase in the labour force participation rate (LFPR) might boost aggregate supply in the economy. 3 marks

7. Discuss two reasons why there might only be a gradual reduction in the rate of unemployment despite high rates of economic growth. 4 marks

8. Explain how future living standards in Australia may be impaired by decrease in the size of the labour force due to the ageing of the population. 3 marks

9. Briefly explain why the ageing population makes it important for Australia to increase the labour force participation rate. 2 marks

10. Explain why an increase in employment will not always reduce the rate of unemployment. 3 marks