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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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17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

21. Define the term 'free trade' and discuss two separate ways that a move towards 'free trade' can boost Australian living standards. 6 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

22. Examine why Australia's 'Balance on Merchandise Trade' (BOMT) is likely to deteriorate in the short to medium term following a decision by the US government to reintroduce subsidies on its dairy products. 2 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

23. Explain how a reduction in tariffs might boost material living standards over the longer term. 3 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

24. Discuss how strong global economic growth is likely to impact on the current account deficit in Australia. 3 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

25. Explain how a favourable movement in the terms of trade can impact on the value of the exchange rate. 3 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

26. Outline one possible economic benefit and one possible economic cost associated with a free trade agreement between Australia and another country, such as the USA. (4 marks)

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

27. Explain why a higher exchange rate is likely to impact on the balance on merchandise trade (BOMT). 2 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

28. Define external stability and discuss why natural disasters, such as large scale floods, are likely to increase the current account deficit (CAD). 4 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

30. Explain why an increase in the Terms of Trade (TOT) might decrease the level of Net Foreign Debt (NFD) 3 marks

17. Explain why strong growth in China helps to boost the Terms of Trade in Australia 3 marks

29. With respect to 'trade barriers' (or 'protection'), distinguish a tariff from a quota. 3 marks