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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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13. Distinguish material from non-material living standards. 2 marks

16. Explain how productivity growth can cause in an increase in economic (or income) growth. 2 marks

14. Explain why a change in real GDP over time might not provide an accurate reflection of changes in living standards. Use an example to illustrate. 4 marks

15. Define 'productivity growth'. 3 marks

17. Explain how a reduction in productivity can have a negative impact on unemployment over time. 2 marks

18. Explain how an adverse weather event, like a cyclone or floods, impacts on economic growth. Distinguish the immediate impact from the longer term impact. 3 marks

19. Explain how a recession in Europe is likely to impact on the goals of strong and sustainable economic growth and full employment. 5 marks

20. Discuss why a stronger terms of trade (TOT) for Australia provides a boost to macroeconomic activity but simultaneously causes a slowdown in some sectors of the economy, such as manufacturing exporters. 5 marks

21. Discuss why an increase in real GDP of 0.6% for one quarter may not be consistent with Australia's goal for 'strong and sustainable growth.' 2 marks

22. Discuss how a decline in consumer sentiment is likely to affect aggregate demand (AD). 2 marks