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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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23. Explain how a 'mining boom' contributes to a stronger exchange rate in Australia and how the higher AUD impacts on real GDP and unemployment. 6 marks

24. Explain why an end to a mining boom in Australia is expected to cause a decline in material living standards. 3 marks

25. Discuss two reasons why movements in Gross Domestic Product (GDP) might not be an accurate indicator of changes in material living standards. 4 marks

26. Outline one alternative measure of living standards. In your answer, indicate why this measure is superior to real GDP per capita. 3 marks

27. Define 'living standards' and outline how a high 'terms of trade' in Australia may have a positive and negative impact on living standards for some sectors or groups. 5 marks

28. Discuss how a higher 'terms of trade' can impact negatively on Australia's long term economic prosperity or sustainable development. 3 marks

29. Define an ageing population and explain why an ageing population in Australia is likely to reduce the rate of economic growth. 3 marks

30. Explain how a lower labour force participation rate can have a negative effect on inflation and economic growth. 3 marks

31. Discuss how the implementation of a carbon tax might influence the achievement of the key economic goal of strong and sustainable economic growth. Distinguish the short run impact from the long run impact. 5 marks