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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

11. Outline how an increase in the luxury car tax is likely to affect the distribution of income. 2 marks

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

12. Discuss how the European Financial crisis might have had a negative impact on the distribution of income in Australia. 4 marks

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

13. Explain why an increase in excise on tobacco products by 25% will make it more difficult to achieve the goal of greater equity in the distribution of income. 3 marks

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

14. Discuss how the introduction of an emissions trading scheme (ETS) might influence the distribution of household income in Australia. 4 marks

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

15. Discuss how the implementation of an indirect tax can highlight the trade-off that exists between equity and efficiency. 4 marks

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

16. Discuss how a drought might impact on the distribution of income. 2 marks

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

17. Discuss whether taxes levied on products such as alcoholic beverages and tobacco will be progressive or regressive? 2 marks

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

18. Discuss why the government might intervene to redistribute incomes in a competitive market economy and explain how the government redistributes income using an example to illustrate. 5 marks

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

19. Explain how a lower inflation rate is likely to impact on the distribution of income. 3 marks

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

20. Explain how an increase in the top marginal income tax rate might impact on the distribution of personal income in Australia. 3 marks