...A s ae o . s h r d n. . Measuring macroeconomic performance: Output and prices Criteria for evaluating macroeconomic performance Rising living standards – economic growth o Tendency for the level of output (i.e. quantity and quality of goods and services) to increase over time o There is an upward trend in living standards (as evidenced by GDP per capita) in Australia over time (up from roughly $32000 in ’73 to around $64000 in ’09) o Although fluctuations in the business cycle do occur, the downward swings are not as significant as the overall upward trend Stable business cycle o Short run business cycle The tendency for economies to pass through periodic periods of economic expansion followed by economic contraction o low volatility in fluctuations of actual output around its trend or potential output. o Volatility of Australian growth rate (as evidenced by the SD of Aust’s real quarterly GDP growth rate) has decreased over time) o Great Moderation Large fall in volatility of real output Causes (debated) Shocks to ec have decreased over time Ec. has become more stable due to changes in institutional arrangements Economic policy makers have become better at reducing fluctuations in the business cycle Relatively Stable Price Level o low (positive) rate of inflation o RBA’s inflation target is 2-3% Sustainable levels of Public and National debt o Public debt borrowing by public sector from private sector Influenced by government budget deficits/surpluses o...
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...* Question 1 1 out of 1 points | | | In the Keynesian model, a decrease in autonomous consumption leads to ______ in short-run equilibrium output.Answer | | | | | Selected Answer: | a decrease | Correct Answer: | a decrease | | | | | * Question 2 0 out of 1 points | | | In the Keynesian model, a $1 billion increase in autonomous consumption leads to ______ in short-run equilibrium output.Answer | | | | | Selected Answer: | a $1 billion increase | Correct Answer: | a greater than $1 billion increase | | | | | * Question 3 0 out of 1 points | | | The wealth effect is the tendency for changes in _____ to affect spending on consumption goods.Answer | | | | | Selected Answer: | disposable income | Correct Answer: | asset prices | | | | | * Question 4 1 out of 1 points | | | All of the following would be included in planned aggregate expenditure EXCEPT:Answer | | | | | Selected Answer: | interest paid on the government debt | Correct Answer: | interest paid on the government debt | | | | | * Question 5 1 out of 1 points | | | If firms sell more output than expected, planned investment:Answer | | | | | Selected Answer: | is greater than actual investment | Correct Answer: | is greater than actual investment | | | | | * Question 6 0 out of 1 points | | | In Econland, autonomous consumption equals 200, the marginal...
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...Tutorial Test S1 2014 MACROECONOMICS 1 ECON 1102 School of Economics Australian School of Business Name:_____________________________________________________________________ Student number:_____________________________________________________________ Tutorial day/time:____________________________________________________________ Tutor’s name:_______________________________________________________________ 1. You must provide student ID before you begin the test. 2. You will have 30 minutes to answer all of the questions. 3. A non-programmable calculator may be used. 4. Answer the questions in the space provided on this test paper. 5. All electronic communication devices must be switched off. 6. Tutorial tests will be constructed from the following pool of short-answer questions. 7. Each Tutorial test will be comprised of a sufficient number of short-answer questions to add-up to a total of 20 marks. 8. The marks for each question provide an indication of how much is required to answer the question. 9. Tutorial tests may contain questions on different topics. 10. The set of questions used will vary across Tutorial tests. 11. Where questions have numerical parts, the actual numbers used will be changed for the Tutorial tests. 12. Since the following questions will be used; lecturers, tutors and PASS leaders will not provide help in directly answering the questions. The following equations describe planned spending for a closed economy. ( ) (a) Write out the equation for...
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...ECON1102 FINAL EXAM PART B SAMPLE EXAM QUESTIONS Question 1. The economy is in a recession. Government advisers are deciding whether to use expansionary fiscal policy or expansionary monetary policy. a. (8 marks) With the aid of appropriate diagrams describe the Fiscal Policy measures available and the impact of each on the economy. b. (8 marks) With the aid of appropriate diagrams, describe how Monetary Policy could be used to expand the economy. c. (4 marks) As a policy adviser to the government would you suggest the use of Fiscal policy or Monetary policy if the aim were to increase aggregate demand without reducing net exports. Use appropriate diagrams to illustrate your answer. Question 2 (a) (10 marks) Describe the demand and supply model of foreign exchange and use the model to explain how the exchange rate is determined under a fixed and under a floating exchange rates. Use appropriate diagram to illustrate you answer. (b) (5 marks) With the aid of diagrams explain what happens to the exchange rate under a flexible exchange rate regime when: (i) the Australian economy recovers from a recession (ii) prices in Australia rise relative to prices overseas (c) (5 marks) With the use of a diagram, explain why it is not possible for a country to maintain an independent domestic monetary policy when it has a fixed exchange rate system. Question 3. (a) (5 marks) Using a diagram explain what is meant by the business cycle and identify...
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...ECON1102 Chart Book - 2013 Session 2 Question 1: There are two factors that impact the AD model: the output （y）and the rate of inflation, the name of the curve reflects the fact that short-term equilibrium output is determined by, and equals, total planned spending in the economy. Increase in inflation will reduce planned spending and short-run equilibrium output, so the aggregate demand curve is downward sloping. Question 2: Yes, the fiscal stimulus to have work. Fiscal policy is the use of government spending and revenue to influence activities in the economy; this is conducted through the use of government budget. Public debt is a reflection of the nature of fiscal policy at a point in time. Possible problem: * Direct taxes and transfer payments take time to implement, delaying the impact of fiscal policy * Capital spending also takes a long time to implement; the economy may have recovered by the time its impact is felt. Question 3: Money policy is used to stabilisation of the business cycle, specifically inflation targeting. RBA’s main policy tool is control of interest rates; they use ‘open market operations’ to influence the ‘cash rate’. The element of GDP is likely to be more responsive to money policy. Because it illustrates the nominal cash rate and real cash rate. Table 1: Actual Outcomes for Economic Growth for Fiscal Years 2007-08 to 2012-13 and the Budget-time forecasts of May 2009 – Real terms, % Growth Rates/% Contribution to Growth...
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...ECON1102 Assignment 1 Max Crabb Part A Japan’s household saving rate has decreased significantly from 18% in 1980 reaching a low of 0.5% during the GFC of 2008. The Economy of Japan has been relatively stagnant between 1980 and 2014 with average growth in the period being only 0.5% whilst the unemployment rate during the same period was only 3.5%, since 2003 unemployment has fallen from 5.5% to 3.5% increasing household confidence and boosting income per capita (tradingeconomics). The greatest reason however for lower savings is the significant decrease in interest rates which reached a height of 9% in 1981 and has stayed at 0% since 2000 with only a few minor increases to around 0.5% (tradingeconomics). Japan has 12.6trillion USD in outstanding debt as of March 2012 with 9.7% of that debt being held by the bank of Japan whilst they annually purchase 21.6 trillion Yen to boost economic growth, this provides confidence to consumers and markets that the Bank of Japan will help to reduce national debt and liquidity shortages. The high level of debt combined with the national bank buying much of the debt means that the economy cannot sustain paying interest rates to households and hence actively encourage spending within the Japanese economy in order to help minimise public debt and boost the economy. Another reason for a decrease in savings is the ageing population and an increase in the ratio of elderly citizens (65 years and older). In 1980 the percentage of Japanese...
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...ECON1102 MACROECONOMICS 1 Session 2, 2012 Tutorial Test (Week 17-21 September) INSTRUCTIONS 1. Tutorial tests will be constructed from the following pool of short-answer questions. 2. Each Tutorial test will be comprised of a sufficient number of short-answer questions to add-up to a total of 20 marks. 3. The marks for each question provide an indication of how much is required to answer the question. 4. Tutorial tests may contain questions on different topics. 5. The set of short-answer questions used will vary across Tutorial tests. 6. Where questions have numerical parts, the actual numbers used will be changed for the Tutorial tests. 7. You will have 30 minutes to complete your Tutorial test. 8. A non-programmable calculator may be used. 9. Answer sheets will be provided. 10. Since the following questions will be used in an exam; lecturers, tutors and PASS leaders will not provide help in directly answering the questions. Pool of Short-Answer Questions for Tutorial Tests Explain the three different approaches that can be used to calculate GDP. Briefly indicate why all three approaches should give the same estimate for GDP. (3 marks) Is GDP a good measure of a country’s economic welfare? Discuss. (5 marks) Consider the following National Accounts data for the calendar year 2010. $Bill Private Consumption 1200 Imports 600 Government Purchases 600 Gross Taxation Receipts 800 Exports 500 Government Transfer Payments 300 Beginning-of-year Inventories 200 Net Interest Payments...
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...[pic] Australian School of Business School of Economics ECON1101 MICROECONOMICS Course Outline Semester 1 2011 Table of Contents STAFF CONTACT DETAILS 3 1.1 Staff 3 1.2 Communications with staff 3 1.3 Pitstop 3 2 COURSE DETAILS 4 2.1 Teaching Times and Locations 4 2.2 Units of Credit 4 2.3 Summary of Course 4 2.4 Aims and Relationship to Other Courses 4 2.5 Student Learning Outcomes 5 3 LEARNING AND TEACHING ACTIVITIES 5 3.1 Approach to Learning and Teaching in the Course 5 3.2 Learning Activities and Teaching Strategies 6 4 ASSESSMENT 7 4.1 Formal Requirements 7 4.2 Quality Assurance 7 4.3 Assessment Details 8 4.3.1 Week 9 In-Session Test 8 4.3.2 Tutorial Participation 8 4.4 Final Exam Format 9 4.5 Feedback Quizzes 9 5 ACADEMIC HONESTY AND PLAGIARISM 10 6 COURSE EVALUATION AND DEVELOPMENT 10 7 STUDENT RESPONSIBILITIES AND CONDUCT 11 7.1 Workload 11 7.2 Attendance 11 7.3 Keeping Informed 11 7.4 Special Consideration and Supplementary Examinations 11 You must submit all assignments and attend all examinations scheduled for your course. You should seek assistance early if you suffer illness or misadventure which affects your course progress. 11 General Information on Special Consideration: 11 8 STUDENT RESOURCES AND SUPPORT 13 9 COURSE RESOURCES 14 9.1 Other useful Readings: 14 10 COURSE SCHEDULE 15 10.1 Lecture Schedule 15 10.2 Tutorial Schedule 15 11 KEY DATES AND STUDENT RESPONSIBILITIES...
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...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
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...| | | |Equivalent Modules Master List |Equivalent courses offered at Aalto University, School Of Economics. | | | | | |Courses offered are subject to changes. | | |Updated information on the courses will be sent to successful candidates by Aalto | | |University, School Of Economics. | | | | | |*The same course can be transferred only as 1 course. | |First Level Modules | | |ACC1006 Accounting Information Systems |International...
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