Use diagrams where appropriate to enhance and explain your response. Provide supporting evidence and references where appropriate to justify your arguments.
Question 1 Total 5 marks
Using data from the Australian Bureau of Statistics (ABS)http://www.abs.gov.au/collect information on Australian household consumption expenditure and household disposable income over the period 2000 to 2017 inclusive. Employ annual figures. Be explicit and define and provide sources for the data obtained, cite the ABS catalogue and table numbers.
Plot the relation between consumption expenditure and disposable income to identify the household consumption function. Using annual changes determine the marginal propensity to consume (MPC) over this period. Explain what the MPC measures and reasons for its behaviour overtime.
Question 2 Total 5 marks
In the 2018-2019 Federal Budget, the Government seeks to pursue ‘stronger growth to create more jobs’. In part, the policies designed for improving economic growth consists of a focus on the following elements:
- lower taxes to support growth
- building a smart economy by investing in science and technology
- delivering major transport infrastructure
- a world health industry leader
- securing access to export markets
- backing our farmers
https://www.budget.gov.au/2018-19/content/jobs.html(accessed 18/09/18)
Discuss and evaluate this government’s focus on how it wishes to promote growth in the context of the typical determinants of economic growth. That is, compare and contrast the standard economic determinants of economic growth with these articulated policies in the 2018-19 Federal Government Budget.
Question 3 Total 5 marks
Define the concept of the underemployment rate and contrast it to the concept of the unemployment rate. Using data from the Australian Bureau of Statistics (ABS)http://www.abs.gov.au/collect information on both underemployment and unemployment rates for the period 2000 to 2017 inclusive. Employ annual figures. Be explicit and define and provide sources for the data obtained, cite the ABS catalogue and table numbers.
Plot the underemployment and unemployment rates over-time and provide an explanation of any time-series patterns.
Question 4 Total 5 marks
Employ the aggregate demand and supply model for the Australian economy, to analyse the consequences for real GDP and the general price level of the following scenarios. Assume that the economy operates in the intermediate range of the aggregate supply curve. In your response clearly state your assumptions and illustrate your answers with diagrams.
(a) the price of electricity increases substantially,
(b) the United States imposes some tariffs on Australian exports to the United States,
(c) the government reduces personal income tax rates,
(d) house prices fall substantially.
Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.
Rationale
back to topThis assessment task will assess the following learning outcome/s:
- be able to apply economic concepts and principles to daily life.
- be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice.
- be able to analyse the impact of monetary and fiscal policy on major economic variables such as inflation, unemployment and gross domestic product.
Marking criteria and standards
back to topYour mark will be based on your responses according to the following marking guide. Information and assistance with referencing refer to http://student.csu.edu.au/library/integrity/referencing-at-csu
Learning outcome assessed
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Criteria
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HD
85%-100%
|
DI
75%-84%
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CR
65%-74%
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PS
50%-64%
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FL
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Be able to apply economic concepts and principles to daily life
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Work applies principles of economics correctly to realistic situations. |
Applies correct economic principles; analysis is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations. |
Applies correct economic principles; description is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations. |
Applies correct economic principles; description is substantiated with workings, and calculations in order to arrive at the right answer. There are minor errors in calculations. |
Applies correct economic principles, shows workings and calculations but contains some errors. |
Applies limited or no understanding of relevant principles. Working and calculations are either not shown or contain major errors. |
Be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice
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Use diagrams in your answers to provide a more comprehensive response. |
Diagrams created by students are correctly and precisely labelled, relevant to the specific question, and used appropriately to demonstrate their high level understanding of all key economic concepts and principles. |
Diagrams created by students are correctly and clearly labelled, relate to the specific questions and demonstrate a clear understanding of all key economic concepts and principles. |
Diagrams created by students are correct with an attempt at labeling that maybe unclear/incorrect, and demonstrate an understanding of most of the key economicconcepts and principles required in this task. |
Diagrams created by students are mostly correct with an attempt at labeling, are relevant to the specific question, and demonstrate some understanding of basic economic concepts and principles. |
No diagrams provided or they are incorrect, poorly labelled or irrelevant to the specific question. The diagram fails to demonstrate the students understanding of economic concepts and principles. |
Be able to explain the economic decision making of producers and consumers and their interaction in the market place
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Work applies principles of economics correctly in discussing results, conclusions, and/or recommendations. |
Principles are applied in the appropriate manner to arrive at the correct answer. Written work shows analysis in order to interpret and make highly complex recommendations relating to economic principles covered inthis subject. |
Principles are applied in the appropriate manner to arrive at the correct answer. Written work attempts to analyse, and shows the ability to interpret and make recommendations to economic principles covered in this subject. |
Principles are applied in the appropriate manner to arrive at the correct answer. Written work shows the ability to interpret and makesome key recommendations to economic principles covered in this subject. |
Discussion reflects basic understanding of relevant principles. Some inclusion of relevant recommendations. |
Principles are not applied appropriately, correct answer is not provided. Written work does not make suitable/relevant recommendations to economic principles covered in this subject. |
Academic writing skills and referencing
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Information, spelling, grammar and written expression is set out in a coherent manner, with professional presentation. Appropriate use of font, formatting, diagrams etc., where relevant. Referencing follow the APA style, (see the presentation requirements). |
PassSustained, consistent and logical presentation of work.Accurate spelling and grammar, excellent written expression and syntax.Appropriate referencing of articles and web-sites. |
Structure of work does not demonstrate a consistent and logical presentation format. Inaccurate spelling anduse of grammar, inconsistent written expression. Incomplete or inaccurate referencing. |
Presentation
back to topThe following points are a general guide for presenting assessment items.
Responses to assessment items should be typed. Use 1.5 spacing.
Use a wide left margin. Markers need space to be able to include their comments. Use a standard 12pt font such as Times New Roman, Calibri or Arial.
Left- justify body text.
Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable. Number your pages (except the cover page).
Use a header or footer with your name and student number on each page.
Always keep a copy of your assessments. Both a hard copy and an electronic copy.
Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.
You need to appropriately reference all the articles, reports and web-sites you employ in developing your assignments. Please use the APA style, information can be found at the CSU Referencing website at:http://student.csu.edu.au/study/referencing-at-csu
Requirements
back to topPlease use the APA style, information can be found at the CSU Referencing website at:http://student.csu.edu.au/study/referencing-at-csu
This assignment must be submitted through Turnitin.
It is recommended thatyour name,student IDandpage numberare included in theheader or footerof every page of the assignment.
Further details about submission in Turnitin are provided in On-line submission.