Student Name: ___________________________________________________________
Student ID: ______________________________
Group: ___________________________________
Tutorial Day and Time: _________________________________________________
 
This assignment covers the following topics:
·              GDP and economic activity – Topic 3
·              Aggregate Demand / Aggregate Supply – The Product market – Topic 4
 
READ THE FOLLOWING FIRST
·  This assessment contributes 10% of the overall marks for the course.
Only a single attempt of submission is permitted.  Please ensure to attach the final version of the assessment.
 
·  Use this Word template only for your submission (i.e., write down your answers in the space provided in each question).
The font size has to be at least 11.
 
·  Explain your answers, but be succinct (brief and relevant).
  Label each axis and explain the diagram that you use carefully.
Show all of your working in order to get partial credits.
 
·  After the due date any late submission will be marked as ‘late’. A penalty of 10% of the allocated marks (i.e., 1 mark) per day will apply for late submissions.
 
·  Make sure you have included your student ID and name in the front page of the assignment
Working with other fellow students is encouraged. However, you cannot just copy your friend’s answers.  This is considered academic plagiarism. See ‘students responsibilities’ at RMIT’s policy on this:  http://www1.rmit.edu.au/browse;ID=sg4yfqzod48g1
 
 

 
 
Read the attached 3 articles and answer questions 1 to 4 that follows:
 
- “China set to rescue Australia’s economy at just the right time”
Bloomberg.doc/news/articles December 7, 2016.
 
- ‘Australia inflation rate increases in Q4 2016’
ABS l Rida Husna | rida@tradingeconomics.com 
1/25/2017
 
- ‘Australia Employment and Jobless rate up in December 2016’
ABS l Rida Husna | rida@tradingeconomics.com 
1/19/2017
 
 
Questions:
 
1.         Based on the articles above, identify and briefly explain 2 aggregate demand and 2 aggregate supply factors that will impact on Australia’s economic activity (i.e. RGDP) in 2017.                     (4 marks)
 
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2.    Are the AS factors in Q1 above short-run or long-run AS factors or both? Briefly explain. (2 mark)
 
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3.         Analyse the effects of the factors you identified in Q1 above on Australia’s RGDP and price level. 
 
·       Use the AD-AS diagram to illustrate your answer. 
·       Briefly explain your answer and including the change in RGDP and the price level.
(2 + 1 = 3 marks)
      
       Answer here for AD-AS diagram (Tips: to create new lines, simply copy the existing curves and move to the new location)

Price Level (P)

E1

RGDP (Y)

Y1

SRAS1

AD1

LRAS1

P1

 
 
 
 MACROECONOMICS 1 (ECON1246 ECON1273)  代写
 
 
 
 
 
 

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4.         Has Australia had a ‘recession’ since 2008? Yes or No, briefly explain.   (1 mark)
 
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 MACROECONOMICS 1 (ECON1246 ECON1273)  代写