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1) Discuss three ranges of the aggregate supply curve. Explain changes in the AD-AS macroeconomic equilibrium due to the aggregate demand shifts and...
1) Discuss three ranges of the aggregate supply curve. Explain changes in the AD-AS macroeconomic equilibrium due to the aggregate demand shifts and due to aggregate supply shifts. Apply the AD-AS model to the two types of inflation.
2) What is supply-side fiscal policy? Discuss the Australian federal budget and its macroeconomic significance. Explain the implications of the budget outcome for government debt levels.
3) Explain the modern monetary policy implementation in Australia. Analyse how government can combat a recession using a discretionary fiscal policy
4) Distinguish between the comparative advantage and absolute advantage. Explain free trade, fair trade, strategic trade and the position of protectionists.
5) Discuss the balance of payments. Explain how a country's exchange rate is determined? Explain four important sources of shifts in the supply and demand curves for foreign exchange. What is the economic impact of exchange rate fluctuations?
6)What is the goal of monetary policy? Discuss the monetary policy transmission mechanism. Explain how monetary policy affects prices, output and employment.
7)Discuss modern Australian financial system. Explain how banks create money. Explain money markets, capital markets, Australian Security Exchange and the foreign exchange market.