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ECO511 Economics For Business

tag 0 Download 5 Pages / 1,191 Words tag 05-11-2020
  • Course Code: ECO511
  • University: Charles Sturt University
    icon is not sponsored or endorsed by this college or university

  • Country: Australia



Using data from the Australian Bureau of Statistics (ABS)collect informationon unemployment and inflation rates for Australia over the period 2001 to 2016, inclusive. Employannual data. Be explicit and define and provide sources for the data obtained.Plot on a single diagram the relationship between inflation and unemployment, measuring inflation onthe vertical axis and unemployment on the horizontal axis. Comment on whether any relationshipexists between these variables and any implications of your findings.


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. Confine youranalysis to the use of short-run AD/AS curves. In your response clearly state your assumptions andillustrate your answers with diagrams.
(a) India has placed a 30% tariff on chickpea exports from Australia,
(b) The demand for Australian wine in China has substantially increased,
(c) The federal government plans to spend approximately $5 billion on Snowy Hydro 2.0 to generatemore electricity power capacity,
(d) The price of oil, a product Australia primarily imports, fall substantially,
(e) An increase in the immigration intake substantially increases the Australian labour force.
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