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ECON11026 Principles Of Economics

tag 0 Download 7 Pages / 1,550 Words tag 03-07-2021

Questions

1: Refer to Chapter 6- Imperfect Competition

(a) Explain why the Australian wine industry may be regarded as an example of an industry that can be categorized as monopolistically competitive. How does this industry differ from a perfectly competitive industry? 

(b) ‘The parliamentary inquiry into the big major banks has claimed that their market dominance has significant adverse consequences for the economy and consumers and proposes a range of measures to encourage new entrants and to monitor competition in the sector.’

i. Why is there a lack of competition in the market for banking services in Australia?
ii. What barriers to entry might limit the amount of competition in this market?

(c) Describe the method of price discrimination used by airlines. Is price discrimination ever socially desirable? Explain your answer with examples.

2: Refer to Chapter 7- Market Failure and Government Policy

(a) Vaccination rates in children up since ‘no jab, no pay’ introduced, Federal Government says

The Federal Government is heralding its "no jab, no pay" policy as having led to an extra 5,700 children being vaccinated since its implementation at the start of the year.

The policy involves the withholding of family payments worth up to $15,000 per year to parents who fail to have their children vaccinated. Parents who conscientiously object to vaccination for philosophical or religious reasons are also not able to collect the payments.

Since the policy was introduced in January, the immunisation rate for one and five-year-olds has now reached 93 per cent, up from around 90 per cent when the plan passed Federal Parliament. 

(i) Describe the type of externality associated with vaccinations and explain why a private market would underprovide vaccinations 
(ii) Draw a graph to illustrate the external benefit of vaccinations
(iii) What alternative policies can encourage the uptake of vaccination? 

(b) One form of negative externality is global warming and climate change caused by greenhouse gas emissions. Discuss at least three plausible policy alternatives to address this market failure. 

3: Refer to Chapter 9- Introduction to Macroeconomics

(a) Australia's economy shrank 0.5 per cent in the September quarter, well below already pessimistic analyst forecasts and its steepest decline since the global financial crisis of late2008. [Source: ABC News, 7 December, 2016]
(i) What are the latest figures for the unemployment rate, the growth of GDP and the inflation rate in Australia? [To find out, visit the Australian Bureau of Statistics (ABS) website at: www.abs.gov.au/] 
(ii) Based on your analysis of the above data, where would you place Australia in the business cycle? Explain your reasoning. 

(b) In terms of the Australian circular flow of income, are the following examples net injections, net withdrawals or neither? If there’s uncertainty, explain your assumptions.
(i) Firms are forced to take a cut in profits in order to give a pay rise
(ii) Firms spend money on research
(iii) The government increases the tax-free threshold
(iv) The general public invests more money in credit unions
(v) Australian investors earn higher dividends on overseas investments
(vi) People draw on their savings to finance holidays in Australia

4: Refer to Chapters 9 &10- The Determination of GDP

a. The table below gives the national accounts data for a hypothetical economy.

Amount  ($m)
Gross Private Domestic Investment 
945
Government Consumption Expenditure 
275
Government Investment Expenditure 
120
Household Consumption Expenditure 
4900
Taxes  375
Imports  475
Exports  590
Savings  125
 
Using the data in above Table, calculate GDP and the country’s Gross National Expenditure (GNE) using the expenditure approach. 
(b) (i) What factors limit the usefulness of GDP as a measure of economic well being? 
(ii) The United Nation’s Human Development Index (HDI) has been proposed as an alternative to GDP. Describe the indicators included in the measurement of HDI. Comment on the HDI ranking of Australia. 
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