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MAE203 The Global Economy Journey

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Question:

The assignment has three parts. In Part A, the questions are related to data collection, preliminary analysis and presentation with narratives. Part B questions are short answer type questions which are going to test your analytical and explanatory skills. In Part C, the purpose of the career education aspect of this assignment is to help you understand employer expectations for economics graduates, track your development and understand the opportunities for economics graduates. Keep in mind that the graduate job application ‘season’ opens February each year, and that the graduate job application process will occur throughout your final year. This assignment is designed as a continuation of the journey you started in MWL101. 

(See the end of assignment for submission requirements) 

Part A: Data collection, presentation and analysis

Q1. Go to the following webpage from the Department of Foreign Affairs and Trade. 

Identify and present in a Table the countries that have ranked the 6th, 7th, 8th , 9th and 10th in terms of  bilateral trade with Australia in 2014. What are the ranking of the previous countries in terms of Australia’s top exports destination in 2015? Could you list in a clearlymarked Table the top ten exports from Australia as of 2016?                                                                                            

[4 + 2 + 4 = 10] 

Q2. Visit FRED’s website find and collect the data and graphs the following information for the time period 2000-2015 for Australia, New Zealand, India and Germany for the following: (i) GDP (2010 U.S. Dollars, Annual, Not Seasonally Adjusted); (ii) total central government debt, total (% of GDP, Annual, Not Seasonally Adjusted); (iii) Imports: Value Goods (Percent of GDP, Annual, Not Seasonally Adjusted); and (iv) Government Final Consumption (nominal, Annual, Not Seasonally Adjusted. 

Present the data in tables. You are free to decide how many tables to use, and which variables/countries to include in each table. Each table must be numbered and have a clear heading/title indicating its contents, and a reference for the source of the data under the table. 

Put in different figures the corresponding graph that FRED produces for each country (Australia, New Zealand, India and Germany) and each of the variables you have collected data (GDP; total central government debt; Imports: Value Goods and Government Final Consumption). 

Using the previous figures describing GDP and government final consumption, analyse and explain any general relationship you see between in the figures for each of the countries. On the basis of the data collected, analyse any similarities and differences in the performance of economies. (Word limit: 300 words)

[4 + 6 + 8 = 18] 

Q3. Visit FRED’s website and download and plot information for Australia. In particular plot the annual inflation rate using consumer prices (Not Seasonally Adjusted) and unemployment rate (Annual, Not Seasonally Adjusted), corresponding to Australians aged 15 and over for the period 1980-2015. Do you see any relationship between unemployment rate and inflation rate? (Word limit: 200 words)                                                                                                                          

[10 + 7 = 17]

Part B: Short Answer Questions  

Q4. Starting from long-run equilibrium, use the basic (static) aggregate demand and aggregate supply diagram to show what happens in both the long run and the short run when there is a decrease in government expenditure. (Word limit: 300 words) 

[15 + 15 = 30] 

Part C (worth 25 points)

Before you start this section, it is recommended that you familiarise yourself with the (ELS). Understanding these will help you understand the expectations of an economics graduate and articulate the skill set gained in your economics studies. The ELS have been jointly created by academics and industry, with the aim of matching employer and educator expectations.

For this part of the assignment, you are required to research the role of a macroeconomist in an institution, business or sector of your choosing. This must be a position that you can reasonably expect to apply for within the next three years. Write a report of no more than 700 words that includes:

  1. A brief introduction on the organisation you have chosen, and the industry or sector they operate in (recommend 100 words).
  2. A summary of the role you have chosen, including the skills required for the role. Use the to aid your reflection. Break down where you meet these expectations, and your areas for improvement. How would you show a recruiter that you have the required skills and experiences for your chosen economics position? (recommend 200 words)
  3. Describe what drew you to your selected position. Link the chosen position to your VIPS (values, interests, personality and skills) and how the chosen position is relevant to your long-term career plan (recommend 100 words):
    • If you have completed MWL101 – refer to your self-awareness test results. You may also want to consider re-taking the tests to track any changes since you took MWL101
    • Other students – you can take self-awareness tests in DeakinTALENT’s module
    • Include your test results as appendix items in your report
  4. Reflect on the economist informational interview video; which you can find on CloudDeakin. Reflect on (recommend 200 words):
    • What were some of the most interesting aspects of the interview, and how may this be relevant to your own future career?
    • Did the interview raise any areas of concern for you? (e.g. skill or experience gaps, job/industry suitability)
    • Has the interview left you with any unanswered questions? Who could you discuss these questions with?
  5. Review the action plan you developed in MWL101. Based on your learning with unpacking a graduate job position, and watching the interview; list the actions you’ve completed or are working on, and what you still have to do. Did you learn anything that influences your career decision-making? (recommend: 100 words)
    • Students who haven’t completed MWL101, the Career Decisions module linked above will help you develop a career action plan. Your discussion here instead should focus on what you can do to address the gaps you have identified in this assignment. 

NOTES:

Presentation and Referencing:

Assignments must be typed. Answers should be in full sentences, which have been checked for grammar and spelling. Marks will be deducted if your ideas are expressed poorly or are confused, and cannot be awarded if your expression is ambiguous. Data should be neatly presented in table and graph format where requested, with sources correctly documented. The tables and graphs should have a relevant title and each axis on the graphs should be correctly labelled. Sources of data should be acknowledged under each table and chart and fully documented using a reference list presented at the end of the assignment.

Marks will be deducted for poor presentation. 

Word limit:

You are limited to no more than 2,000 words in total. The words in any graphs/diagrams, tables, equations, and the references do not count toward the word limit.

Submission details:

Submit an electronic copy of your assignment to the Drop Box in CloudDeakin, 19th January, Friday by 11.59pm EADT. Make sure you receive an email confirming submission. Do not leave it until the last minute as CloudDeakin can become congested around submission time, and the drop box automatically closes at 11:59pm.

Do NOT email assignments.

Extensions:

Extensions can only be approved by the Unit Chair. They are rarely granted and rarely for more than a few days, so do not depend on an extension. Extensions can be granted for documented serious illness (not just on the day the assignment is due!) or for compassionate reasons. Work or holiday reasons are NOT grounds for an extension – you are expected to manage these issues as part of your studies. You are strongly encouraged to start early and to continually backup your assignment as you progress. Computer crashes or corrupted files will NOT be accepted as valid reasons for an extension of any length.

Note that CloudDeakin does not accept some file formats, including Excel files. You should upload one file only in either Word or (preferably) PDF format. 

Other Information:

Please read carefully the University policy on ‘ACADEMIC HONESTY AND MISCONDUCT’ before you start working on your assignment. The direct URL is:

Individual work is required!

You may study with other students, however you must write this assignment on your own. On occasions students submit assignments that are very similar and clearly close copies of each other, using identical or very close diagrams and examples. This is called collusion. Plagiarism is if you use ideas that are not your own without appropriate reference. Software will check each assignment for plagiarism and collusion, which are explained further in our Unit Guide and the reference above. We do catch students, and they then have to appear before the Academic Misconduct Committee and receive a penalty – penalties can be severe and even include exclusion from the university. The whole process is traumatic for everyone.

Most students do the work in good faith and submit their own words and diagrams. They understand the importance of this for learning, maintaining the quality and integrity of the degree they will ultimately get, and preparing for the exam.

To avoid any suspicion of collusion if you do work together, go away to write up your own version separately. If you use ideas from other sources (for example the text or articles) then reference them. All directly or indirectly sourced material must be referenced and an alphabetical list of references should be included at the end of your assignment. If you quote directly from the textbook you must reference your quotation (including a page number), however you are strongly encouraged to express your ideas in your own words. Economic concepts from the textbook do not need to be referenced if stated in your own words. Economic (or other) ideas or concepts from any other sources, including on-line sources, must be referenced. Figures in tables must be referenced. Use the Harvard (Author, date) style of referencing.

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