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Economic Short Answer Questions External Stability Define ‘external stability’ Describe a situation of external instability. Why is our external stability important? Briefly describe at what level the current account deficit may be sustainable. Examine recent trends in the size of the CAD Explain the difference in the economic effects of a rising levels of foreign debt and foreign equity. Examine the recent performance of the Australian dollar. Outline how the Australian dollar may pose
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  Economic Short Answer Questions External Stability Defne ‘external stability’ Describe a situaon o external instability.Why is our external stability important? Briey describe at what leel the current account defcit may be sustainable.!xamine recent trends in the si e o the #$D!xplain the di%erence in the economic e%ects o a risin& leels o orei&n debt and orei&n e'uity.!xamine the recent perormance o the $ustralian dollar.(utline how the $ustralian dollar may pose an external stability ris).(utline the policies that the $ustralian &oernment has used to address the external stability issue. #rically ealuate the ar&ument that the #$D and orei&n liabilies are not a si&nifcant problem in  $ustralia.!xplain the concept that the #$D is the result o a shorta&e o domesc sain&s. Discuss the extent towhich you thin) the #$D reects a shorta&e o sain&s and to what extent a poor trade perormance. Distribuon of income Disn&uish between income and wealth!xplain how the ollowin& can be used to measure the de&ree o ine'uality in the distribuon o income*a+the ,oren cure -explain usin& dia&ram+b+the ini #oe/cient*c+(utline how a&e and &ender can inuence the distribuon o income!xamine which &roups tend to be adersely a%ected by ine'uality accordin& to occupaon0 educaonand cultural bac)&round in $ustralia.Discuss the recent trends in the distribuon o income in $ustralia in recent years(utline the economic costs and benefts associated with income ine'uality.(utline the social costs and benefts o ine'uality.Discuss &oernment policy opons to improe the distribuon o income and wealth in $ustralia Unemployment Defne ‘labour orce’ Defne the ‘labour orce parcipaon rate’ and explain how it is measured.  Discuss how unemployment is measured and how o/cial unemployment stascs may understatethe true extent o the unemployment problem in $ustralia.(utline the recent trends in unemployment in $ustralia(utline the main types o unemployment that may occur in the economy  . ,ist the actors that may lead to hi&her unemployment Discuss the causes o unemployment in the $ustralian economy.(utline the economic and social costs or $ustralia o a sustained hi&h rate o unemployment.!xplain what is meant by the ‘natural rate o unemployment’*Discuss how &oernment policies can inuence the rate o unemployment in the economy  Inaon Defne ‘inaon’ !xplain how the inaon rate is calculated. (utline the main causes o inaonDiscuss the reasons or $ustralia’s low inaon rates oer recent years.1deny the type o inaon most li)ely to occur i businesses raise there prices due to hi&her wa&e costs!xplain the role o inaonary expectaons in determinin& the leel o inaon.!xplain why it is di/cult or &oernment policies to successully address ull employment and pricestability at the same me.(utline the li)ely impacts o hi&her inaon on the $ustralian economy*Discuss 2olicy opons to maintain low inaon in $ustralia* Environment Describe the term ‘natural enironment’ Discuss why enironmental mana&ement is o3en at conict with other ob4eces? Defne the term ‘ecolo&ically sustainable deelopment’ Describe what is meant by a ‘public &ood Briey examine the economic problem o ‘ree riders’ 1deny what methods &oernments may use to control polluon leels.!xplain what is meant by an externality &iin& an example(utline how mar)et ailure occurs in relaon to mana&in& the enironment.Discuss what is meant by the disncon between ‘renewable’ and ‘non5renewable’ resources.
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