BB106 Principles Of Economics Assignment So

Task:

b.Apply the macroeconomic concepts such as   Economic Growth 

 

Gross Domestic Product, business cycle, unemployment, inflation, aggregate demand – aggregate supply model and government policies.

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Assessment Tasks

1. Calculate the working age population, the labour force, and the unemployment rate for December 2020 and March 2021 respectively
2. According the data detailed in the case study, illustrate and explain the impact of COVID-19 on the Australian economy in an ADAS model.

3. Summarise the fiscal response of Australian government to COVID 19 and use AD-AS model to illustrate the fiscal policy responses of Australian government and describe the objective the fiscal policy.

4. Assuming the marginal propensity to consume is 0.8, calculate the multiplier effect of the fiscal policy response package of $194 billion. Do you think the realised policy effect will be as big as that you calculated? Elaborate your answers.

5. Summarise the monetary response of RBA to COVID 19 and use AD-AS model to illustrate the monetary policy responses of RBA and describe the objective the monetary policy.

 

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