Assignment 3: Problem Questions
Length: Approx 2,000 words.
Submission method options: Alternative submission method
Assignment 3 consists of two problem questions each worth 10 marks. Sources used in your answer should be fully referenced in APA 6th style.
Answer the following question ensuring that you apply economic principles or theory related to understanding the health of the economy and the need for government intervention to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answer with diagrams and examples as necessary.
Question 1 (10 marks)
Using data from the Australian Bureau of Statistics (ABS) http://www.abs.gov.au/ collect information on the four expenditure components of Gross Domestic Product: consumption, investment, government and net exports. Develop measures for these four components using annual data for the period 1987/8 to 2017/18 inclusive, in real per capita terms. Plot these values over time. Be explicit and define the data employed and provide sources for the data obtained, cite the ABS catalogue and table numbers. Provide economic explanations of any observed time patterns in these series.
Question 2 (10 marks)
Using appropriate diagrams, explain the likely impact of a period of low real wage growth on macroeconomic equilibrium in Australia. Use evidence drawn from media and other reports to illustrate you answer. How might government policy respond to mitigate any undesirable consequences of prolonged periods of low real wage growth?
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This assessment task will assess the following learning outcome/s:
- be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.
- be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.
This assignment will give you practice in preparing an answer to a question which is similar to the type of questions you are likely to be asked in the examination.
Marking criteria and standards
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Your mark will be based on your responses according to the following marking guide. Information and assistance with referencing refer to http://student.csu.edu.au/library/integrity/referencing-at-csu
|Learning outcome assessed||Criteria||HD
|Be able to apply economic concepts and principles to daily life||Work applies principles of economics correctly to realistic situations.||Applies correct economic principles; analysis is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations.||Applies correct economic principles; description is substantiated with workings, and calculations in order to arrive at the right answer. There are negligible errors/no errors in calculations.||Applies correct economic principles; description is substantiated with workings, and calculations in order to arrive at the right answer. There are minor errors in calculations.||Applies correct economic principles, shows workings and calculations but contains some errors.||Applies limited or no understanding of relevant principles. Working and calculations are either not shown or contain major errors.|
|Be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice||Use diagrams in your answers to provide a more comprehensive response.||Diagrams created by students are correctly and precisely labelled, relevant to the specific question, and used appropriately to demonstrate their high level understanding of all key economic concepts and principles.||Diagrams created by students are correctly and clearly labelled, relate to the specific questions and demonstrate a clear understanding of all key economic concepts and principles.||Diagrams created by students are correct with an attempt at labeling that maybe unclear/incorrect, and demonstrate an understanding of most of the key economic
concepts and principles required in this task.
|Diagrams created by students are mostly correct with an attempt at labeling, are relevant to the specific question, and demonstrate some understanding of basic economic concepts and principles.||No diagrams provided or they are incorrect, poorly labelled or irrelevant to the specific question. The diagram fails to demonstrate the students understanding of economic concepts and principles.|
|Analyses the production of goods and service in aggregate for macroeconomic stability to identify the conditions under which government intervention is recommended.||Work applies principles of economics correctly in discussing results, conclusions, and/or recommendations.||The answer synthesises the theory in relation to the analysis of macroeconomic stability with new insights providing an in-depth application of the theory of government macroeconomic intervention along with clearly labelled relevant diagrams to produce a comprehensive analysis that is used as the basis for identifying the correct government policy decisions within the context of specific macroeconomic circumstances.
||The answer evaluates the theory in relation to the analysis of macroeconomic stability and recognises that movements away from equilibrium may require government intervention. Decisions based on analysis correctly reflect the options available given specified market conditions and are presented through a sound argument showing good judgement. However, minor errors have been found in the narrative or use of diagrams.
||The answer correctly interprets the theory in relation to the analysis of macroeconomic stability and recognises that movements away from equilibrium may require government intervention. Decisions with respect to government intervention based on analysis correctly reflect the options available under the conditions specified. However, some errors have been found in the narrative or use of diagrams.
||The answer identifies the most important elements of theory for the analysis of macroeconomic stability and recognises that movements away from equilibrium may require government intervention. Decisions with respect to government intervention based on analysis correctly reflect the options available under the conditions specified Limited explanation and poor use of diagrams provides marginal support for the conclusions drawn.
||Fails to meet criteria for a pass.
|Academic writing skills and referencing||Information, spelling, grammar and written expression is set out in a coherent manner, with professional presentation. Appropriate use of font, formatting, diagrams etc., where relevant. Referencing follow the APA style, (see the presentation requirements).||Pass
Sustained, consistent and logical presentation of work.
Accurate spelling and grammar, excellent written expression and syntax.
Appropriate referencing of articles and web-sites.
Structure of work does not demonstrate a consistent and logical presentation format. Inaccurate spelling and
use of grammar, inconsistent written expression. Incomplete or inaccurate referencing.
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The following points are a general guide for presenting assessment items.
Responses to assessment items should be typed. Use 1.5 spacing.
Use a wide left margin. Markers need space to be able to include their comments. Use a standard 12pt font such as Times New Roman, Calibri or Arial.
Left- justify body text.
Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable. Number your pages (except the cover page).
Use a header or footer with your name and student number on each page.
Always keep a copy of your assessments. Both a hard copy and an electronic copy.
Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.
You need to appropriately reference all the articles, reports and web-sites you employ in developing your assignments. Please use the APA style, information can be found at the CSU Referencing website at: http://student.csu.edu.au/study/referencing-at-csu
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Sources used in your answer should be fully referenced in APA 6th style.
Assignments must be submitted through Turnitin.