T3 2022 MAE203 Assignment
Question 1.
Please go to the World Development Indicators database from the World Bank website, and gather the following data for inflation (consumer prices annual %), unemployment (total, % of total labor force, national estimate), GDP per capita (constant 2015 US$) for the following countries for the time period 1980 till 2021: USA, Australia, Japan, Singapore, China, and India.
- Use a graphing tool in Excel or a similar application to create GDP per capita line graphs for all countries in one chart.
N.B. Your chart should display a descriptive title, axis labels, a key and a brief data source below the chart. (e.g. source: World Bank, 2022).
- Based on the data series downloaded, calculate the annual growth rate of real GDP per capita in each country (use a spreadsheet program like excel for calculation). Then compute the average annual growth rate in the real GDP per capita in each country for these 41-year period. Using the above information and discussion in the unit, explain if there is any evidence of catching-up amongst these countries? [Please don’t report growth rates for all the years; we just need the average growth rates over 1980 to 2021 for each country.]
- Discuss three reasons why India’s growth rate and GDP per capita might have remained relatively low. Cite appropriate references if you use any data/information to support your answer. Recommend two policies that would help achieve higher economic growth in India.
- Please plot the inflation rate and unemployment rate over the period 1980-2021 for the USin one chart and briefly discuss the relationship between inflation rate and unemployment rate.
[5 + 5 + 5 + 5 = 20 marks]
Question2.
In 2022, Australia experienced serious flooding disasters, particularly in Queensland, New South Wales and Victoria. Please use the Aggregate Expenditure function and the 45-degree line diagram to discuss i) how the flooding could have affected the Australian economy in the short run, and ii) how the disaster recovery payment, (a government assistance payment to households whose home has been severely damaged or destroyed by flood), could help the Australian economy. [5+5marks]
Question 3.
Refer to the latest monetary policy decision statement by the Governor of the Reserve Bank of Australia (RBA), Mr. Philip Lowe,
https://www.rba.gov.au/media-releases/2022/mr-22-41.html
There is one paragraph stating: “Inflation in Australia is too high, at 6.9 per cent over the yearto October. Global factors explain much of this high inflation, but strong domestic demandrelative to the ability of the economy to meet that demand is also playing a role. Returninginflationtotargetrequiresamoresustainablebalancebetweendemandandsupply. “
Using the static aggregate demand and aggregate supply (AD-AS) model, show and explain how the inflationary pressure scenario discussed in the article could be identified.
What kind of remedial monetary policy measure would you recommend for the RBA? Explain the appropriate monetary policy action and illustrate using the static AD-AS model the effect of such policy stance on the long-run equilibrium in the economy.
[10Marks]
Submission Instructions
CloudDeakin does not accept some file formats, including Excel files. You will only be able to upload one file, which must be in PDF format. You can work in other format such as Word as long as all words and diagrams/graphs etc. are combined into one file and saved as a PDF for upload.
- Make sure that you are using correct referencing.
- Read through your work prior to submission, checking your spelling and grammar.
- No more than 2,000 words in total, excluding the question statements (you do not have to repeat these), tables, diagrams, and references.
Submit an electronic copy of your assignment to the Dropbox in CloudDeakin, before 8 pm Friday, the 20th of Jan. Do not leave it until the last minute, as CloudDeakin can become congested around submission time. Assignments are counted as “on time” if submitted by 8 pm AEST or AEDT on the due date. If necessary, you can look up your local time at: http://www.timeanddate.com/worldclock/ .
You must keep a backup copy of every assignment you submit until the marked assignment has been returned to you. Do NOT email assignments. Any work you submit may be checked by electronic or other means to detect collusion and plagiarism.
Notes
- Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. ‘Day’ means calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date.
- For more information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document rights and responsibilitiesas a student in the first folder next to the Unit Guide of the Resources area in the CloudDeakin unit site.
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