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ECON1246/ ECON1273 Macroeconomics 1: Comparison of Australian and Chinese Economies Assessment Answer

MACROECONOMICS 1 (ECON1246 ECON1273) 

Assessment 2 

 The Task

An individual assignment that will cover a comparison of the performance of the Australian and Chinese economies in recent years.  It will include a conclusion comprising a brief analysis for an international business enterprise.  You are to complete it in a report format. 

It will assess the following topics and learning outcomes 1 to 8.

  • GDP and the business cycle – Topic 3 
  • Aggregate Demand / Aggregate Supply – The Product Market – Topic 4
  • Inflation – Topic 5
  • Unemployment and the Labour Force – Topic 6
  • Exchange rate market – Topic 7

Your Report is to take the following format

Instructions

This assessment contributes 40% of the overall marks for the course. 

Only a single attempt of submission is permitted.  Please ensure to attach the final version of the assessment.

  • Attach your report to the Assessment cover page.  Do not write the questions or attach this page to your submission.  The cover sheet is in the Assignment folder.  Submit using either word or PDF format.  The font size has to be at least 11.
  • Explain your answers, but be succinct (brief and relevant). Label each axis and explain the diagram that you use carefully. Show all of your working in order to get partial credits.
  • After the due date any late submission will be marked as ‘late’. A penalty of 10% of the allocated marks (i.e., 2 marks) per day will apply for late submissions.
  • Referencing and Acknowledgement of sources.

Students are required to acknowledge all sources of information and to include a contents page and bibliography of cited texts.

For guidelines on referencing, see a document on Canvas (Assignments | Assessment Task 2: titled, “Guidelines for Referencing.”

Note that material and answers that are not acknowledged or correctly referenced will not be considered for assessment.  Use footnotes where you have referred to RMIT notes and or articles listed below or other written material.

  • Completion of Micro-credential

The assessment will require you to add evidence of the completion of the RMIT micro-credential (Academic Integrity Awareness) which is designed to increase your understanding of academic integrity in assessment practices by:

  1. Acknowledging that the RMIT community has expectations around academic integrity.
  2. Identify appropriate referencing techniques.

Data, fact sheets, links and notes related to the assignment.  These are available in Assignment folder, Assessment 2.

Examine the data relating to the economies of Australia and China and answer Parts A to D.

The Report

Part AAustralian and Chinese business cycle.

  1. Complete the table / data for both Australia and China and include this as an attachment to your report.  Answers must be accurate to two decimal places.
  2. What phase of the business cycle was the Australian economy in over the period 2018 to 2019?  Briefly explain.

What contribution did the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports make to the cycle over this period?

  1. What phase of the business cycle was the Chinese economy in over the period 2018 to 2019?  Briefly explain.

What contribution did the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports make to the cycle over this period? (4 + 3 + 3 = 10 mark)

Part B Unemployment and its causes for Australia and China.

  1. What was the likely cause of the change in the unemployment rate in 2019 for Australia?  What type of unemployment is likely to exist in Australia in 2019?  In your answer make reference to the RBA extract “Statement on monetary policy” Feb 2020 p32-33 on employment growth, available on canvas.
  2. What was the likely cause of the change in the unemployment rate in 2019 for China?  What type of unemployment is likely to exist in China in 2019?  Explain your answer, making reference to the article “Chinese unemployment worries….stimulus” available on canvas. (3.5 + 3.5 = 7 marks) Part C Inflation and its causes for Australia and China.
  3. Using the GDP Deflator identify and explain the likely cause of inflation / deflation for Australia in 2019?  Include in your answer the contribution that export and import prices made to inflation / deflation in 2019. 
  4. Using the GDP Deflator identify and explain the likely cause of inflation / deflation for China in 2019?  Include in your answer the contribution that export and import prices made to inflation / deflation in 2019. (4 + 4 = 8 marks)

Part D Conclusion and analysis: Report to international business enterprise.

Assume you are required to provide a brief (200 word) summary / analysis to a small to medium sized international firm on 3 key strengths and / or weakness of either the Australian or Chinese economy.  The firm is deciding whether to expand its current business interests in either country.

You must include the impact of the change in the exchange rate of the country you have chosen, a key consideration for the firm.

Based solely on the data and information you have provided above your task is to complete this summary.=(9 marks)

PART E

Formatting including a contents page, referencing, bibliography and footnotes.(3 marks)

PART F Completion of Micro-credential

Attach evidence of the completion of the RMIT micro-credential (Academic Integrity Awareness) which is designed to increase your understanding of academic integrity in assessment practices by 

  1. Acknowledging that the RMIT community has expectations around academic integrity.
  2. Identify appropriate referencing techniques. (3 marks)

Suggested word limits:

PART A75 x 2 = 150 words

PART B100 x 2 = 200 words

PART C100 x 2 = 200 words

PART D200 words

Course Learning Outcomes

  1. Describe the operation of the Australian economy to apply in various contemporary macroeconomic issues.
  2. Read and critically evaluate current economic news articles as they relate to the Macroeconomy.
  3. Assess how government policies and changing macroeconomic conditions affect societal welfare.
  4. Demonstrate an understanding of recent economic events and their impact on current policy initiatives on the Australian economy.
  5. Interpret charts, graphs, and tables and use the information to make informed judgments.
  6. Work and learn independently and work as a team.
  7. Communicate macroeconomics concepts and issues effective in a variety of business contexts.
  8. Evaluate business outcomes based on the costs and benefits involved.

Answer

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