Module 5 - Assessment 2: Short written assessment to be submitted in the Blackboard
1. Interpret and successfully apply economic concepts and critically evaluate the role and impact of various forms of government intervention in the economy including the implications of competition and deregulation policy for managerial practices
Answer this question using relevant concepts that have been covered in class.
You are a macroeconomist who is asked to explain how the Australian economy is performing. Analyse and answer
As a macroeconomist, my interpretations would be of the economy of 2018, has been a tale of the two halves for the Australian economy. Not only the economy has grown with an annualized rate of the 3.8% over the first six months of 2018, but subsequently, it has also shown how there has been on average strong contributions which would work on the cover of the household sector and of the net exports.
The Australian economy is booming and rising rapidly which has also widely covered the large aspects of the economy that can exclusively provide a mixed-market economy. So far it has also captured on an average of the GDP of A$1.69 trillion from the 2017 and during 2018 the economy of Australia is known to be the largest median wealth per adult. With wide Australia's total wealth, there has been a total wealth of the AUD$8.9 trillion by 2016 and so far now it has been considered in the year 2016 (Cross, 2017). During 2017, it was also observed how the Australia economy has risen to the phenomenal position of the 13th-largest national economy that has been notably seen how there can be nominal GDP. It has been estimated with the 20th-largest along with the PPP-adjusted GDP and it has been seen how there can be a 25th-largest goods exporter and it has been seen how there can be 20th-largest goods importer. With the related estimation how there can be how Australia it would be judged on the basis of the longest run that can be provided with the contextual use of the uninterrupted GDP growth along with the 103rd quarter and it has shown how there can be technical recession (that include the negative growth) (Mandelkern, 2016).
As observed how there has been a significant Australian economy that would consistently be increasing how there can be a service sector which would be elaborated how there can be 61.1% required to the GDP along with the employing 79.2% that would labor force capturing with 2016. Australia has also largely known to be the eighth-highest total estimated that would combine with the natural resources that would be US$19.9 trillion as estimated in 2016. As interpreted mining boom that would be interpreted as presented to the 2009–10 and there would be total value-added that would be determined would be related to the mining industry was 8.4% of GDP. It would be estimated with the decline that would be related to the mining sector, which would be estimated from an Australian economy that would be determined on the resilient and stabilizing would be dependent that would control based on the recession.
As observed how there can be Australian Securities Exchange in Sydney has evaluated how there can be a 16th-largest stock exchange and so far it has been noticed how it has perished during the domestic market capitalization and it would be determined would be estimated to largest interest rate derivatives market covering Asia. It would be estimated on the basis of Australia's large companies that would be showing how there can be limited to: Wesfarmers, Woolworths along with the Rio Tinto Group, BHP Billiton and even due to the Commonwealth Bank, National Australia Bank and would be determined on the basis of the Westpac, ANZ, Macquarie Group, Telstra and Caltex Australia. It would be estimated how there can be the currency of Australia and needs to understand the Australian dollar.
Australia is also known to be a super economic country that is part of the APEC, G20, OECD along with the WTO. The country has also extensively been estimated the free trade agreements that would reflect the ASEAN, Canada, Chile, China and along with South Korea, Malaysia, New Zealand and also shown how there can be Peru, Japan, Singapore, Thailand and the United States (Beggs, 2015).