ECON1246 – Macroeconomics 1 Assignment Answer

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ASSIGNMENT DETAILS:

• Referencing Styles : Harvard
• Words : 4000
• Course Code: ECON1246
• Course Title: macroeconomics 1
• University: Royal Melbourne Institute of Technology
• Country: Au

 

QUESTION:

It is a report that covers the performance of the economies of Australia and China in recent years with a focus on Australia. It will include the impact of COVID19 on the Chinese economy in 2020 and the impact this may have on the Australian economy. Part A and B questions need to completed as a report.

 

A. Australian And Chinese Business Cycle.

 

Q1. Required:

 

• Identify business cycle for Australian in 2019;

 

Explain your answer;

 

Include reference to data;

 

• Identify business cycle for Australian in 2020;

 

Explain your answer;

 

Include reference to data;

 

• Is the change in Consumption spending consistent with the phase of the business cycle you identified for 2019?  Did it contribute to this phase?  Does change in consumer confidence also explain the phase?

 

For 2020?  Did it contribute to this phase?  Does change in consumer confidence also explain the phase?

 

• Is the change in Investment spending consistent with the phase of the business cycle you identified for 2019?  Did it contribute to this phase? Does change in business confidence also explain the phase?

 

For 2020?  Did it contribute to this phase? Does change in business confidence also explain the phase?

 

• Is the change in Net exports consistent with the phase of the business cycle you identified for 2019?  Did it contribute to this phase?

 

For 2020?  Did it contribute to this phase?

 

Your answers above should include reference to relevant data.

 

Q2. Required:

Repeat Q1 requirements above for China in 2019 and 2020.

 

B. Unemployment And Inflation And Its Causes For Australia.

 

Q1 Required.

• What was the change in the unemployment rate in 2020? Refer to data in your response.
• Explain the likely cause of the change in the unemployment rate in 2020?
• Is it related to the business cycle?  It is cyclical unemployment?  Explain your answer and refer to relevant data in your answer.
• Is it unrelated or also non-cyclical unemployment?  Refer to Natural Rate of Unemployment.

 

Refer to data in your answers.

 

Q2 Required.

 

• Identify the change in the inflation fate in Australia in 2020. Refer to the GDP Deflator.
• Explain the likely cause of the change in the inflation rate for Australia in 2020?
• Is it demand-pull inflation?  Refer to the business cycle for 2020 and aggregate demand.
• Is it cost-push inflation? Refer to costs of production and labour productivity.
• Is it the result of export prices / or import prices? Note: which is included in the GDP Deflator?