The US Boskin Commission Report of 1996 advocated downward adjustment of the Consumer Price Index. Explain the rationale underpinning this advocacy using examples from Australia.

Briefly how exchange rate are determined by supply of demand.

Explain how the government maintains the value of its currency fixed with a foreign currency through buying and selling of reserves.

Donald Trump official labeled China a "currency manipulator" in August 2019 (see the attached article from the New York Times). Based on what we have discussed with regard to the determination of exchange rates, what impact did this likely have in the market for Chinese Yuan (renmimbi)? Do you believe that these threats are effective at achieving the goal of a stronger Yuan? Explain.

Explain the relationship between monetary policy and the internal rate of return to bonds (what it is and how it works). Outline how monetary tightening impacts the internal rate of return to bonds.

Question 2

Analyse how the following events will affect South Korea’s economy using the AD-AS diagram. In response to the Covid-19 pandemic, President Moon announced a supplementary budget in April 2020 to increase government spending by KRW 8 trillion to fund an emergency relief program. At the same time, firms face an increase in the cost of production due to unavailability of materials. What would happen to the output and the price level in the short run and long run in South Korea? Diagram/s are required to aid your explanation.                                      

Analyse how the following events will affect South Korea’s economy using the AD-AS diagram. In response to the Covid-19 pandemic, President Moon announced a supplementary budget in April 2020 to increase government spending by KRW 8 trillion to fund an emergency relief program. At the same time, firms face an increase in the cost of production due to unavailability of materials. What would happen to the output and the price level in the short run and long run in South Korea? Diagram/s are required to aid your explanation.

- How did the institution of slavery affect the early colonies?

- What was the economy of the early colonies like?

- What examples of self-government did the colonists find themselves in?

- How did the isolation from Britain affect the colonies?

- Which colony was the most successful early on (in your opinion)?

Why do changes in the price level increase short run economic output? Why do changes in the price level decrease short run economic output? Why don’t changes in the price level have long run impacts on economic growth?

Reflect on the lasting significance of the black activism (Gabriel’s rebellion, the Haitian revolt, etc.)

There is no doubt that a ‘gender pay gap’ exists in Australia and many other countries.

1. Why do some economists think that discrimination in the labour market is an unlikely explanation for the persistent inequality in earnings between women and men? 2 marks.
2. Can you think of any plausible objections to their argument? 2 marks.

Why do changes in the price level increase short run economic output? Why do changes in the price level decrease short run economic output? Why don’t changes in the price level have long run impacts on economic growth.

Write two paragraphs on Taxes and Entrepreneurship...

Having lower taxes on entrepreneurs means more job creations.

tax reform to combine individual tax reformwith corporate tax reform

How is the equilibrium price​ determined? What happens if the price is above the equlibrium​ price? What happens if the price is below the equilibrium​ price?

4) Briefly outline why we can look at a Cournot oligopoly as a dilemma game, in game-theoretic terms.

Discuss ways in which rural and urban areas benefit from each other.