§-Quick questions
NSWEconomicsTopic 3: Economic Issues
Quick questions on The objectives of economic management and conflicts between economic issues (HSC Economics Topic 3)
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the six objectives of economic management?Show answer
Australian governments (and the RBA, for monetary policy) pursue six broad economic objectives, each with its own standard measure:
What are managing the conflicts?Show answer
Governments cannot eliminate these conflicts, but they manage them by:
What is name the specific conflict, then explain the mechanism?Show answer
Do not just say objectives "can conflict"; specify WHICH two (growth versus inflation, growth versus environment, growth versus equity, growth versus external stability) and explain HOW one policy lever pushes them in opposite directions.
What is use the Phillips curve correctly?Show answer
A trade-off along ONE curve is normal; stagflation requires the curve to SHIFT outward from a supply shock. Get this distinction right for full marks on any stagflation question.
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