Unit 4: Contemporary macroeconomics
5 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.
Topic 1: The macroeconomic objectives
A focused QCE Economics Unit 4 answer on economic growth. Defines actual and potential growth, distinguishes demand-side from supply-side sources, links growth to aggregate demand and long-run aggregate supply, and analyses the benefits and costs of growth including the meaning of sustainable growth.
A focused QCE Economics Unit 4 answer on macroeconomic objectives. Defines growth, full employment, low inflation, equity and environmental sustainability, identifies measures and current Australian performance, and explains the short-run Phillips curve trade-off and long-run consistency.
