TAS · TASCQ&A
EconomicsQ&A by dot point
A short Q&A bank for every TAS Economics syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Macroeconomics
- Use the aggregate demand and aggregate supply model to explain how the equilibrium level of real output and the price level are determined and how they change.3Q&A pairs
- Explain the structure of the balance of payments and evaluate the causes and significance of Australia's current account deficit.1Q&A pairs
- Explain the causes and measurement of economic growth and evaluate its effect on material and non-material living standards in Australia.4Q&A pairs
- Explain the main macroeconomic objectives and the indicators used to measure economic performance in Australia.4Q&A pairs
- Explain how the Australian Government uses fiscal policy to influence economic activity and evaluate its strengths and limitations.1Q&A pairs
- Evaluate the case for free trade and the methods and effects of protection on the Australian economy.4Q&A pairs
- Explain how the distribution of income and wealth is measured and evaluate the role of government in reducing inequality in Australia.2Q&A pairs
- Explain how inflation is measured, distinguish between demand-pull and cost-push inflation, and evaluate the costs of inflation for the Australian economy.4Q&A pairs
- Explain the basis for international trade and evaluate the effects of globalisation, protection and exchange rates on the Australian economy.4Q&A pairs
- Explain how microeconomic and supply-side reforms raise productivity and aggregate supply, and evaluate their effects on the Australian economy.1Q&A pairs
- Explain how the Reserve Bank of Australia conducts monetary policy and assess its effectiveness.1Q&A pairs
- Describe the phases of the business cycle and explain how fluctuations in economic activity affect growth, unemployment and inflation in Australia.1Q&A pairs
- Explain how unemployment is measured, distinguish between the types of unemployment, and evaluate the economic and social costs of unemployment in Australia.2Q&A pairs
Microeconomics
- Define and calculate price, income and cross elasticity of demand and price elasticity of supply, and explain their determinants and uses.4Q&A pairs
- Explain the main sources of market failure and evaluate government policies used to correct them.4Q&A pairs
- Compare the characteristics and outcomes of perfect competition, monopoly, oligopoly and monopolistic competition.5Q&A pairs
- Explain how the forces of demand and supply establish equilibrium price and quantity, and how shifts in the curves change that equilibrium.3Q&A pairs
- Explain the economic problem of relative scarcity and how it forces individuals, firms and governments to make choices that carry an opportunity cost.3Q&A pairs
- Describe the key features of a market economy and use the circular flow model to explain how income, spending and resources move through the Australian economy.3Q&A pairs