§-Economics Q&A
TAS · TASC← Economics
Economics Q&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.
Explain the structure of the balance of payments and evaluate the causes and significance of Australia's current account deficit.
Explain the causes and measurement of economic growth and evaluate its effect on material and non-material living standards in Australia.
Explain the main macroeconomic objectives and the indicators used to measure economic performance in Australia.
Explain how the Australian Government uses fiscal policy to influence economic activity and evaluate its strengths and limitations.
Evaluate the case for free trade and the methods and effects of protection on the Australian economy.
Explain how the distribution of income and wealth is measured and evaluate the role of government in reducing inequality in Australia.
Explain how inflation is measured, distinguish between demand-pull and cost-push inflation, and evaluate the costs of inflation for the Australian economy.
Explain the basis for international trade and evaluate the effects of globalisation, protection and exchange rates on the Australian economy.
Explain how microeconomic and supply-side reforms raise productivity and aggregate supply, and evaluate their effects on the Australian economy.
Explain how the Reserve Bank of Australia conducts monetary policy and assess its effectiveness.
Describe the phases of the business cycle and explain how fluctuations in economic activity affect growth, unemployment and inflation in Australia.
Explain how unemployment is measured, distinguish between the types of unemployment, and evaluate the economic and social costs of unemployment in Australia.
Microeconomics
Define and calculate price, income and cross elasticity of demand and price elasticity of supply, and explain their determinants and uses.
Explain the main sources of market failure and evaluate government policies used to correct them.
Compare the characteristics and outcomes of perfect competition, monopoly, oligopoly and monopolistic competition.
Explain how the forces of demand and supply establish equilibrium price and quantity, and how shifts in the curves change that equilibrium.
Explain the economic problem of relative scarcity and how it forces individuals, firms and governments to make choices that carry an opportunity cost.
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.