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Practice Question

Unit 4
1. Explain why privatisation of government-owned businesses is considered a microeconomic reform. Draw a diagram to supplement your response. 
2. Describe 2 potential negative impacts of this. 

Unit 2
1. Explain the difference between absolute and relative poverty
2. Explain and give an example of two effects of income inequality. 


Practice Questions

Unit 2
1. Describe two examples which help explain how two people on similar incomes can have accumulated different levels of wealth.
2. Recent RBA data show that underemployment has trended higher than unemployment for most of the last 10 years, with the gap between the two increasing. Explain how this may reflect worsening income inequality. 

Unit 4
1. Draw an AS/AD model which shows downward pressure on price levels as a result of a microeconomic policy. 
2. Identify and describe two examples of microeconomic policies which could account for the change above.  

QUT Student Day Recordings

QUT Student Day Recordings

Please find below the links to the recordings from the QUT student day

Morning Session
Afternoon Session


Practice Questions

Unit 2
1. Identify and describe the negative impacts of rising income and wealth inequality.
2. "Covid-19 has increased income and wealth inequality." Discuss two affirmative and two negative arguments to this statement. 

Unit 4
1. Provide an example of cyclical, structural, seasonal and frictional unemployment. 
2. "Unemployment is historically low and the participation rate is historically high, which means the economy is performing favourably." Discuss two affirmative and two negative arguments to this statement. 


Cost of living, the federal budget and rising inequality

Joseph Stiglitz on rising inequality as a result of current economic conditions and policy | ABC News Breakfast

https://www.youtube.com/watch?v=BGmHkEaVwUs

Nobel Prize winning economist Joseph Stiglitz is urging the federal government to keep the idea of a windfall profits tax on the table. Subscribe: http://ab.co/1svxLVE Read more here: https://ab.co/3cocpwK Mr Stiglitz says it would be a fair way to fund a cost of living package in the next budget.


Practice Questions

Unit 2 Practice:
To what extent would increasing minimum wage reduce income inequality in Australia? Write a 100-200 word justification, incorporating 2 of the following economics concepts:
- Price ceiling/floor
- Production possibility curve/frontier
- Aggregate demand
- Circular flow of income

Unit 4 Practice:
Assume that on balance, Australia is highly reliant on a strong export industry, and that strong exports have had a distinct role in sustaining Austrlaian economic growth over the last 10 years. Is it possible to maintain sustainable economic growth over the long term without a strong export sector? Outline the arguments and counter arguments in a "Yes/No" table. 

Extension: collect economic data from 3 other countries over the last 10 years to help justify your overall judgement. 


QUT Student Day

The Queensland University of Technology (QUT) QETA Economics Schools Day is an immersive and interactive learning day designed for high school students.
Students will have the opportunity to:

  • Learn concepts relevant to the curriculum directly from leading academic economists
  • Experience university life on campus
  • Update their economics knowledge and understanding
  • Explore future career opportunities and hear from current economics students.


$5.00 per student for QETA members
$10.00 per student for non-members


Teacher Network Afternoon Meeting

We invite you to attend our second online Teacher Network Afternoon meeting for 2022. The spotlight is EA: Preparation Techniques. Dane, Deb, Jodie and Justin, four experienced Economic teachers, will lead discussion of share experiences and different approaches. The event is on Thursday 21 July and will commence at 4pm and conclude at 5.30 (including questions).

Questions can be submitted prior to the event at Q&A Event Submit a Question


BEA National Conference

The theme for this year’s conference is “Connected: Together is Better” and focuses on reuniting educators across the country to engage in proactive discussions on emerging business concepts, and changes to the curriculum, offering opportunity to share knowledge amongst peers to improve systems nationally.

As business educators, we share a vision to give every student opportunities to acquire knowledge and understanding that can be applied creatively to problem solve issues in the context of the corporate world.

The disruption of COVID-19 may have created physical barriers, and challenged the way in which teaching is conducted; however, the business world has evolved as a consequence. It’s time to reconnect, and embrace the opportunity to collaborate and share expertise, challenges and learn from one other.


Twilight Event - Dr Axel Wieneke

The core of economics education as well many people’s beliefs is that markets work best and that government interventions leads to inferior results. Economics provides a strong analytical framework to proof the superiority of the market as well. However, even Adam Smith emphasised that certain goods should be provided by the government.

This workshop focuses upon situations where the free-market solution is inefficient and government interventions are required to achieve efficient production and consumption.

  • What are the fundamental characteristics of goods and market structures that cause market failures?
  • How can we approach these situations such that students can discover the problems and solutions themselves?


Practice Questions

Unit 4 - Monetary Policy
Draw the transmission mechanism diagram from memory, and annotate with arrows to show how what increases/decreases if the RBA implements expansionary monetary policy or contractionary monetary policy. Write a paragraph summarising the effects of an increase in the cash rate. 

Unit 2 - Market Concentration
Find data which supports the belief that "the Australian grocery industry is largely dominated by Woolworth's and Coles". Using supporting research, identify the impacts this has on the household and business sectors of the circular flow of income. In your opinion, would growth in an overseas competitor such as Aldi, Costco or Wal-Mart be net beneficial or harmful for Australia's economy. 


Practice Questions

Unit 2
1. Explain the concepts of "allocative, dynamic and productive" efficiency. 
2. List some of the benefits and costs of privatising the following mostly public goods
- Beaches
- Motorways
- Prisons
- Schools

Unit 4
Gather "the big 3" economic indicators of CPI, GDP growth and the Unemployment Rate. Choose 2-5 additional indicators as well. Based purely on these charts, evaluate the extent to which the Australian economy recovered from the GFC in 2008 by the end of 2013. 


Fair Work Commission increases minimum wage 5.2pc

https://www.theguardian.com/business/2022/jun/15/australias-minimum-wage-earners-to-receive-40-a-week-pay-rise-fair-work-commission-rules

Here's another example of perfect timing. There's a good chance many of you are transitioning between Units 1 and 2 and therefore be circling market failure, modified markets, and market intervention with yours classrooms. Of course, minimum wage laws are a go-to example of a price floor - a fundamental concept the price mechanism and one that lends itself to both the micro and macro policy camps. Will the added income be offset by inflationary pressure and job losses? Will there be an impact on income inequality? How might this affect business productivity? The discussion points are endless. 


Leah Sales interviews Phillip Lowe

RBA Govenor warns it is unclear how high interest rates will go | ABC 7:30
https://youtu.be/H5lJUIDPOwk

Here's a terrific interview the ABC ran this week where Phillip Lowe discusses the purpose and intention of monetary policy since 2020 as well as the justification for the  "surprising" lifts in the cash rate, as well as some projections for the future. Classroom talking points may be around the micro vs macro pictures of the economy, the role of monetary poicy in general, and of course criteria-based conclusions on economic decision. 


June Cash Rate Increase of 50 basis points

https://www.rba.gov.au/media-releases/2022/mr-22-14.html

At the time of writing this, the news cycle has been pretty much dominated by the "shockingly" large increase in the Cash Rate from 0.35 to 0.85 percent. While it's interesting to see how much monthly repayments will increase for a $500,000, $750,000 and $1,000,000 mortgage, economics students may find additional learning in unpacking the economic data and influences which may be sparking current montetary policy. Here is the link to Govenor Lowe's Statement this week. Have a go at highlighting indicators, idneitfying trends as expansionary or contractionary, and summarise the justifications for the cash rate decision. For the extra keen, where is Australia on the economic cycle? How does this relate or compare to existing fiscal policy? The value the world is providing for economics classrooms right now is endless!


Practice Questions

Practice Questions
Unit 2
1. Explain the differences between perfectly competitive, oligoplistic and monopolistic markets.
2. Draw a diagram of a "price floor". Explain the purpose of price floors using minimum wage as an example. 

Unit 4:
1. Imagine there is a supply shock which leads to inflationary pressures. Draw a Phillips Curve which includes the short and potential long run impacts of this. 
2. 


UQ Student Day

The University of Queensland (UQ) QETA Economics Schools Day is an immersive and interactive learning day designed for high school students.
Students will have the opportunity to:

  • Learn concepts relevant to the curriculum directly from leading academic economists
  • Experience university life on campus
  • Update their economics knowledge and understanding
  • Explore future career opportunities and hear from current economics students.


$5.00 per student for QETA members
$10.00 per student for non-members


Practice Questions

Unit 4
Assume that over a 5 year period, the foreign sector experienced significant growth reflected in a strong and consistent trade surplus. Explain how it's possible that GDP growth may be stagnant despite this growth in the foreign sector. Use 3 example economic indicators to detail your response. 

Unit 2
List 3 examples of each of the following and describe why they can be classified this way:
- public goods
- private goods
- merit goods
- demerit goods


Cutting the Fuel Excise Explainer

https://grattan.edu.au/news/what-does-cutting-fuel-excise-mean-for-the-government-and-for-australians/

You may have noticed that fuel prices are on the rise again, a few weeks after the government cut the fuel excise task. While there was a bit of temporary relief, I remember pump prices getting to around $1.60, they're back up to well over $2.00 a litre. Here is an early paper by the Gratten Institute explaining the implications back in April. Revisiting previous analyses and evaluations can often help clarify economic problems, and for students' may help with the validation or consolidation of previous learnings. 


Practice Questions

Unit 1
Draw a supply and demand diagram showing a price ceiling such as a "maximum cap on rent" and explain why a price ceiling would be placed below the market equilibrium in the rental market. 

Unit 4
Collect 3 economic indicators that could be used to represent the following macroeconomic objectives. 
a) sustainable economic growth
b) full employment
c) price stability
d) standard of living
e) external stability


Practice Questions

Unit 1
Justify whether your would identify residential solar panels as a price elastic or inelastic good. Imagine there was an increased government subsidy to home owners and apply this to a diagram to supplement your response. 

Unit 4
Imagine CPI has shown decreases in Year 2 and Year 3. Which of the follow are more likely to be true, ceteris paribus. Justify your answer. 
A) Consumer spending decreased in Year 1
B) Consumer spending increased in Year 2


ABC News In-Depth Youtube - Housing Divide

https://www.youtube.com/watch?v=l9basFvT0zY&list=WL&index=48

Housing affordability has taken centre stage in the last week of the election. The latest major announcement from the Coalition, just six days before voters head to the poll, would see first home buyers raid their super to help them with their deposit.

Subscribe: https://www.youtube.com/c/abcnewsindepth


Explore Economics Seminar - Study and Careers

Expressions of interest have just launched for our 2022 Explore Economics Webinar, aimed at students in Years 9-12.

Four young economists will chat about their study and career path, and what they enjoy about economics, followed by Q&A.

The webinar will be held at 4.00 pm on Wednesday, 8 June. 

Students should register themselves for this event here.


RBA Summary of Current Economic Conditions - May 2022

https://youtu.be/udEAPxRMxoE

The RBA posted its latest "Summary of economic conditions" video just at the time I'm writing this! If you haven't seen these before, the RBA does a brilliant job of unpacking the latest economic data. It's a brilliant example of how to analyse and evaluate the latest figures -- crucial for all economic students. I often pause the video, just as a new graph is shown (but before they explain it) to challenge the students to conduct their own analysis first and see how well their insights match. 


Practice Questions

Unit 1:
Explain how the following would impact the market for electricity in Australia. Draw a supply and demand diagram to supplement your answer
a) Increased consumer rebate for solar panel installation for home owners. 
b) Severe flooding forces the closure of coal mines
c) The reintroduction of a carbon tax


Unit 4:
Draw a diagram of the economic cycle, highlighting a period of strong recovery and a diagram showing an inflationary gap. Annotate each diagram to show what would likely happen going forward, in the absence of demand-side economic management. 


Teacher Network Afternoon Meeting

IA3: Teaching, learning and assessment discussion. Dane, Deb and Justin, three experienced Economic teachers, will lead discussion of share experiences and different approaches.


Seeking Mentoring Applications

Seeking Economics Teacher Mentoring Applications
https://www.qeta.com.au/join-us/mentoring-program/

The mentoring program seeks to assist and support newly registered teachers, out of field teachers and teachers who are returning to teaching Economics in Queensland schools. The program connects these teachers to passionate and experienced Economic teachers who teach students across Years 7-12. 

If you're interested, please follow the links to the application process. 


Practice Questions

Price Mechanism
Draw supply and demand diagrams to model the likely impacts of the following events:
A) RBA increases interest rates
B) The government increases subsidies to home builders
C) Analysts project significant increases in house prices next year
D) World price of steel increases

Macroeconomic Objectives
Draw a Phillips Curve and explain the potential tension which exists between unemployment and inflation


Practice

Unit 1:
Explain how the following budget measures may impact the equilibrium price and quantity for their respective markets:
a) Reducing the fuel excise tax in the market for petrol
b) Increasing subsidies to businesses for apprenticeships and the market for rooftop solar panels
c) Increasing subsidies for medicine in the market for medicine
d) Increasing financial support for first time home buyers and the housing market

Unit 4 Practice
Draw a mindmap showing the connections between the macroeconomic objectives and 20 specific items within the Federal Budget. For example "Subsidising medicine >>> Standard of living + Price Stability"


How the Economy of Japan Could Predict the Next Decade

https://youtu.be/rag4pHU7fcU

Economics Explained (Youtube) takes indepth looks at some of the most intriguing questions economists ask in very clear and simple to follow, albeit complex videos. This episode explores Japan's economic objectives, challenges and statistics while discussing quantitative easing, negative interest rates and long-term stagnation that many of us will be familiar with, yet find difficult to wrap our heads around. 


RBA March '22 Monetary Policy Decision

While there is definitely more pressing news stories at the moment, "When will the RBA increase the cash rate go up?" is one that has been kicking around a lot of our minds for a while. On Tuesday RBA Govenor Phillip Lowe announced that it is still a bit early to expect rates to increase. For classrooms, have a think about engaging the students with reading Lowe's statement, perhaps highlighting the indicators used and interrogating the the analyses provided. Year 12s may be easing into macroeconomic objectives so resources such as this could be a window into Unit 4 content and skills. Younger students may benefit from the head start and be interested to see their subject matter turning up in real life. 

RBA March 22 Statement on Monetary Policy: https://www.rba.gov.au/media-releases/2022/mr-22-05.html



The School of Life - Free Trade or Protectionism

What is the best way to make a country rich? Should you adopt a policy of free trade? Or is protectionism and economic nationalism the better way? We explore the history and theory of one of the central questions of economics and politics.

https://www.youtube.com/watch?v=5ITyd1Pzek0


The University of Queensland, School of Economics – Colin Clark Memorial Lecture

GDP-B: Accounting for the value of new and free goods in the digital economy

 

Digital media consumes a huge portion of our lives with the average Australian spending almost 40 hours per week online. That is roughly the same amount of time as a full-time job spent on smartphone apps, searching Google, scrolling social media, following maps, studying online, streaming music, videos and more. But these goods and services go largely uncounted in official measures of economic activity such as GDP and productivity.

 

In this webinar, Professor Erik Brynjolfsson, Stanford University, will explain how potential mismeasurement can arise from not fully accounting for such digital resources, while also putting forward a new metric labelled GDP-B, as it captures the benefits associated with new and free goods and is seen to go “beyond GDP”.

 

Date: Thursday 3 March 2022

Time: 12–1pm AEST

Virtual event: For more details and registration please click here:


Online Student Talks

The RBA will shortly commence our 2022 schedule of events with our Online Student Talks series.
There are two levels of presentation available:
Monetary Policy and Current Economic Conditions is aimed at Year 11-12 Economics students and covers the latest developments in the Australian economy.
Introduction to Economics is aimed at Year 9-10 Commerce/Economics/Business students and provides an overview of the economy, the role of the RBA and the benefits of studying economics.
Dates are available from 21-25 February and from 23-27 May.
All talks are free of charge and teachers can book on behalf of their classes through our Book a Talk page.


2022 BEAQ National Conference - Call For Speakers

The BEAQ is calling for expressions of interest to speak at the upcoming national BEA Conference, hosted by BEAQ. Speaker sessions will be held during the Friday and Saturday program on July 15 and 16 at the Brisbane Convention and Exhibition Centre.We are seeking sessions that focus on offering expertise, inspiration, resources and practical strategies for teachers to approach the delivery of business education subjects and courses.The theme for this year's conference is "Connected: Together is Better" and focuses on reuniting educators across the country to engage in proactive discussions emerging business concepts and changes to the curriculum, offering opportunities to share knowledge amongst peers to improve systems nationally.
Applications close Friday 11 March 2022
 with speakers to be notified by 14 April 2022. Email questions to Christina Hull; conference@beaq.org.au


Practice Questions: Exchange rates and PPC

Unit 1 Practice:
Draw a fully labelled production possibility curve that represents a country's choice between manufacturing and agriculture. Label an unattainable, optimal and inefficient point on your diagram. Add to the diagram, the impact an increase in immigration may have on this diagram and explain your reasoning. 

Unit 3 Practice:
Imagine an economy experienced rising terms of trade and a depreciating local currency simultaneously over the last 5 years. Also imagine that throughout this time, their top export destinations were also experiencing significant increases in economic activity. Explain these conditions are would likely have resulted in substantial economic growth for the local economy. Also describe why this combination of conditions, in theory could be perceived as unlikely or anomalous. 

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