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Practice Questions

Unit 1
Assume the demand for asthma medication is price inelastic. Also assume that the demand for airpods are price elastic. Draw a price mechanism model for each of these markets to show the impacts of supply shocks on the equilibrium price and quantity for each. Use these models to explain the impact that the price elasticity of demand has when a supply shock occurs in markets. 

Unit 3:
Explain the difference between the following economic indicators, and whether "increases" are most likely favourable or unfavourable for the Australian economy. 
a) Terms of Trade
b) Current Account Balance
c) Australian dollar against the Trade Weighted Index
d) Net income transfers


Cash Rate Held at 4.35%

Were you caught off guard with the latest RBA Monetary Policy decision as well? It may take us a bit of time to adjust to the new schedule of meetings, no longer on the first Tuesday of every month but now, 8 times a year, without a patter distinguishable by me. For everyone (else) who wants to mark these in their calendars, here are the RBA meeting dates for 2024:

  • 5–6 February
  • 18–19 March
  • 6–7 May
  • 17–18 June
  • 5–6 August
  • 23–24 September
  • 4–5 November
  • 9–10 December.
In any case, here is the link to the speech and statement. Even though monetary policy does lock in until Unit 4, there are plenty of reasons younger students will benefit from understanding the impact central banks have on the supply of money and the circular flow of income. It's tradition around here to read the statement, annotating key indications of economic performance, unpacking forecasts and discussing the logic behind the RBA decision making. This year, my classrooms have tried predicting what the media coverage may be like. Much of the journalism around each decision follows similar flows:
1. Why this decision
2. What it means for <stakeholder XYZ>
3. What predictions can be made about the future and, 
4. What economic data will these forecasts be based on.

Enjoy. 


Website administrator needed! | QETA

We'd like to put out a call if there is anyone who loves to play and tinker with websites who may be able to provide some admin work. Our website is very user friendly and we would love some help to load information from contributors and assist with maintaining the site. We will provide training – 6 hours, and we will pay the lucky member while they are being trained. If interested, please contact info@qeta.com.au.

 

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