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Practice Questions

Budget Special
Justify each of the following statements (ceteris paribus):
1. The assistance provided in the Federal budget, such as the energy relief payments, tax cuts, cheaper medicines, etc, will likely drive inflation up over the next 12 months.
2. The assistance provided (above) will likely not drive inflation up over the next 12 months.


Federal Budget 2024-25

What a fun time to be an economics teacher or student. I thought I'd try my hand at describing how the Budget can be used in classrooms, so here may be some resources you may find valuable, with some potential prompts to get going. I can say that I have personally used each of these over the last few days in class with students.

1. Christmas for Sad Losers - This short ABC video provides the basics of what the budget is and why it's important. Students could turn this content into a paragraph, or a poster to create a "Budget explainer" of sorts. 
2. Treasurer Jim Chalmers Budget Speech - This is the speech. Students could list each measure mentioned and identify a stakeholder group benefitted, or the applicable macroeconomic objective each addresses
3. Interview with Sarah Ferguson - "How is it possible that the $300 energy relief payment could BOTH lower CPI and add inflationary pressure?" Classes may be able to use this to consolidate their understanding on marginal propensity to consume and save, baskets of goods, and short-term/long-term tradeoffs.
4. Winners and Losers - An article from the AFR detailing various stakeholder groups. Depending on the dynamic of your students, it may be a valuable and potentially provactive thought exercise to debate and prioritise each stakeholder in the order of importance given current economic conditions
5. Budget Overview - The simplified document (still 66 pages) outlining the relevant trends, key measurers and accounting tables of the Budget. The piechart with "here's where revenue comes from, and here's where it's spent" is on page 59. Students can guess the pie slices, debate needed changes, etc.



Practice Question

Unit 4
Imagine an economy which has begun to experience an inflationary gap. Based on this, would it most likely be accurate to identify the following economic indicators as being "higher than long term trends" or "lower than long term trends". Draw a model to show an inflationary gap as well. 
A) Annual Inflation
B) Unemployment Rate
C) GDP Growth
D) Business Investment
E) Trade Balance
F) Household Consumption

Unit 1
Explain the concept of "tragedy of the commons" using an example to clarify your response

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