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Tutorial 1 - ECON1002 Introductory Macroeconomics S2 2010 1...

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ECON1002 Introductory Macroeconomics, S2 2010 Tutorial Tasks 1 R EADING G UIDE : R EVIEW PAGES 65-84 OF BOF AS PREPARATION FOR THIS TUTORIAL . Y OU SHOULD ALSO LOOK OVER YOUR LECTURES NOTES FOR W EEK 1. K EY C ONCEPTS : M EASUREMENT AND MEANING OF GDP. SELF-R EVIEW OF C ONCEPTUAL U NDERSTANDING These are to be attempted before the tutorial. They will not normally be covered in the tutorial, maybe, except for a quick review, time permitting. The answers are typically found in the textbook and lecture notes. 1. What are Australia's current rates of unemployment and inflation? (You may have to do a bit of searching for this one - one place to look is the RBA website, http://www.rba.gov.au/statistics/tables/index.html . 2. What is the economic rationale for using prices to value a nation’s GDP? 3. What do macroeconomists mean when they describe GDP as a ‘flow’? 4. Distinguish between the production, expenditure and income approaches to calculating GDP? Would you expect these approaches to give the same figure for GDP? Explain.
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