Tutorial 1_2010 _answer_

Tutorial 1_2010 _answer_ - ECON1002 Introductory...

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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. 5. Can a nation’s real GDP ever be less than its nominal GDP? Explain. P RACTICE P ROBLEMS 1. What is macroeconomics about? How is it different from microeconomics? Why might macroeconomics be relevant to businesses? Macroeconomics is about the aggregate economy, rather than particular firms, households or industries. See lecture notes. Business decision making requires macroeconomic information on such thing as interest rates, inflation, economic activities, wage rates, unemployment, productivity growth, exchange rates and government policies. 2. Consider the following data for two countries. T
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Tutorial 1_2010 _answer_ - ECON1002 Introductory...

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