Topic 5 Aggregate Demand and Aggregate Supply
Aggregate Demand and Supply Model
The aggregate demand and supply model explains fluctuations in real
GDP and in the price level
In the short run, the price level is determined by the intersection of the
agg
Topic 4 Long-Term Economic Growth
Important Terms
Solow Model
Malthusian
Labour
Capital
Technology
Production Function
Productivity
Rule of 72
Steady State
Production Functions In Depth
Write a formula for a Production Function of the
Topic 5 Economic Development
Important Terms
Solow Model
New Growth Theory
Development
Property Rights
Rule of Law
FDI and FPI
PPP
Rule of 72
Steady State
Neoclassical Growth and Criticisms
On the following set of axis, draw the Catch-
Topic 3 Measuring GDP
Important Terms
Production
Expenditure
Income
Domestic
Transfer Payments
Government
Expenditure
Investment
Consumption
Net Exports
GDP in Depth
When calculating GDP, do we consider Gross or Net Investment? What
Topic 2 Trend Output and Fluctuations
Important Terms
Production Possibilities
Curve
Unemployment
Cyclical
Frictional
Structural
Natural
Keynesian
Classical
Factors of Production
Frictional, Cyclical and Structural Unemployment in Depth
Suppose the nu
ECON1020 PASS TOPIC 1 INTRODUCTION
KEY CONCEPTS
Macroeconomics
Interpreting graphs
Percentage change
Index laws
WELCOME TO ECON1020 PASS
Make sure you are sitting with 3-5 other students. In your group, fill out the following table:
Group member
name
Degr
ECON1020 PASS TOPIC 3 MEASURING GDP
KEY CONCEPTS
Gross Domestic Product
Gross National Product
Real and Nominal GDP
Production Approach
Income Approach
Expenditure Approach
Inflation and GDP Deflator
Purchasing Power Parity
WHAT IS GDP?
Jump into your gro
ECON1020 PASS TOPIC 2 FOUNDATIONS
KEY CONCEPTS
Macroeconomics
Microeconomics
Positive and Normative statements
Efficiency and Equity
Production Possibilities Frontier
Opportunity Cost
Supply and Demand
POSITIVE AND NORMATIVE STATEMENTS
In your groups, rea
ECON1020 Tutorial 2 The Foundations of Economics
Reading: Chapters 1, 2 & 3
Question 1 [Graphs and demand]
a. What is the law of demand? With this in mind, which way do demand curves slope
(downwards or upwards)?
b. The following demand schedule is gather
ECON1020 Tutorial 3 Size matters
Question 1 [GDP concepts]
a. What is GDP? Distinguish between what types of goods and services are included and
excluded.
b. What are the 3 methods of computing GDP?
c. What are the 4 components of GDP (used to calculate t
ECON1020 Tutorial 1
Maths Review
Question 1 [Equation of Straight Line, Solving Equations by Substitution]
Consider two different lines, Line A and Line B. Line A is equal to Y=16-2X whilst Line B is displayed on the graph
below.
Line B
Y
X
a)
b)
c)
d)
Fo
ECON1020
TOPIC 5
AGGREGATE EXPENDITURE & OUTPUT IN THE SHORT RUN
Reading: HGLO Chapter 9
AE P - Planned aggregate expenditure
MPC Marginal propensity to consume
MPS Marginal propensity to save
I P - Planned investment
I u - Unplanned investment
Y d - Disp
Assessment Concept Priorities for relevant parts of Ch. 9 and Ch. 11
Modern Monetary Policy
(including Asset Markets)
High
The interdependence of the
real economy, the financial
sector and asset markets
Central banks target inflation,
not asset prices.
Wh
Topic 1 Introduction
Important Terms
Microeconomics
Macroeconomics
Normative and Positive
Ceteris Paribus
Social Science
Gross Domestic Product
(GDP)
Price Level
Macroeconomic Model
Positive and Normative Statements
A first year econ
SECaT evaluations (for ECON courses) open on
Monday 17 October (Teaching Week 12).
Note that there are no lectures next week (2pm, Oct. 24 & 27).
I instead offer two extra consultation sessions at these times: 39:614
Get feedback on your drafts of answers
Topic 6 Money and Banking
Important Terms
Assets
Liabilities
Equity
Balance Sheet
Currency
Deposits
Reserves
Coincidence of Wants
Money Supply
Money Creation
For the following questions, assume all values are in $000.
Consider the b
Topic 3 Measuring GDP
Important Terms
Production
Expenditure
Income
Consumption
Investment
Net Exports
Government
Expenditure
Aggregate Expenditure
Nominal vs. Real
GDP in Depth
When calculating GDP, do we consider Gross or Net Inve
Generic Formula:
: ( )
Confidence Intervals I:
PART 1: Understanding Confidence Intervals
1. Match the following key terms to the appropriate definition:
Key Term
Inferential Statistics
L01, Slide 17
Confidence Interval
L07, Slide 6
Point Estimate
L07, S
Generic Formula:
Confidence Interval: Point Estimate (Critical Value x Standard Error)
Confidence Intervals II
Angus Rare, the manager of a Steak House, wishes to determine the difference between the true
mean weight
=
Hypothesis Testing I
PART A: Understanding Hypothesis Testing
1. Complete the following 5 Steps in Hypothesis Testing for the Mean (SLIDE 26) for a Two-tailed Test.
(1) State the Null and Alternate Hypothese
ECON1020 Tutorial 9
Monetary Policy Chapter 12
Question 1
Suppose Australias unemployment was 10% and inflation was 1%
(a) Do you think the RBA would increase or decrease the cash rate?
(b) How does the RBA change the cash rate in this way? You will need
ECON1020 Tutorial 8
Money, Banks and the RBA Chapter 11
Solutions
Question 1
Above is a plot of price of bitcoin in US dollars. Since the beginning of 2012 its price has
been as low as US$4.62 and as high as US$1,147.25 (for reference, the price of an Aus
ECON1020 Tutorial 6
Aggregate Demand and Aggregate Supply Analysis
Chapter 10
Question 1
Are the following statements true or false? Explain your answer.
(a) At lower price levels the real level of national income is higher and so consumption
spending is
ECON1020 Tutorial 10
Economics in an Open Economy Chapter 14
Submission due 6am, Monday 25th of May
Question 1
Following a successful advertising campaign, (https:/goo.gl/cgE1A8) there was an increase
in foreign portfolio investment by British savers in P
ECON1020 Tutorial 4
Inflation
Chapter 8
Question 1
Jane has a locket containing a lock of David Humes hair. Bob has offered to purchase it from
her for $20,000 today. Ling has offered to purchase it for a first payment of $8,000 today and
a second payment
ECON1020 Tutorial 5
Aggregate Expenditure and Output in the Short Run
Chapter 9
Question 1
Consider an economy where autonomous consumption is $200, planned investment is $400,
government purchases is $300 net exports is $100 and the MPC is 0.75
(a) Draw
ECON1020 Tutorial 7
Fiscal Policy Chapter 13
Submission due 6am, Monday 4th of May
Question 1
Suppose that in 2002, Australias GDP was at potential and the government was running a
balanced budget. If a slump began and the government changed no laws or po
Semester Two Final Examinations, 2015
ECON1020 Introductory Macroeconomics
This exam paper must not be removed from the venue
Venue
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EXAMINATION
Semester Two Fi
Two Matrices for Topic 8: Understanding Fluctuations
This is a large topic. Some will find its contents counter-intuitive, which means that under exam
conditions bad errors are possible. I do not expect you to agree with the analysis, but I expect you to
ECON1020
Introductory Macroeconomics
Dr Bruce Littleboy
Chapter 4
(excluding LTW pp. 74-76)
Long-term economic growth
Watch Blackboard for more
assessment-standard Qs from last-years mid-semester test and
for more answers to selected end-of-chapter questi
Semester One Final Examinations, 2016
ECON1020 Introductory Macroeconomics
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School of Economics
EXAMINATION
Semester One Fi
Semester One Final Examinations, 2015
ECON1020 Introductory Macroeconomics
This exam paper must not be removed from the venue
Venue
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|_|_|_|_|_|_|_|_|
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School of Economics
EXAMINATION
Semester One Fi
Semester Two Final Examinations, 2014
ECON1020 Introductory Macroeconomics
This exam paper must not be removed from the venue
Venue
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School of Economics
EXAMINATION
Semester Two Fi
Semester One Final Examinations, 2012
ECON1020 Introductory Macroeconomics
This exam paper must not be removed from the venue
Venue
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_
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_
School of Economics
EXAMINATION
Semester One Fi
Semester One 2013, Final Examination
ECON1020 Introductory Macroeconomics
This exam paper must not be removed from the venue
Venue
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_
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|_|_|_|_|_|_|_|_|
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_
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School of Economics
EXAMINATION
Semester One 201