Study Guide

85% - 100%

Grade Point: 7.0

75% - 84.9%

Grade Point: 6.0

65% - 74.9%

Grade Point: 5.0

55% - 64.9%

Grade Point: 4.5

50% - 54.9%

Grade Point: 4.0

45% - 49.9%

Grade Point: 1.5

00% - 44.9%

Grade Point: 1.0

Online Quizzes (Individual)

1000 equivalent words

19/06/22

26/06/22

03/07/22

10/07/22

Case Study: microeconomic and macroeconomic model analysis (Individual)

1500 words

Report (Individual)

2000 words

DUE DATE:

• Quiz 1 - 19/06/2022
• Quiz 2 - 26/06/2022
• Quiz 3 - 03/07/2022
• Quiz 4 - 10/07/2022

Assessment 1 is comprised of four parts. Quizzes 1, 2, 3 & 4 all test basic economic concepts aligned to the Subject Learning Outcomes, including key terms, core economic concepts, relationships and dynamics between various economic elements including: price, demand, supply, microeconomics, macroeconomics, equilibrium, elasticity, investment, markets, and competition.

For Quiz 1 you are required to answer 10 questions by selecting either A, B, C, D as the most correct answer.

For Quiz 2 you are required to answer one (1) long question in your own words.

For Quiz 3 you are required to answer 10 questions by selecting either A, B, C, D as the most correct answer.

For Quiz 4 you are required to answer two (2) scenario questions with written answers in your own words.

There are four (4) stand-alone quizzes that together form Assessment 1 and constitute the first 20% of the total assessment.

You can access the quiz via the LMS. This quiz is open from the start of the week and closes at the set due date.

Quiz 1:Conducted in week 2. 10 multichoice questions.

Quiz 2:Conducted in week 3. One (1) Long answer overarching question.

Quiz 3:Conducted in week 4. 10 multichoice questions.

Quiz 4:Conducted in week 5. Two (2) brief scenario questions requiring short written answers.

Electronic copies of the assignment must be submitted by 23.59 on the due date. Do not ‘E-mail’ assignments, as they will not be accepted in this subject.

Each quiz assessment will be conducted within the LMS. You have one attempt only to complete each quiz. A maximum of twenty (20) minutes is allocated for each quiz assessment. Submission will occur automatically when this time has been reached.

Quiz 2 & 4 - (long answer questions) will automatically be submitted through Turnitin when you submit these assessment components within the LMS.

Quiz 1: Multiple choice questions

25%

The student did not answer enough questions to show that they have reviewed the materials and met the following Subject Learning Outcomes:

1. Understand the microeconomic models to consider fundamental economic choices for households and firms.
2. Interpret economic models, diagrams and tables to describe the economic situations.
3. Explain how government policy influences microeconomic choices and macroeconomic outcomes.

The student has answered enough questions correctly to show that they have reviewed the materials and met the following Subject Learning Outcomes:

1. Understand the microeconomic models to consider fundamental economic choices for households and firms.
2. Interpret economic models, diagrams and tables to describe the economic situations.
3. Explain how government policy influences microeconomic choices and macroeconomic outcomes.

Quiz 2: Overarching question

25%

Quality of information is unreliable and/ or inaccurate in explaining the key concepts.

Fair quality of information is used to explain the key concept, with a portion of the information demonstrating poor quality.

Quiz 3: Multiple choice questions

25%

The student did not answer enough questions to show that they have reviewed the materials and met the following Subject Learning Outcomes:

1. Understand the microeconomic models to consider fundamental economic choices for households and firms.
2. Interpret economic models, diagrams and tables to describe the economic situations.
3. Explain how government policy influences microeconomic choices and macroeconomic outcomes.

The student has answered enough questions correctly to show that they have reviewed the materials and met the following Subject Learning Outcomes:

1. Understand the microeconomic models to consider fundamental economic choices for households and firms.
2. Interpret economic models, diagrams and tables to describe the economic situations.
3. Explain how government policy influences microeconomic choices and macroeconomic outcomes.

Quiz 4: Short answer questions

25%

Does not demonstrate an understanding of knowledge of the concepts. There are limited or no descriptions, explanations, and discussion of the course materials.

Demonstrates adequate knowledge of the concepts through the use of sufficient descriptions, sound explanations and discussion of the course materials.

Demonstrates a sound knowledge of the concepts through the use of descriptions, sound explanations and discussion of the course materials.

Demonstrates a well-considered knowledge of the concepts through the effective use of descriptions, explanations and discussion of the course materials.

Demonstrates a comprehensive knowledge of the concepts through the substantive use of descriptions, thoughtful explanations and discussion of the course materials.

Using analysis of supply, demand and elasticity in a market you are required to structure answers to the following scenarios.

Part 1

Please assume there is a small well-defined geographic area of a city. The area is composed exclusively of apartments and is populated by low-income residents. The people who live in the area tend to stay in that area because

1. they cannot afford to live in other areas of the city,
2. they prefer to live with people of their own ethnic group, or  
3. there is discrimination against them in other areas of the city. Rents paid are a very high percent of peoples' incomes.

Question 1: Would the demand for apartments in this area be relatively inelastic or relatively elastic? Please explain why.

Question 2: Would the supply of apartments in this area be relatively inelastic or relatively elastic? Please explain why.

Question 3: Draw the demand and supply curves as you have described them, showing the initial equilibrium price and quantity. Label the graph to clearly show demand, supply and price movements.

Part 2

Now assume the government creates a rent supplement program. Under this program, the renter is required to pay 30% of income in rent. Any additional rent is paid by the government --- up to a limit of $500 (per week/unit).

For example, a low-income person with an income of $1,000 a month would be required to pay $300 in rent (30%). If the rent is $500, the other $200 would be paid by the government.

Analyse the results of this program.

Show the changes on the graph and explain what will result.

Question 4: Who gains and who loses from this program?

Part 3

Now assume that the government decides to provide a building subsidy to people who build apartments in this low-income area. A certain percent of their costs will be paid by the government.

Analyse the results of this program.

Question 5: Show the results on the graph and explain what will result.

Create a Word document and clearly number each of 5 answers to the 5 questions. 

In answering question 3 - Draw the demand and supply curves. Label the graph to clearly show demand, supply and price movements. These aspects are key to successfully completing the assessment. 

No software is specified. Illustrations must be clear, but the assessment is non-prescriptive in terms of style.

At least 2 musts be from academic resources.

Academic journals, books, websites, online videos such as Ted Talks 

Electronic copies of the assignment must be submitted by 23.59 on the due date. Do not ‘E-mail’ assignments, as they will not be accepted in this subject.

See the LMS on assessment submission instructions.

Overall content and research

40% 

Failed to demonstrate sufficient understanding of the content. Provides little evidence to support ideas. The calibre of your research is below expectation.

Demonstrates an adequate understanding of the content. Provides adequate evidence to support ideas. The calibre of your research meets expectations, but further research is needed.

Demonstrates a sound understanding of the content. Provides good evidence to support ideas. The calibre of your research meets expectations and exceeds expectations in some areas.

Demonstrates an excellent understanding of the content. Provides excellent evidence to support ideas. The calibre of research exceeds expectations.

Demonstrates an outstanding understanding of the content and links to content beyond expectations. Provides outstanding evidence to support ideas. The calibre of research exceeds expectations.

Case Study Analysis   

35% 

Inadequate responses with a lack of analysis of examples and weak justifications provided, demonstrating inconsistent and irrelevant thoughts. The analysis does not effectively align with the case study.

Adequate responses with limited justifications and basic analysis of examples provided, demonstrating straightforward thinking. Some of the responses align with the case study but with areas to improve.

Effective responses with mostly logical justifications and sound analysis of examples provided. The responses mostly align with the case study, but with some level of inconsistency.

Excellent responses with logical justifications and insightful analysis of examples provided. The responses clearly align with the case study.

Outstanding and insightful responses with very strong justifications and highly critical analysis of examples provided. The responses align clearly with the case study.

Presentation, structure, writing, expression  

15%  

Failure to present content coherently in terms of formatting and structure. Spelling and/or grammar is consistently incorrect.

Presents content following the recommended formatting and structure with some minor and major errors. Spelling and/or grammar is mostly correct but with some consistent errors.

Presents content coherently in terms of formatting and structure. Mostly correct spelling and grammar are used throughout, with minor errors and occasional major errors.

Presents content coherently and logically in terms of formatting and structure. Correct spelling and grammar are used throughout, with occasional minor errors.

Presents content coherently and logically in terms of formatting and structure. Correct spelling and grammar are used throughout, with no errors.

Referencing
How well references have been used and formatted
10%

CDU Harvard in-text reference and/or reference list is often incorrect. Failure to meet the minimum referencing requirements.

Mostly correct in-text referencing and reference list, with minor errors and occasional major errors. Meets the minimum referencing requirements.

In-text referencing and the resultant reference list is correct, with no errors. Outstanding use of research resources, far exceeding expectations.

Students are to conduct research, analyse information, synthesise and illustrate key conceptual learning. Demonstration of understanding cause and effect, rationale, and dynamic relationships between different economic policy settings and events.

Provide an analysis based on the scenario below that portrays an economic market environment, which has local, national and international inputs from microeconomic factors and macroeconomic policy settings.

Scenario

In a growing economy there can be high inflation and high interest rates. Consider the late 1980’s in Australia and what was subsequently referred to as “The recession we had to have”.

Of 18 OECD countries of reasonable size and development, 17 experienced a recession in the early 1990s.

1. Determine and highlight what was causing the macro-economic conditions of the late 1980’s in Australia. What could have been done differently to prevent these conditions? Analyse and make recommendations using supportive references.  
2. Define and support with references what some of the negative impacts were at a macroeconomic and microeconomic level (during the late 1980’s- before the recession).
3. Review how, in 2020, the Australian government used monetary policy and fiscal policy during the 2020 pandemic conditions. Assess what they did and provide details.
4. Comment on why, in 2020 the Australian government used monetary and fiscal policy in this way during the 2020 pandemic conditions.  
5. Identify and discuss economic impacts at this national macroeconomic level. Provide recommendations for how the government could approach this scenario differently.

Include any originally produced charts, graphs, illustrations in your appendices.

The report must include the following:

1. Executive Summary
2. Introduction (authorisation, purpose, scope and limitations)
3. Body
4. Conclusion
5. Recommendations
6. List of references
7. Appendices

At least 4 must be from academic resources.

Academic journals, books,  websites, online videos such as Ted Talks

Electronic copies of the assignment must be submitted by 23.59 on the due date. Do not ‘E-mail’ assignments, as they will not be accepted in this subject.

See the LMS on assessment submission instructions.

Overall content and research

How well the report reviews the course and the level of research conducted to support the analysis.

50%

Incomplete and/or not helpful explanations with little or no indication of interaction among economic analysis theory; presents researched information without analysis (e.g. drawing conclusions, making comparisons, connections and inferences).

Quality of information is unreliable and/ or inaccurate in explaining the key concepts. 

Inadequate ability to research appropriate sources shown. Provides little evidence to support the main ideas. Examples used are not applicable to, or do not provide support to the assignment. The calibre of your research is below expectation.

Explanations are complete and helpful but include little or no interaction among economic analysis theory or explanations are not quite as complete or helpful. There is an indication of interaction between experiences and theory; some conclusions drawn but obvious ones missed.

Fair quality of information is used to explain the key concept, with a portion of the information demonstrating poor quality.

An adequate amount of research shown in the paper. Adequate examples are used to support the main points presented. The calibre of research is basic but meets expectation.

Explanations of economic analysis theory are complete and helpful and indicate how the theory interacts with examples for a successful outcome; conclusions are drawn, connections and inferences are made effectively.

Quality information is used to explain key concepts.

Sound research shown in the assignment beyond the basic requirements. Relevant examples are provided to support your ideas. A variety of sources and examples were used to build and support your ideas. A level of academic rigour was displayed. 

Effective use of information, inclusive of complete explanations of economic analysis theory; connections between theory and examples are made, inferences drawn and are well thought out. Convergence amongst resources sound.  

Effective and quality information is significantly used to explain key concepts.

The assignment was clearly developed to a high level. The research has been developed beyond the set texts or reading materials. Examples provided show a depth of understanding surpassing the basic concepts. Examples used were relevant. It provides strong evidence to support ideas. A high-level of academic rigour is displayed.

Substantive use of information inclusive of complete, helpful explanations of economic analysis theory; connections between theory and examples are made, inferences drawn and are judiciously researched. Convergence amongst resources evident.  

Substantive and high-quality information is extensively used to explain key concepts. 

The assignment demonstrates that considerable additional work was undertaken. Student has clearly completed a judicious level of research. The ideas were presented in an astute manner. Excellent examples and evidence were provided to support discussion throughout the assignment. Persuasive examples and reasons make this very insightful. 

Analysis and recommendations

30%

Failure to perform suitable analysis.

No appropriate discussions were presented and/or they were not justified with adequate research and the analysis.

The analysis was limited and only a basic understanding of the theory was demonstrated. Basic discussions provided but they were not always supported by research and the analysis.

The analysis was performed adequately and a good understanding of the theory was demonstrated. The discussions were sound but could benefit from more thorough research and supported better by the analysis.

The analysis was performed well, and an excellent understanding of the theory was clearly demonstrated.

 The discussions were well developed and were supported by thorough research and the analysis.

The analysis was performed exceptionally well and a comprehensive understanding of the theory was clearly demonstrated.

 The discussions were exceptional and were supported by outstanding research and critical analysis.

Writing style and expression
How well the assignment was presented and written.

10%

Ineffective expression with poor punctuation, spelling and/or grammar. Ineffective structure where sections are not clearly organised. The assessment is generally incoherent and difficult to read.

Adequate expression with some punctuation, spelling and grammatical errors. Basic structure set out.

Effective expression and evidence of logical thought. Accurate use of punctuation, spelling and grammar with occasional errors. Structure generally developed.

Very sound expression. Writing style is well developed. Very good use of punctuation, spelling and grammar. Well-structured sentence and paragraph lengths consistently used throughout the assignment.

Outstanding expression and a clear, concise writing style. Excellent use of punctuation, spelling and grammar. Carefully considered sentence structure and paragraph lengths consistently used throughout the assignment. It develops on the main points and supports superior legibility/ flow throughout the assignment.

Referencing
How well references have been used and formatted
10%

CDU Harvard in-text reference and/or reference list is often incorrect. Failure to meet the minimum referencing requirements.

Mostly correct in-text referencing and reference list, with minor errors and occasional major errors. Meets the minimum referencing requirements.

In-text referencing and the resultant reference list is correct, with no errors. Outstanding use of research resources, far exceeding expectations.