Q1. The Government is contemplating a tax cut of $20 billion to boost the economy which is experiencing some recessionary pressure. Use the aggregate expenditure model to analyse what will happen to the equilibrium GDP. If the marginal propensity to save is 0.2, how much would it influence the equilibrium GDP? Explain your answer. (Word limit: 300 words) [10+ 5 = 15]
Q2. Starting from an initial long-run equilibrium, use the dynamic aggregate demand and aggregate supply diagram to show what happens in both the long run and the short run when there is a decline in investment expenditure. What policy action would the central bank take in such circumstance? (Word limit: 300 words) [10+ 10 + 5= 25]
Part B (25 points)
Before you start this section, it is recommended that you familiarise yourself with the Economics Learning Standards for Australian Higher Education (ELS). Understanding these will help you understand the expectations of an economics graduate and articulate the skill set gained in your economics studies. The ELS have been jointly created by academics and industry, with the aim of matching employer and educator expectations.
For this part of the assignment, you are required to research the role of a macroeconomist (or economist) in an institution, business or sector of your choosing. You can think of this as a potential position which would be linked to your role when you apply for jobs after finishing your degree. Write a report of no more than 700 words that includes:
1. A brief introduction on the organisation you have chosen, and the industry or sector they operate in (recommend 100 words).
2. A summary of the role you have chosen, including the skills required for the role. Use the Economics Learning Standards for Australian Higher Education to aid your reflection. Break down where you meet these expectations, and your areas for improvement. How would you show a recruiter that you have the required skills and experiences for your chosen economics position? (recommend 200 words)
3. Describe what drew you to your selected position. Link the chosen position to your VIPS (values, interests, personality and skills) and how the chosen position is relevant to your long-term career plan (recommend 100 words):
- If you have completed MWL101– refer to your self-awareness test results. You may also want to consider re-taking the tests to track any changes since you took MWL101
- Other students –you can take self-awareness tests in DeakinTALENT’s Career Decisions module
- Include your test results as appendix items in your report
4. Reflect on the economist informational interview video. This video will be posted in the assessment resources folder. Reflect on (recommend 200 words):
- What were some of the most interesting aspects of the interview, and how may this be relevant to your own future career?
- Did the interview raise any areas of concern for you? (e.g. skill or experience gaps, job/industry suitability)
- Has the interview left you with any unanswered questions? Who could you discuss these questions with?
5. Review the action plan you developed in MWL101. Based on your learning with unpacking a graduate job position, and watching the interview; list the actions you’ve completed or are working on, and what you still have to do. Did you learn anything that influences your career decision-making? (recommend: 100 words)
- Students who haven’t completed MWL101, the Career Decisions module linked above will help you develop a career action plan. Your discussion here instead should focus on what you can do to address the gaps you have identified in this assignment.
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