Assignment: Problem Questions
Submission method options: Alternative submission method
Sources used in your answer should be fully referenced in APA 6th style.
Answer the following question ensuring that you apply economic principles or theory related to understanding the health of the economy and the need for government intervention to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answer with diagrams and examples as necessary.
Using data from the Australian Bureau of Statistics (ABS) http://www.abs.gov.au/ collect information on the four expenditure components of Gross Domestic Product: consumption, investment, government and net exports. Develop measures for these four components using annual data for the period 1987/8 to 2017/18 inclusive, in real per capita terms. Plot these values over time. Be explicit and define the data employed and provide sources for the data obtained, cite the ABS catalogue and table numbers. Provide economic explanations of any observed time patterns in these series.
Using appropriate diagrams, explain the likely impact of a period of low real wage growth on macroeconomic equilibrium in Australia. Use evidence drawn from media and other reports to illustrate you answer. How might government policy respond to mitigate any undesirable consequences of prolonged periods of low real wage growth?
This assessment task will assess the following learning outcome/s:
? be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.
? be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.
This assignment will give you practice in preparing an answer to a question which is similar to the type of questions you are likely to be asked in the examination.
Length: Approx 2,000 words.
Attachment:- Data Employed.rar