Part A: Data collection, presentation and analysis

Q1. Go to the following webpage from the Department of Foreign Affairs and Trade.  http://dfat.gov.au/about-us/publications/trade-investment/australias-trade-in-goods-  and-services/Pages/australias-trade-in-goods-and-services-2015-16.aspx

Identify and present in a Table the top five countries from the “Australia’s trade in goods and services by top 15 partners 2015-16” list. Are these top five countries remain in the top five list in terms of Australia’s top exports destination as of 2015-16? Could you list in a clearly marked Table the top ten exports from Australia as of 2015-16?

[4 + 2 + 4 = 10]

Q2. Now visit the World Bank website (http://data.worldbank.org/indicator) and collect and present annual data for the following variables for Australia and its top five two-way trading partners identified in Q1 above. The variables are: (i) GDP (current US$); (ii) GDP at market prices (constant 2010 US$); (iii) Exports of goods and services (current US$); and (iv) Imports of goods and services (current US$) for each of the six countries for the years 1980

– 2015.

Present the data in tables. You are free to decide how many tables to use, and which variables/countries to include in each table. Each table must be numbered and have a

clear heading/title indicating its contents, and a reference for the source of the data under the table.

Use the data to construct the following graphs. Indicate under each graph which table(s) the data came from. Give your graph a title, and make sure to label each of the axis and the variable.

Figure 1. Nominal GDP and Real GDP for all six countries.

Figures 2, 3, 4, 5, 6 and 7: One figure for each country, with the Nominal GDP, Exports of goods and services and Imports of goods and services for that country.

Using Figures 2 – 7, analyse and explain any general relationship you see between the three variables in each of the countries. On the basis of the data collected, analyse any similarities and differences in the performance of economies. (Word limit: 300 words)

[4 + 6 + 8 = 18]

Q3. Now browse the Australian Bureau of Statistics webpage. Download and plot the growth rate of nominal GDP, inflation rate (using CPI) and unemployment rate for the period 1980-2015 (in annual frequency). Do you see any relationship between GDP growth rate and inflation rate? Are there any connection between GDP growth rate and unemployment rate? (Word limit: 200 words)

Part B: Short Answer Questions

[5 + 2 = 7]

Q4. Using the following table, answer the following questions. The numbers in the table are in billions of dollars.

1. What is the equilibrium level of real GDP?
2. What is the MPC?
3. If investment spending declines by 50, what will happen to equilibrium GDP?

[5 + 5 + 5 = 15]

Q5. Starting from long-run equilibrium, use the basic (static) aggregate demand and aggregate supply diagram to show what happens in both the long run and the short run when there is an increase in government expenditure. (Word limit: 300 words)

[10 + 15 = 25]

Part C (worth 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 in an institution, business or sector of your choosing. This must be a position that you can reasonably expect to apply for within the next three years. 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 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 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 This video will be posted in the assessment resources folder by Wednesday 12 April. 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 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 Your discussion here instead should focus on what you can do to address the gaps you have identified in this assignment.