The Global Economy Written Assignment Help
Part A: Data collection, presentation and analysis (35 points)
Q1. Browse the Australian Bureau of Statistics webpage (www.abs.gov.au). Download and
plot the seasonally adjusted nominal GDP (in levels) and real GDP (in levels) for the period
1990-2016 (in quarterly frequency) from ‘Table 1. Key National Account Aggregates’. Now
using the same Table 1, download and plot the percentage changes of these two GDP series
(use trends) for the same time period. From the plots, could you find any relationship
between nominal and real GDP in levels and growth rates? Explain your answer. (Word limit:
200 words)
[5 + 2 = 7]
Q2. Go to the World Bank website (http://data.worldbank.org/indicator) and collect and
present annual data for the following variables for Australia, China, South Korea, Japan and
UK for the period 1991-2016. The variables are: (i) Inflation, consumer prices (annual %) (ii)
Unemployment, total (% of total labor force) (iii) Gross capital formation (% of GDP) [Note:
this is Investment as a % of GDP] and (iv) Expense (% of GDP) [Note: this is Government
expenditure as a % of GDP]
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.
2
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. Inflation rate for all five countries.
Figures 2, 3, 4, 5 and 6: One figure for each country, with the Unemployment rate, Gross
capital formation and Expense for that country.
Using Figures 2 – 6, 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 visit the Reserve Bank of Australia website and download the monthly exchange
rates for China, Japan and UK from the webpage
(http://www.rba.gov.au/statistics/historical-data.html#exchange-rates) for the years 1991
to 2016.
Then, browse the Australian Bureau of Statistics data and using the link
(http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/5368.0Jan%202018?OpenDocum
ent) download the monthly seasonally adjusted ‘Balance on Trade in Goods and Services’
data from Table 1 for the period 1991 to 2016.
Use three different diagrams to plot the exchange rate and trade balance series together for
the above three countries. Based on these diagrams, discuss the relationship between
exchange rates fluctuations and trade balance in Australia.
[2 + 3 + 5 = 10]
Part B: Short Answer Questions (40 points)
Q4. 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]
Q5. 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]
3
Part C (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):
o 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
o Other students – you can take self-awareness tests in DeakinTALENT’s Career
Decisions module
o 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):
o What were some of the most interesting aspects of the interview, and how
may this be relevant to your own future career?
o Did the interview raise any areas of concern for you? (e.g. skill or experience
gaps, job/industry suitability)
o 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)
o 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.
The assignment has three parts. In Part A, the questions are related to data collection,
preliminary analysis and presentation with narratives. Part B questions are short answer
type questions which are going to test your analytical and explanatory skills. In Part C, the
purpose of the career education aspect of this assignment is to help you understand
employer expectations for economics graduates, track your development and understand
the opportunities for economics graduates. Keep in mind that the graduate job application
‘season’ opens February each year, and that the graduate job application process will occur
throughout your final year. This assignment is designed as a continuation of the journey you
started in MWL101.
