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QUESTION 3 In contrast to macroeconomic policy microeconomic reform aims to (A) (B) (C) (D) limit government intervention in markets. raise the competitiveness of export businesses. improve the allocative efficiency of resource use. increase long-term growth in gross domestic product.
QUESTION 5 Assume the Australian Government has simplified regulations in the medical and pharmaceutical industries. Identify the expected change to the aggregate demand/ageregate supply diagram (ceteris paribus). (A) Average prices rise and GDP decreases because the aggregate supply curve shifts to the left. (B) Average prices fall and GDP increases because the aggregate supply curve shifts to the right. (C) Average prices rise and GDP increases due to an expansionary movement along the aggregate supply curve. (D) Average prices fall and GDP decreases due to a contractionary movement along the aggregate supply curve.
QUESTION 13 (25 marks) Use Sources 8�14 in the stimulus book to evaluate which policy would be a more effective response to Australia�s ageing population: a policy that targets incentives to save for retirement or a policy that targets labour supply.
QUESTION 1 What is the primary aim of microeconomic reform? (A) improve living standards (B) reduce income inequality (C) increase economic efficiency (D) decrease demand-pull inflation
QUESTION 2 The significance of aggregate supply policies in Australia�s economic history was that they (A) increased the availability of local goods and services. (B) maximised sustainable economic growth. (C) achieved short-run employment gains. (D) supported domestic businesses.
QUESTION 3 How is microeconomic reform represented in the aggregate demand / aggregate supply (AD/AS) model? (A) (B) (C) (D) The AS curve shifts to the right and real gross domestic product increases. The AD curve shifts to the right and real gross domestic product increases. There is an expansionary movement along the AS curve and real gross domestic product increases. There is an expansionary movement along the AS and AD curves and real gross domestic product increases.
QUESTION 2 Of the following microeconomic reforms which is most likely to reduce unemployment? (A) (B) (C) (D) increasing the minimum wage increasing unemployment benefits increasing tariffs on imported goods increasing protection against unfair dismissal
QUESTION 9 The Federal Government aims to reduce high unemployment levels. Which combination of aggregate supply and aggregate demand policies would best achieve this? Aggregate supply Aggregate demand (A) lower fuel excise and | reduce net foreign debt (B) increase the minimum wage and | remove skill restrictions on immigration (C) fund research and development and | reduce the rate of GST (D) raise revenue from the sale of government and increase quotas on imports of primary assets products
QUESTION 11 (7 marks) Explain how a microeconomic policy could be used to improve living standards. Draw a production possibility curve diagram below to support your explanation.
QUESTION 15 (20 marks) Use Stimulus 4�9 in the stimulus book to evaluate the effectiveness of a microeconomic policy response that promotes long-term economic growth based on the manufacturing industry.
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