The Global Economy
Written Assignment
Trimester 1, 2019
Total marks: 100 points
Note: This is an individual assignment and needs to be submitted individually in the dedicated CloudDeakin submission folder by the due date and time.
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.
(See the end of assignment for submission requirements)
Part A: Data collection, presentation and analysis
Q1. Browse the World Bank website (http://data.worldbank.org/indicator) and collect and present annual data for the following variables for six countries: Australia, China, Japan, South Korea, UK, and USA. The variables are: (i) GDP (current US$); (ii) GDP at market prices (constant 2010 US$); (iii) Exports of goods and services (BoP, current US$); and (iv) Imports of goods and services (BoP, current US$) for each of the six countries for the years 1990 – 2017.
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.
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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]
Q2. Now go to the Australian Bureau of Statistics website.
Browse the following statistical series
5206.0 Australian National Accounts: National Income, Expenditure and Product and then select Table 1. Key National Accounts Aggregates. From here download the following two series:
Gross domestic product: Chain volume measures – Percentage changes ; Seasonally adjusted; for the years 1980 – 2018 in quarterly frequency
Gross domestic product: Current prices – Percentage Changes ; Seasonally adjusted, for the years 1980 – 2018 in quarterly frequency
Then, browse the following statistical series
6202.0 Labour Force, Australia, and then select
Table 1. Labour force status by Sex, Australia – Trend, Seasonally adjusted and Original. From here download the following series:
Unemployment rate, Persons; Seasonally adjusted, for the years 1980 – 2018 in monthly frequency.
Now convert the monthly data into quarterly frequency by taking only the monthly values corresponding to each quarter like in the earlier GDP table (for example: take the data for March 1980, June 1980, September 1980 and December 1980 to get the quarterly series in 1980).
Now go to the following statistical series
6401.0 Consumer Price Index, Australia, and then select
TABLES 1 and 2. CPI: All Groups, Index Numbers and Percentage Changes. From here, download the following series:
Percentage Change from Previous Period ; All groups CPI ; Australia ; Original, for the years 1980 – 2018 in quarterly frequency.
Now present the data for nominal GDP growth rate, real GDP growth rate, unemployment rate and inflation rate in a graph. From the graph, answer the following questions:
a. Discuss the relationship between real GDP growth rate and unemployment rate over these years.
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b. Do you think that nominal GDP growth rate and inflation rate are moving together? Explain.
c. Discuss the pattern between inflation rate and unemployment rate in Australia. (Word limit: 300 words)
[6 + 2 + 3 + 3 + 3 = 17]
Part B: Short Answer Questions
Q3. In Japan from the 1990s to the late 2000s, the interest rates fell to very low levels. However, this failed to stimulate consumption or investment spending. Use the aggregate expenditure model to explain what might have happened. (Word limit: 300 words)
[7 + 8 = 15]
Q4. Beginning at long-run equilibrium, (i) use the basic (static) aggregate demand and aggregate supply model to illustrate what happens in the short run when the economy suffers a supply shock, and (ii) use the basic (static) aggregate supply and demand model to illustrate what happens in the long run following this supply shock. (Word limit: 300 words)
[10 + 15 = 25]
Part C: Career questions
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/analyst in an institution, business or sector of your choosing. This could 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 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
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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; which you can find on CloudDeakin. 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.
[5 + 5 + 5 + 5 + 5 = 25]
Submission requirements
Presentation and Referencing:
Assignments must be typed. Answers should be in full sentences, which have been checked for grammar and spelling. Marks will be deducted if your ideas are expressed poorly or are confused, and cannot be awarded if your expression is ambiguous. Data should be neatly presented in table and graph format where requested, with sources correctly documented. The tables and graphs should have a relevant title and each axis on the graphs should be correctly labelled. Sources of data should be acknowledged under each table and chart and fully documented using a reference list presented at the end of the assignment.
Marks will be deducted for poor presentation.
Word limit:
You are limited to no more than 2,000 words in total. The words in any graphs/diagrams, tables, equations, and the references do not count toward the word limit.
Submission details:
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Submit an electronic copy of your assignment to the Drop Box in CloudDeakin, before 11:59 p.m. Friday 10th May, 2019. Make sure you receive an email confirming submission. Do not leave it until the last minute as CloudDeakin can become congested around submission time, and the drop box automatically closes at 11:59pm.
Do NOT email assignments.
Extensions:
Extensions can only be approved by the Unit Chair. They are rarely granted and rarely for more than a few days, so do not depend on an extension. Extensions can be granted for documented serious illness (not just on the day the assignment is due!) or for compassionate reasons. Work or holiday reasons are NOT grounds for an extension – you are expected to manage these issues as part of your studies. You are strongly encouraged to start early and to continually backup your assignment as you progress. Computer crashes or corrupted files will NOT be accepted as valid reasons for an extension of any length.
Note that CloudDeakin may not accept some file formats. You should try to upload one file only in either Word or (preferably) PDF format. If this is too big, then upload multiple files as attachments with the assignment word document or pdf document file.
Other Information:
Please read carefully the University policy on ‘ACADEMIC HONESTY AND MISCONDUCT’ before you start working on your assignment. The direct URL is:
http://www.deakin.edu.au/students/assessments/misconduct
Individual work is required!
You may study with other students, however you must write this assignment on your own. On occasions students submit assignments that are very similar and clearly close copies of each other, using identical or very close diagrams and examples. This is called collusion. Plagiarism is if you use ideas that are not your own without appropriate reference. Software will check each assignment for plagiarism and collusion, which are explained further in our Unit Guide and the reference above. We do catch students, and they then have to appear before the Academic Misconduct Committee and receive a penalty – penalties can be severe and even include exclusion from the university. The whole process is traumatic for everyone.
Most students do the work in good faith and submit their own words and diagrams. They understand the importance of this for learning, maintaining the quality and integrity of the degree they will ultimately get, and preparing for the exam.
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To avoid any suspicion of collusion if you do work together, go away to write up your own version separately. If you use ideas from other sources (for example the text or articles) then reference them. All directly or indirectly sourced material must be referenced and an alphabetical list of references should be included at the end of your assignment. If you quote directly from the textbook you must reference your quotation (including a page number), however you are strongly encouraged to express your ideas in your own words. Economic concepts from the textbook do not need to be referenced if stated in your own words. Economic (or other) ideas or concepts from any other sources, including on-line sources, must be referenced. Figures in tables must be referenced. Use the Harvard (Author, date) style of referencing.