TASK
Assignment consists of two essay questions based on the subject material and
require some additional research. Sources used in your answer should be fully referenced in Harvard
style.
You are advised to access media items for further elaboration and illustration of the issues raised in
your essays. It is expected that you use at least 5 references for each essay (10 in total).
Complete the following essays ensuring that you apply economic principles or theory wherever
possible to support your discussion. Communicate your ideas with correct grammar, spelling and
writing style and support your answers with diagrams and illustrative examples as necessary.
Essay 1 (10 marks) (Approximately 1,000 words)
Drawing on your knowledge of the theory of demand and supply – supplemented by
appropriate media reports – explain what has been happening to the price of gas in Australia
over the last ten years.
Essay 2 (10 marks) (Approximately 1,000 words)
Explain the impact that the COVID 19 pandemic has had on each of the four expenditure
components of aggregate demand and on aggregate supply. Assess the consequences of this
impact on the equilibrium level of real GDP and the price level, and on the unemployment
rate in the economy.
PRESENTATION
Answers should be typed (font size-12, spacing – 1.5, font family-time new roman) and diagrams
must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable.
Sources used in your answer should be fully referenced in Harvard style.
REQUIREMENTS
Sources used in your answer should be fully referenced in Harvard style.
Assignments must be submitted through Turnitin.