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4. Make use of AE diagrams to analyse and contrast the macroeconomic behaviour of Greece and Australia. Discuss possible reasons for the differences

Due Date: 14 May 2012
Word Limit: 1500 words.
Worth: 25% of total for unit
Collect economic data for three countries: Australia, China and Greece. The data is to obtained from official sources as time series for the key macroeconomic variables. These are real GDP, real GDP per capita, annual real GDP growth, the unemployment rate, the interest rate, and the inflation rate. For Australia and Greece, also collect data series for government expenditure and taxes. The data are to be in annual format for the years starting from 1999-2000 up to and including 2010-2011 (or the most recent available).

1. Present the data above in tables for each variable. Present in charts the data for real GDP, real GDP per capita, annual real GDP growth, the unemployment rate, the interest rate and the inflation rate, with each variable in a separate chart. Show one variable across the three countries in the same chart wherever possible. Calculate the annual real interest rate and similarly present it in a chart including the three countries. Also in one chart for each of Australia and Greece, present its government expenditure, taxes and GDP. The charts must be correctly titled, labelled and sourced. (8 marks)

2. Compare the variables in the charts for each country and comment about similarities and differences in the level and movement of the variables amongst the three countries. Include a description of the budgetary positions for Australia and Greece over the period.
(5 marks)

3. Based on the data you have presented, discuss how the GFC has influenced the economy for each country over the period. Discuss why the effects on each country may differ. (5 marks)

4. Make use of AE diagrams to analyse and contrast the macroeconomic behaviour of Greece and Australia. Discuss possible reasons for the differences.
(7 marks)

Up to 5 marks will be deducted for poor presentation including tables, charts and referencing.

Presentation and Referencing:
Answers should be in full sentences, which have been checked for grammar and spelling.
Data should be neatly presented and labelled in table and graph format, with sources correctly documented at the foot. Tables and graphs should be correctly titled and each axis on the graphs correctly labelled. Source of data should be acknowledged under each table and chart and fully documented using a reference list presented at the end of the assignment.
References, including electronic references (with date of access), need to be fully documented in a bibliography at the end of the assignment, so that they can be readily accessed by the reader. For more information on referencing see the Library Data Collection Help Sheet, available in the Resources Folder in DSO. Check also the assignment learning module in DSO and .
The first page of the assignment must include the name and student ID. On campus students must include the tutor’s name and tutorial time. All report pages must have a footer which includes the student’s ID and the page numbering e.g. page 4 of 8. The assignment should have standard left and right and top and bottom margins.

Some references, not exhaustive:
Unit materials and individual topics folders in dso.
Australian Bureau of Statistics, (ABS), available online at The ABS provides data on the Australian economy and a link on its home page to International Statistics.
Department of Foreign Affairs and Trade, (DFAT), Country Fact Sheet, available online at
Reserve Bank of Australia, (RBA), Alphabetical accessed December 2010.
World Development Indicators: a data base that covers all countries and is available through the library. See Library Help Sheet in the Resources Folder on dso.
World Bank and
Australian Treasury
Make use of library resources.
Deakin University, Study Support, offered through the Division of Student Life website, ‘study skill’, ‘student resources’, ‘referencing and avoiding plagiarism’.
Please read carefully ‘ASSESSMENT’ and ‘ACADEMIC HONESTY AND MISCONDUCT’ in the Unit Guide before starting work on the assignment.

Both a Hard Copy and an Electronic version of the assignment must be submitted with assignment attachment sheet with honesty declaration signed. (see assignment attachment sheet at the Assessment module in Content on the unit D2L site.)
On campus students:
Submit a hard copy with attachment sheet to the B&L Faculty Office assignment box no later than 5pm on Monday 14 May. The assignment box is located in the middle entrance to the building coming from building la. There is a small foyer area in between the first set of sliding doors and the next set of doors which can be accessed at all hours. Make sure you supply your tutor’s name, tute time and tute number on the front so that your assignment can be returned to you in class.
Off campus students:
Submit a hard copy through DSA Assignment Tracking with bar-coded assignment attachment (downloaded from StudentConnect at to:
Assignment Tracking, Assessments
Division of Student Administration
Deakin University
Pigdons Road
Waurn Ponds Vic 3217
All students:
Submit an electronic copy with plagiarism declaration to DSO by 5pm on 14 May. An earlier time is preferable in order to avoid system overload at the last minute. This avoids system crash and the risk of late submission.

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