Compare the level of real wage growth in Australia vs United States

Unit Code: ECO105
Unit Title: Principles of Economics Assessment
Title: Assessment Task 2
Type of Assessment: Written Due date: Friday, Week 8
Word count: as required but no more than 1500 words
Answer all of the questions below. Each question is worth 5 marks. The assessment contributes towards 30% of your overall mark.
Market for beer
1. Compare and contrast the rate of beer consumption in Australia with any other advanced country of your choice. What would be the best measure to use to make effective comparisons?
2. What explains the differences in beer consumption in Australia vs. the advanced country that you picked in Q1?
3. Explain the price elasticity of beer demand in Australia.
4. Draw and label fully a supply and demand curve diagram to explain how an excise tax affects the market of beer.
5. Explain the idea of cost versus benefit when making decisions. Use this idea to analyse why:
– the government wishes to reduce the rate of beer consumption.
6. Describe and evaluate the various policies over the years (other than a tax) that the Australian governments have enacted in order to reduce alcohol consumption.
Use a combination of material from text book and online sources to answer the above questions.
Labour market
1. What is the meaning of the term real wage growth?
2. Compare the level of real wage growth in Australia vs United States. Summarise the trend in last 10 years?
3. Discuss the current minimum wage laws in Australia.
4. How will increase in the minimum wages in Australia impact you personally?
Use a combination of material from text book and online sources to answer the above questions.
Preparation and submission
Format the assignment with 1.5 line spacing and size 12 point Arial font.
Assignment must be submitted on Learnline using the provided submission
point.
Assignment must be typed and submitted in Microsoft Word format.
You must clearly label the answer to each question.
Please be aware of CDU policies on collusion and plagiarism. If any submission is found to have been copied from another student, from published or unpublished sources without proper acknowledgement, the matter will be escalated to the Head of School for appropriate action.
You must clearly acknowledge all sources using Harvard referencing system including the textbook. This assignment must be your own work. It is an individual piece of assessment. Use CDU Harvard referencing style for citations.

 

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