Answered: Imagine Australia in a recession due to…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter25: The Keynesian Perspective

Section: Chapter Questions

Problem 17CTQ: In its recent report, The Conference Boards Global Economic Outlook 2015, updated November 2014...

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Question

Imagine Australia in a recession due to low demand for export commodities

a) Explain how the low export demand will impact Australia's foreign exchange rate and money supply

b) To combat the low export demand the Federal Government decides to invest in infrastructure to create a national transport grid, including improving port facilities in Darwin, Townsville and Sydney. Explain how this will impact short and long run economic growth in Australia?

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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