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Lernmaterialien für Economics an der University of New South Wales

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TESTE DEIN WISSEN

Name the two types of ways to measure inflation

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TESTE DEIN WISSEN
  • Headline inflation (CPI) 
  • Underlying inflation -> Trimmed mean (A), Weighted mean (M) 
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TESTE DEIN WISSEN

What is headline inflation (CPI)? 

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TESTE DEIN WISSEN

It is the inflation rate that includes one-off events that distort the figures. e.g. GST in 2000 

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TESTE DEIN WISSEN

What is the underlying inflation rate? 

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TESTE DEIN WISSEN

The inflation rate that removes the effects of one-off events that distort the figures. It is less volatile. 

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TESTE DEIN WISSEN

What is the inflation target rate? 

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TESTE DEIN WISSEN

2 - 3 %

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TESTE DEIN WISSEN

What is the weighted mean?

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TESTE DEIN WISSEN

The median and calculated by comparing the inflation rate of every item in the CPI and identifying the middle observation.

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TESTE DEIN WISSEN

What happens when imported prices increase? What is this known as? 

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TESTE DEIN WISSEN

- If import prices increase, then Australia pays higher prices for goods / services and this flows through the official inflation rate 

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TESTE DEIN WISSEN

What are the positive effects of inflation? 

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TESTE DEIN WISSEN

- Reduces deflation: → consumers 
have no incentive to spend or 
borrow as deflation means prices 
are decreasing → downturn 
Allows sustainable economic 

growth

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TESTE DEIN WISSEN

What are the negative effects of inflation? - 5 marks

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TESTE DEIN WISSEN

- Contraction in economic growth 
- Loss in purchasing power
- Higher unemployment
- Lower exports
- Wage-price inflationary spiral

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TESTE DEIN WISSEN

What are policies to sustain low inflation? - 3 marks

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TESTE DEIN WISSEN

- Tightening monetary --> reduce inflation (short-term) --> changing spending and saving patterns

- Structural reforms  --> reduce inflation (long-term) (eg competition policy, tariff reform and labour market policies)

- ^ wage, ^ productivity, ^ aggregate supply which removes inflationary pressures

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TESTE DEIN WISSEN

What is unemployment? 

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TESTE DEIN WISSEN

People able to work and actively seeking work, but unable to find employment

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TESTE DEIN WISSEN

What is the formula for the labour force? 

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TESTE DEIN WISSEN

employed + unemployed

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TESTE DEIN WISSEN

What is inflation? 

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TESTE DEIN WISSEN

A percentage change in the general level of prices

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Beispielhafte Karteikarten für deinen Economics Kurs an der University of New South Wales - von Kommilitonen auf StudySmarter erstellt!

Q:

Name the two types of ways to measure inflation

A:
  • Headline inflation (CPI) 
  • Underlying inflation -> Trimmed mean (A), Weighted mean (M) 
Q:

What is headline inflation (CPI)? 

A:

It is the inflation rate that includes one-off events that distort the figures. e.g. GST in 2000 

Q:

What is the underlying inflation rate? 

A:

The inflation rate that removes the effects of one-off events that distort the figures. It is less volatile. 

Q:

What is the inflation target rate? 

A:

2 - 3 %

Q:

What is the weighted mean?

A:

The median and calculated by comparing the inflation rate of every item in the CPI and identifying the middle observation.

Mehr Karteikarten anzeigen
Q:

What happens when imported prices increase? What is this known as? 

A:

- If import prices increase, then Australia pays higher prices for goods / services and this flows through the official inflation rate 

Q:

What are the positive effects of inflation? 

A:

- Reduces deflation: → consumers 
have no incentive to spend or 
borrow as deflation means prices 
are decreasing → downturn 
Allows sustainable economic 

growth

Q:

What are the negative effects of inflation? - 5 marks

A:

- Contraction in economic growth 
- Loss in purchasing power
- Higher unemployment
- Lower exports
- Wage-price inflationary spiral

Q:

What are policies to sustain low inflation? - 3 marks

A:

- Tightening monetary --> reduce inflation (short-term) --> changing spending and saving patterns

- Structural reforms  --> reduce inflation (long-term) (eg competition policy, tariff reform and labour market policies)

- ^ wage, ^ productivity, ^ aggregate supply which removes inflationary pressures

Q:

What is unemployment? 

A:

People able to work and actively seeking work, but unable to find employment

Q:

What is the formula for the labour force? 

A:

employed + unemployed

Q:

What is inflation? 

A:

A percentage change in the general level of prices

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