1303AFE Economics for Decision Making

1303AFE Economics for Decision Making course is based upon decision-making in economics and is important for the students who are enrolled in this coursework. Economic decision-making is the process of making a business decision involving money. The purpose of making these decisions is generally to come up with strategies that help to either make the company more valuable or to increase the revenue of the owner.

In this assessment, the students are required to apply the decision-making skills that they have learned during their coursework. 1303AFE assessment answers are based on Griffith University which is one of the most reputed universities in Australia. The course work is a part of Griffith University situated in Queensland, Australia. Through engagement in their studies, students are provided with opportunities to begin the development of these and other generic skills. The university is committed to maintaining high academic standards to protect the value of its qualification.

Academic integrity means acting with the values of honesty, trust, fairness, respect, and responsibility in learning, teaching, and research. It is important for students, teachers, researchers, and all staff to act in an honest way, be responsible for their actions, and show fairness in every part of their work. Academic integrity is important for an individual and the reputation of the university. 1303AFE task answers involved in the decision-making process must have access to the detailed financial report of the company and must have a good understanding of the economic climate of the company.

Unit Details of 1303AFE Economics for Decision Making

Unit details of this course include the following:

Unit code - 1303AFE

Location - Australia

Study level - Postgraduate

Brief on 1303AFE Economics for Decision Making

The assessment consists of four questions in total which students are expected to answer. The questions are as follows.

Question 1

1. In the country of Classica, we have information on the following economic activities in the year 2019

• Consumption stood at $1 billion worth of new goods and services, 20% of which were bought by foreigners residing there.
• Housing stock worth $100 million was sold, 30% of which was made up of existing housing stock.
• Wages totaled $120 million.
• Businesses bought $150 million worth of bonds
• Businesses spent $25 million expanding the size of their factories.
• The government procured $150 million worth of protective equipment for hospitals and paid out $10 million in fees to agents who organized the purchase.
• The government also transferred $20 million to various charities as a gesture of goodwill.
• Classica is a closed economy.

1. What was the value of consumption in Classica is 2019? Explain how you obtained this value?

• The standard of living in Nigeria is higher than the standard of living in New Zealand as the size of Nigeria’s nominal GDP in 2019 was estimated at $0.448 trillion as opposed to New Zealand’s $0.206 trillion in the same period. Do you agree or disagree with this statement? Explain your answer and provide real-world evidence to justify your answer.

Question 2

1. Most people in the country of Hypothetical tend to keep 5% of their cash holdings in their wallets. The central bank has instructed the commercial banks to also hold 3.5% of all bank deposits as reserves.
2. Calculate the simple money multiplier  

• Suppose that in 2018 customers deposit $2,500 into their bank accounts. Based on the simple money multiplier calculated in part (i), calculate the total amount which the money supply in the banking system will eventually increase to.
• What do you expect will happen to the total amount of Australian dollar securities held by the Reserve Bank of Australia in the next few years? Justify your answer.

Question 3

The impact of COVID-19 has sent the economy of Hypothetical into recession. The finance ministry has advised the government to ensure a weaker currency in order to boost exports and thus kick-start the slowing economy. As well, the finance ministry wants the government to also cut income taxes and introduce a special income supplement of $100 a month to every citizen as this will also boost the economy. The President of Hypothetical has asked you, as her chief economic advisor, for your views.

Question 4

1. Inflation in Symposia is currently below the target range of its central bank. What does this tell you regarding Symposia’s likely output gap? Illustrate it using an AS-AD diagram, and briefly explain your diagram
2. Your mother states that the RBA printing money will lead to inflation. Do you agree or disagree with her statement both in the current economic situation and in times when the economy is at potential GDP? Justify your answer.

• Is nominal GDP targeting a better tool for central banks to use in the highly recessionary COVID-19 period where inflation has essentially disappeared as a policy issue? Briefly explain your reasoning.  

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Weightage of this 1303AFE Course Code in their Semester

The assessment 1303AFE is based on economics for decision making and is one of the most important coursework for economics students. The assessment is based on four different questions which carry individual marks. Question 1 and question 2 comprises of 10 marks each, while question 3 and question 4 are worth 15 marks each. The weightage of this assessment is 50 % and carries 50 marks in total.

The assessment is an individual-based assessment and thus original work of the student is required. The students might discuss among themselves regarding the assessment for guidance but each paper needs to be unique and original. There is no room for plagiarism and student need to follow all the university guidelines. Proper referencing needs to be done throughout the assessment paper and the referencing needs to be done in APA style with in-text citations as instructed by the university. Moreover, students may take help from the university library from books and papers to make the assessment more authentic and better.

Being a subject of the postgraduate degree, students are expected to engage with high-quality academic journal articles, using the textbooks, newspapers, journals and anything that can be obtained through authentic and official websites present on the internet will be considered as an authentic source of the secondary research for completing this assessment. The authenticity of the report will be decided based on the research effort and skills presented by the student in the paper and grades will be provided based on the quality and authenticity of the paper.

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