Economics Topic 4, 5 and 7 Assignment Questions 2015

Topic 41. Briefly trace the changing significance of the Rural Sector to the Australian economy throughthe past century. How important were global forces?2. Discuss the reasons for the establishment of statutory marketing authorities and two-pricehome-consumption schemes from the 1920s to the 1940s. Outline the main functions of theseinstitutions.3. What was the Wool Reserve Price Scheme? How did it work and was it successful?4. Explain the main reasons for deregulation of Australian agriculture during the 1980s and1990s. Which types of institutions were affected, in what ways, and what are the currenttrends in government support?5. What is the principal farmers’ organisation? How important has it been in driving andresponding to economic change over the last two decades?Topic 51. Trace the broad outline of the relative rise and decline of the manufacturing sector throughthe past century. Why has the share of manufacturing in GDP fallen in recent decades?2. Explain the main reasons why tariffs have been reduced in recent decades.3. Outline three arguments for protection and three arguments against protection. Which side ofthis debate has the stronger case? Why?4. Discuss the change in emphasis in the way the federal government now supports secondaryindustry, compared to the ways the government did this in the middle of last century.5. When and why was the Productivity Commission established? Explain its functions andcontrast those with the functions of the Tariff Board before 1972.Topic 71. What are horizontal and vertical fiscal imbalances? What are the main causes of theseimbalances in Australia?2. What has been the main way in which the federal government has dealt with the financialproblems of the small states in the Australian federation?3. How has the federal government attempted to address the main issues in federal-statefinancial relations since 1972? Has it been successful?4. What roles do the Loan Council and Uniform Income Tax play in Federal-State financialrelations today?5. What impacts did both the Uniform Income Tax and the GST have on vertical fiscalimbalance?