Economics

The graph shows the effect of a quota on imported machinery in the domestic market, with the initial equilibrium at X.

The government chooses to reduce, but not eliminate, the quota.
From the prices shown on the graph, which is the most likely new price of machinery?
A. P1
B. P2
C. P3
D. P4

Discuss the impact of world economic development on environmental sustainability.

Outline ONE role of the Organisation for Economic Co-operation and Development (OECD) in the global economy. In your answer, refer to a specific example.

Explain the reasons for trends since 2016 in the size and composition of Australia’s Balance of Payments. In your answer, refer to the information provided.

The COVID-19 recession and associated international border closures resulted in a sharp decline in education and tourism service exports, but exports of these services have grown strongly in recent years following the re-opening of the border. The composition of Australia’s capital flows has also changed significantly in the past decade or so. Unlike in the past, Australia’s economy since 2017 has generated savings in excess of domestic investment. © Reserve Bank of Australia, 2022

[Chart showing current account balance, net goods and services, and net primary income from September 2016 to September 2024, in $ billion]

Analyse how different methods of protection affect firms and government in Australia.