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Economic management — Question 15

QCAA 2024, Paper 1 · 21 marks

Q15 · 2024 · External assessmentUnclassified21 marks

QUESTION 15 (21 marks)

Use all of Sources 1–8 to analyse the economic issue and evaluate a demand-side and a supply-side approach being taken by Australian governments. Draw a conclusion about which approach is more effective, using the criterion of future employment.

Stimulus book

Source 1: Extreme global weather events, 1945 to 2024

Storm

Flood

Drought

Other

1945–1964

200

80

<10

<10

1965–1984

380

420

25

21

1985–2004

1390

1450

340

360

2005–2024

2000

3200

400

680

Source 2: State Government media release, 2024

The $5 billion CopperString Project 2032 is the largest expansion to the power grid in Australia. It links to the North West Minerals Province (375 000 square kilometres), an area that contains one of the world’s richest deposits of critical minerals, worth an estimated $500 billion.

Economics stimulus figure

Full cost after federal government subsidies are paid to you!

Source 4: Scientific statement There is evidence that non-renewable energy is a major contributor to climate change due to carbon emissions. Australian weather disasters are damaging food, transport and major export industries and assets.

Source 5: Global carbon emissions by source, 2023

Economics stimulus figure

*Including renewable energy sources

Source 6: National electricity generation by fuel type

Economics stimulus figure

Source 7: Economic commentary, 2024 Emerging technologies rely on critical minerals that are important to the production of electric vehicles, renewable energy projects and storage, and low-emission power sources. The location of these minerals is accessed through a small, separate power grid that is gas-fired. The existing system is not enough for processing minerals or associated manufacturing.

Source 8: Global solar production employment, top 10

Economics stimulus figure

The top 10 countries have 87% of solar jobs

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