-Research Essay Topic Australian Mining Boom In the 21st century,Australia witnessed an extraordinary mining boom. – Explain the impact of the mining boom on the Australian economy. – Here are some things you may consider in your essay: 1. What effect did this have on the economy? 1. Explain how it affected the components of GDP and why. i 2. What happened to other macroeconomic variables? Eg interest rates, Australian dollar (exchange rates), etc. 3. Apply to any appropriate macroeconomic models we cover in this course (in particular, use diagrams): 1. Keynesian Cross model 2. IS-LM model 3. Budget line (Government Deficit/Surplus) 4. Aggregate Demand-Aggregate Supply (AD-AS) model 2. How did the government respond? 1. Fiscal policy 2. Monetary policy 3. Show using diagrams from one of the macroeconomic models. 3. How did this affect the gov ernment deficit and debt? 1. Cyclical deficit versus Structural (NED) deficit 2. Apply to Budget line diagram 4. Independent research: references In your research assignment, you must clearly but succinctly address each specific point mentioned in the essay topic. Wikipedia and other non-scholarly web sources should NOT be cited as authoritative MUM. – Criteria for Marking: The quality of the essay would be evaluated on several criteria that include but not limited to: Major criteria (1) Research efforts displayed. 9) Correct application of economic theories; Understanding and analysis of facts and issues related to the topic. Minor Criteria: (3) Style of the essay that includes but not limited to proper structure, academic wording and presentation of content. (4) Proper referencing. Learning Objectives assessed: This assessment task is designed to test your ability to do independent research, and your analytical and writing skills.