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I did the BOP question, it's not my strong point, but I figured I could write a better response on this than the industry question. Anyway, I think I wrote a pretty good essay, the only problem is that I might have gotten a few ideas confused... For example saying something to mean another...

My definition: the situation when Australia's dealings with the rest of the world are almost in equilibrium. This is the definition from the excel textbook, but it was marked wrong in my half yearlies. What is a more acceptable definition?

I feel that the economics exam will most probably feature a question about environmental management and the carbon tax. What do you think?