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2020/21 Block C (First Sit)
MODULE TITLE: Understanding the Economy
TITLE OF ASSESSMENT: Assignment (First Sit)
DEADLINE DATE FOR SUBMISSION BY STUDENTS: 28 June 2021 Before 12:00 (UK time)
SUBMISSION LOCATION: Turnitin
ASSESSOR(S): Dr Alaa Soliman
Notes for Students:
Word Count: 4000 words.
UNDERSTANDING THE ECONOMY First Sit ASSIGNMENT – 100% of Final Mark
1– As a result of the current pandemic, many economies are at the brink of collapse, as businesses struggle to stay afloat. Many governments have forced lockdowns and significant movement restrictions, leading to significant losses for small and medium-sized businesses (SMEs). The recent fall in the Consumer Confidence Index in many developed and emerging economies could be the result of growing job insecurity from job losses and business closures, travel bans, restrictions, and shutdowns in entire economic sectors, especially in entertainment, leisure, and travel sectors. The fall in investment because of strict bank lending measures has also contributed to this fall in consumer confidence and spending.
collect the following data:
Global consumer confidence index for developed and emerging countries from 2018Q2 to 2020 Q4
Apply a theoretical framework to analyse the effect of the fall in consumer confidence on economic growth. Use a country of your choice to illustrate your answer. (25 Marks)
2 – Economists are watching governments closely to see how they will continue to respond to the effects of the current pandemic on the real economy. Many governments have introduced fiscal and monetary measures towards mitigating the impact of the pandemic on businesses and their economies. These economic measures include, among others, tax breaks, furlough schemes, government spending, and economic stimulus packages.
Apply appropriate theoretical frameworks to analyse how these economic measures can stimulate an expansion of the macroeconomy. Carefully specify the starting position of your analysis to evaluate the possible outcomes. Use a country of your choice to illustrate your answer. (25 Marks).
3 – Consider the article titled “Bank of England Keeps interest rates on hold at 01%”
Apply appropriate theoretical frameworks to analyse the impact on the UK macro economy of the Bank of England’s decision to keep the interest rate unchanged at 0.1%. Then evaluate the likelihood that such a policy can spur economic growth in the UK economy. (25 MARKS)
4 – Apply appropriate theoretical frameworks to critically discuss whether you think a consumer led strategy, rather than an export led strategy, is likely to be detrimental to long term economic growth and welfare. You may provide a recent example of this for China (25 Marks)
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