Demonstrate the ability to: define and use key terms and concepts in economics construct effective arguments in analysing economic questions apply economic theories and models to analyse economic problems and events evaluate economic statements and theories use diagrams with verbal explanations of economic issues interpret qualitative and quantitative evidence, such as case studies and articles, and the results of regression analysis.

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LEARNING OUTCOMES

ASSIGNMENT GUIDELINES

Part A assesses your understanding of some of the main ideas and techniques in game theory, which are mainly covered in Chapters 6 and 7. Game theory was also covered in Chapter 1, Section 6.2 and Chapter 4, Section 5.1. Online tutorials, particularly on game theory, will also provide some useful guidance. In Question 5, sequential games are discussed, particularly in Section 5 of Chapter 6.

Part B assesses your understanding of some of the main ideas in econometrics with an application to production functions. The questions ask you to demonstrate your data analysis skills using a dataset on firms. The variables in the dataset are provided in both original form and logged form.

Part B relates particularly to material in Part 1 of the gretl manual. Material on the neoclassical theory of production may also be helpful – see, for example, Chapter 5, Section 2. The skills covered in Part B include producing and interpreting summary statistics (covered in online tutorials in Block 1, Econometrics I: Using gretl to analyse data and Practice Exercises I). Part B also covers skills related to simple (univariate) and multiple (multivariate) regression analyses and the differences between the two, concentrating mainly on the interpretation of model coefficients. Multiple regression is introduced in the online tutorials Econometrics II: Bringing economic theory into data analysis – regression analysis and ordinary least squares, and Practice exercises II. Elasticities are covered in Section 8 of the online tutorial Econometrics II.

Part C asks you to write an essay examining a statement that argues that pharmaceutical companies should not face competition regulation because of the importance of the work that they do. You are invited to discuss this statement using materials from Block 2 as well as drawing on the articles from the Competition and Markets Authority [CMA] and/or the articles from the Financial Times. You should refer to at least one article in your essay. All extracts give evidence to support arguments on either side of the question. Chapter 5 discusses the concept of the perfectly competitive firm as well as issues related to production, cost and efficiency. Chapter 5 also contrasts ideas of static and dynamic efficiency and theories of technical change which may also be relevant to understanding market processes. The tools for measuring economic welfare are a key theme in Chapter 7 as well as competition policy. The CMA articles also raise concerns related to anti-competitive behaviour, whereas the Financial Times articles may suggest that the position is more nuanced.

Learning outcomes

This assignment gives you the opportunity to demonstrate the following learning outcomes:

Knowledge and understanding

You should demonstrate a sound knowledge and understanding of:

the microeconomic theory of production, consumption and exchange at post-introductory level with applications the main features, strengths and weaknesses of standard neoclassical microeconomic theory and alternative theoretical approaches key ideas, theories and debates in microeconomic theory with applications to current issues in various areas, such as production, firms, and policy.

Cognitive skills

You should demonstrate the ability to: define and use key terms and concepts in economics construct effective arguments in analysing economic questions apply economic theories and models to analyse economic problems and events evaluate economic statements and theories use diagrams with verbal explanations of economic issues interpret qualitative and quantitative evidence, such as case studies and articles, and the results of regression analysis.

How does Income Inequality affect Human development?

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Income Inequality

How does Income Inequality affect Human development?

Critically analyse the key strategic technical, legal, and financial frameworks and theories underpinning construction development and procurement.

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Construction Economics – Development Appraisal

Learning Outcomes tested in this assessment (from the Module Descriptor):

Knowledge & Understanding:

• MLO1: Critically analyse the key strategic technical, legal, and financial frameworks and theories underpinning construction development and procurement.

• MLO2: Critically appraise and evaluate the tools and professional procedures used in the cost management of construction projects.

Intellectual / Professional skills & abilities:

• MLO3: Critically analyse information, identify solutions, demonstrate judgement, and communicate findings.

• MLO4: Apply appropriate professional practices to complex contemporary development scenarios at different stages of the procurement process.

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):

• MLO5: Demonstrate the capacity for independent, evidence–based thinking and decision–making.

Discuss what GDP is and what it measures. Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are.

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Gross Domestic Product (GDP)

Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure the well-being of a nation and its citizens’ welfare. Discuss what GDP is and what it measures. Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are.

Describe the factors causing inflation in 1990 and in today’s economy. Based on your research, what impact does inflation have on global markets?

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Inflation impact on global markets

According to the Wall Street Journal, U.S. inflation hit a three-decade high in October, delivering widespread and sizable price increases to households for everything from groceries to cars due to persistent supply shortages and strong consumer demand. The Labor Department said the consumer-price index—which measures what consumers pay for goods and services—increased in October by 6.2% from a year ago. That was the fastest 12-month pace since 1990 and the fifth straight month of inflation above 5%.

Describe the factors causing inflation in 1990 and in today’s economy. Based on your research, what impact does inflation have on global markets?

Review of Literature. In this section, review several studies similar to what you are writing on. Make sure to give proper credit to each author(s) whose work you are quoting. Use the APA guidelines in referencing each article, book, journal or the Internet source. In the final paragraph or paragraphs of this section, explain how your paper will contribute to the body of knowledge.

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The Market for Electric Vehicles

a). The introduction should be 1-2 paragraphs long. Specify the objective as clearly as possible. It should set the relevance of the topic and finish with the main question or questions you want to answer in this paper.The introduction must also state your main argument, idea or hypothesis of you paper.

b). Review of Literature. In this section, review several studies similar to what you are writing on. Make sure to give proper credit to each author(s) whose work you are quoting. Use the APA guidelines in referencing each article, book, journal or the Internet source. In the final paragraph or paragraphs of this section, explain how your paper will contribute to the body of knowledge. This section should be 3-4 pages long.

c). The Economic Analysis section should be 2-4 pages long. In this section you should present the empirical evidence and Include terms like demand, supply, variable and fixed costs, marginal or incremental changes, marginal and average costs, price elasticity, income elasticity, maximization, minimization, normal profit, competitive markets,product differentiation, market structure, oligopoly, and other relevant terms.

d) The summary and conclusion should be directly related to the objective of your paper. This section should be about one page long and it should answer the questions introduced in the objective of the paper. Be sure there is a strong connection between the introduction and the conclusion. You can also expand on the implications of your answer and predict something about the future.

The Final page or pages of your paper must contain the”Reference” section. The references must be drawn from the body of the paper. Use the APA style in listing the References. Your References should include at least one scholarly article relevant to your paper, a relevant book(not a textbook) and several Internet references.

Short papers are nice pieces of art. Your paper will be evaluated on the clarity of objective, rational coherence, quality of argument and format, more specifically on the contribution to the body of knowledge on the main subject.

3. Use Times New Roman font size 11 or 12 and double space your paper.

5. Refereed papers are academic papers that were critiqued and reviewed by experts before being published. More information can be foundin

6. To find the academic articles that you need for your paper (at least one), go to the following full text databases in our library: Business Source Premier (EBSCO), Emerald Management Xtra, LexisNexis Academic, ProQuest Databases and ProQuest Dissertations and Thesis.

What effects would legalization of marijuana have on the U.S. economy? Would it be beneficial? What are the downfalls? Must be unbiased.

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Effects of Marijuana Legalization on the Economy

What effects would legalization of marijuana have on the U.S. economy? Would it be beneficial? What are the downfalls? Must be unbiased.

According to a recent study, almost 60% of oil reserves must remain in the ground in order to keep global warming below 1.5˚C. Impose a policy instrument and modify the period 1 and period 2 graphs accordingly so that the resulting consumption of oil (Q1 + Q2) will be such that that 60% of the 100 units of the reserve available (i.e., 60 units) will remain under the ground, never to be consumed. 

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Environmental Economics

Q5 (10 marks) Fossil Fuels
Consider a simple two-period model of a nonrenewable resource, oil. The demand function and the marginal cost functions are assumed to be constant in the two periods, as shown below. Note that period 2 monetary values are expressed in present values (already discounted). Note that there are only 100 units of this resource available, to be consumed over the two periods.

5a. Draw a graph below to demonstrate the optimal (dynamically efficient) resource allocation.  (4 marks)

5b. According to a recent study, almost 60% of oil reserves must remain in the ground in order to keep global warming below 1.5˚C. Impose a policy instrument and modify the period 1 and period 2 graphs accordingly so that the resulting consumption of oil (Q1 + Q2) will be such that that 60% of the 100 units of the reserve available (i.e., 60 units) will remain under the ground, never to be consumed.  (4 marks)

Then explain the reason behind your modification shown above. What is your policy proposal that can cause the change, as demonstrated above?   (2 marks)

What are the issues that international firm will face in terms of return, dividends etc. With respect to mainly currency devaluation then other factors. What are the effects of political unrest for international firms operating in high risk areas, how to mitigate or minimize the impact.

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Iron ore, steel and management

Effect of steel recycling and other factors affecting iron ore and steel prices
Effect of tesla breakthrough in batterie technologies and how iron ore used in that new battery, how that might affect the iron ore, what’s % of iron used in their new technologies etc.

General: the effect of running business and operating in country where its currency is devaluating for an international firm.
Specific: take for example Algeria. Talk about its currency, performance, economy, export/import polices etc.
What are the issues that international firm will face in terms of return, dividends etc. with respect to mainly currency devaluation then other factors.
How to mitigate/ minimize the effect of devaluation of currency currently from international firm point of view.
How would the firm it self locally mitigate the issue, would increasing % of exports, will it help? And how, what other methods can be used to tackle this issue.

How to retain employees generally and when operating in deserted location (plans, procedures real examples)
How to attract talented employees and retain them.
How to manage change and enforce it, step by step guide and identify key personnel.

General: what are the effects of political unrest for international firms operating in high risk areas, how to mitigate or minimize the impact.

Explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.

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Multiple Choice Question Test

SSEF1 Explain why limited productive resources and unlimited wants result in scarcity, opportunity cost, and tradeoffs for individuals, business, and governments

Define Scarcity

What are the four productive resources?

Provide an example of each productive resources.

What are the four motivations that influence entrepreneurs to take a risk in a market economy?

Define Opportunity Cost

Provide an example of an opportunity cost.

SSEF2 Give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action
Define marginal cost and marginal benefit.

Explain what makes a decision rational

Give an example of a rational decision that you have made this semester.

What is a positive incentive? What is a negative incentive? Explain how people react to each

 

SSEF3 Explain how specialization and voluntary exchange influence buyers and sellers

Explain what it means to specialize in labor.

What are two advantages and two disadvantages to specializing in labor?

Explain how both parties gain as a result of non-fraudulent exchange

 

SSEF4 Compare and contrast different economic systems and explain how they answer the three basic economic questions.

What are the three basic questions that all economies must answer?

What are the four economic systems?

What does each economic system say about private ownership? Profit motive? Consumer sovereignty?

What are the 8 goals of all economic systems?

Explain how each economic system meets or does not meet all 8 goals

What are the 8 strategies for allocating scarce resources?

Explain all 8 Strategies for allocating scarce resources

 

SSEF5 Describe the roles of government in the United States economy
Explain why the U.S. government protects property rights and redistributes income.

Explain how both regulation and deregulation effects both consumers and producers.

 

SSEF6 Explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people
Define productivity.

How does investing in technology lead to economic growth?

Explain how investing in human capital can lead to a higher standard of living.

Draw a Production Possibilities Curve.
Draw a Production Possibilities Curve
Show the following:
-Inefficiency
-Efficiency
-Growth
-Opportunity costs
-Trade-offs

 

SSEMI1 The student will describe how households, businesses, and government are interdependent, and interact through the flows of goods, services, and money

Draw a circular flow diagram that includes the product market, resource (factor) market, households, and firms. Explain how goods and services circulate between the four parts.

Explain the difference between a product market and a factor market.

 

SSEMI2 Explain how the law of demand, the law of supply, and prices work to determine production and distribution in a market economy.
Define the law of supply. Define the law of demand

What is the difference between supply and quantity supplied? What is the difference between demand and quantity demanded?

What do we call the market clearing price? How do buyers and sellers determine the market clearing price? Draw a graph showing the market clearing price.

What are the five determinants (shifters) of demand?

What are the five determinants (shifters) of supply?

Draw a graph with a supply curve. Show and increase and decrease of supply. Draw a graph with a demand curve. Show an increase and decrease of demand.

What is a price ceiling? Why would the government use it? What will a price ceiling always create? Draw a graph illustrating a price ceiling.

What is a price floor? Why would the government use it? What will a price floor always create? Draw a graph illustrating a price floor.

 

SSEMI3 Explain the organization and role of business and analyze the four types of market structures in the U.S. economy
What are the three forms of business organization?

For each business organization, identify the number of owners, the liability, the lifespan, the taxation, and the decision making.

List the four market structures in order from most competitive to least competitive.

For each of the four market structures identify, the number of sellers, the barriers to entry, price control, and product differentiation.

 

SSEMA1 Illustrate the means by which economic activity is measured
What are the three goals of the macro economy?

Define GDP. What are the four components of GDP? Write the GDP formula. What is the largest component of GDP? What is the only component of GDP that can be a negative number?

What kind of person is considered to be unemployed?
What is the formula to calculate the unemployment rate?
What is inflation?

What is the CPI?

What is aggregate supply and aggregate demand?

How is the unemployment CPI, inflation, and real GDP used to evaluate the macroeconomic goals? Explain each one separately.

What is the difference between real GDP and nominal GDP? Which one is more important and why?

Who benefits from unanticipated inflation?

Who loses from unanticipated inflation?

What is seasonal unemployment? Give an example.

What is structural unemployment? Give an example.

What is cyclical unemployment? Give an example.

What is frictional unemployment? Give an example.

Explain what is happening with GDP at each stage of the business cycle.

 

SSEMA2 Explain the role and function of the Federal Reserve System

Explain the role and function of money

What are the three parts of the Federal Reserve System and who is in each part?

Define monetary policy, who controls it?

What are the four tools of monetary policy?

Explain how the Federal Reserve uses the four tools of monetary policy to grow the economy.

Explain how the Federal Reserve uses the four tools of monetary policy to contract the economy

 

SSEMA3 Explain how the government uses fiscal policy to promote price stability, full employment, and economic growth
Define fiscal policy. Who controls it?

How does the Federal Government use fiscal policy to grow the economy?

How does the Federal Government use fiscal policy to contract the economy?

What is the difference between deficit and debt? How do budget deficits or surpluses impact the national debt?

 

SSEIN1 Explain why individuals, businesses, and governments trade goods and services

What does it mean if a nation has absolute advantage over another nation?

What does it mean if a nation has comparative advantage over another nation?

Why does most trade take place?

What does it mean to have a favorable balance of trade or a trade surplus? What does it mean to have a trade deficit?

Who has the absolute advantage in the production of shirts and hats?

Who has the comparative advantage in the production of shirts?

Who has the comparative advantage in the production of hats?

 

SSEIN2 Explain why countries sometimes erect trade barriers and sometimes advocate for free trade

What is a tariff? What are two reasons the Federal government would impose a tariff on a foreign producer?

What is quota? Why would the Federal Government use it?

What is an embargo? Why would the Federal Government use it?

What are subsides? How would the Federal Government use it as a trade barrier?

What are standards? How would the Federal Government use them as a trade barrier?

Identify two costs and two benefits of trade barriers for producers

Identify two costs and two benefits of trade barriers for consumer

What is the purpose of a trading bloc? Identify three trading blocs.

 

SSEIN3 Explain how changes in exchange rates can have an impact on the purchasing power of groups in the United States and in other countries

Define exchange rates

$1 USD = 15.6 Mexican Pesos
2017
$1 USD = 19.1 Mexican Pesos

Which currency appreciated? Which currency depreciated?

 

SSEPF1 Apply rational decision making to personal spending and saving choices

Provide 1 cost and 1 benefit for a person choosing to do each of the following after high school
1. Go to college
2. Enlist in the military
3. Enter the workforce
4. Go to technical school

List 10 expenses that would go into a typical American family budget. Explain one large expense that a family might also budget for to attain in the future.

 

SSEPF2 Explain that banks and other financial institutions are business that channel funds from savers to investors

Explain the need and situation for a consumer to use the services of each of the following financial institutions. Also, explain how competitive the interest would be at each institution
1. Banks
2. Credit Unions
3. Pay Day Lender
4. Title pawn Lenders

Why is there a difference between interest charged and interest earned?

Explain an investment option that would carry little risk.

Explain an investment option that would carry a higher risk.

 

SSEPF3 Explain how changes in taxation can have an impact on an individual’s spending and saving choices

What is a progressive tax? What is an example?

What is a regressive tax? What is an example?

What is a proportional tax? What is an example?

 

SSEPF4 Evaluate the costs and benefits of using credit

List 4 factors that would affect a person’s credit worthiness.

What is APR

What is the difference between simple interest and compound interest?

 

SSEPF5 Describe how insurance and other risk-management strategies protect against financial loss

What is the purpose of buying insurance?

What is a premium? What is a deductible?

List and describe two types of insurance that a consumer would buy.

 

SSEPF6 Describe how earnings of workers are determined in the market place

Identify five skills that are required in order to be successful in the workplace.

Explain how investment in education and skill training relates to future earnings.