Economic Policy and the Global Environment
Welcome message
1. INTRODUCTION 5
a. Background details
b. Module aims
c. Programme Goals
2. MODULE OUTLINE 7
a. Module learning outcomes
b. Themes and topics
c. Learning supports
3. MODULE DELIVERY SCHEDULE 10
a. Session arrangements
b. Student engagement
c. Office hours arrangements
4. ASSESSMENT DETAILS 15
a. Assignments
b. Module assessment components
i. Assignment 1
ii. Assignment 2
iii. Examination
5. GRADING 22
a. University grading policy
b. Grade descriptors for assessment components
6. CONCLUDING COMMENTS 28
APPENDICES 29
4
Welcome message
Dear Student,
Welcome to this module on Economic Policy and the Global Environment. In today¡¦s globalised world, it
has become more important for you to understand how the economic environment can affect your work
and business in order to operate more effectively within such an environment. This module will thus
equip you with knowledge of how an economy functions as well as the various economic policy options
which a government can adopt in order to manage and develop an economy. You will also learn to
appreciate the main policy issues confronting economies and the potential conflicts between different
aspects of a government¡¦s economic policy.
I am sure you will be able to apply all the knowledge gained in this module to enhance your work,
business as well as personal life.
I look forward to embarking on this exciting learning journey with you.
Rodney Sim
Module coordinator, FIN2001S
5
PART 1: INTRODUCTION
This Study Guide is designed to provide you with details of the module (FIN2001S: Economic Policy and
the Global Environment), the learning outcomes, delivery and assessment arrangements. The Study
Guide consists of 5 parts.
In Part 1, background details to the subject area are provided and the broad aims of the module are set
out. Part 2 consists of the module outline. In this part the (a) module learning outcomes, (b) the themes
and topics to be explored are explained along with the (c) learning supports to be used. Part 3 gives
details of the module delivery arrangements. It sets out the session arrangements and the expectations
in relation to your prior preparation and student engagement. Part 4 provides details of the assessment
techniques used in this module explaining the assessment components, their rationale. In Part 5, the UCD
grading policy is explained and grade descriptors drawing on the university document are given for
each assessment component (i) Assignment 1 and Assignment 2, (ii) Examination (closed book). In Part 6,
concluding comments are presented.
a. Background to the Topic
The EPGE module provides more than mere insights into the functioning of an economy. Completion of
this module will equip students with a logical and consistent framework for understanding important
economic concepts such as inflation, unemployment and function of money. In addition, the module
provides useful frameworks for analysing the implications of economic policies adopted by
governments as well as new economic trends in the global environment. The ability to analyse
contemporary economic developments will open up many career opportunities for the students.
b. Module Aims
The aim of this module is to provide students with understanding of macroeconomic issues and skills to
analyse the impacts of government policies adopted to overcome economic challenges in a global
environment.
Students will be expected to draw on their professional experience and knowledge gained from various
news sources to contribute to class discussions. Advance preparation for classes and workshops will be
important to optimize learning. Review questions for reflection will also be assigned at the end of each
session.
The assessment tasks for this module have been designed with this in mind as detailed later in the study
guide.
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Programme Goals
Programme Goal
Learning Outcome
Economic Policy and the Global Environment
Management specific knowledge
Explain current theory/practice
X
Apply business models
Knowledge of qualitative and quantitative techniques
X
Business Communication
Short business presentation (written / oral)
Research / analyze business case/problems & report
X
Locate Information sources to facilitate research
X
Personal development / reflective learning
Module related team activities
Explain Essence of OB to business managers
X
Global / multi cultural / diversity perspectives
Identify factors & variables which impact on MNEs & firms operations
X
Recognize ethical and social responsibility issues
Examine ethical implications on stakeholders
Strategic thinking
Identify Business opportunities & complete analysis & resolution
Evaluate quantitative & qualitative data from differing perspectives
X
Analyze Developments in key business sectors
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PART 2: MODULE OUTLINE
Module Title: Economic Policy and the Global Environment
Module Code: FIN2001S
No. of ECTS: 10
Learning Outcomes
On completing the Economic Policy and the Global Environment module, students will be expected to be
able to,
1. Demonstrate an ability to critically discuss the contents of the module in relation to the real world.
2. Understand the constraints faced by governments as a result of globalisation.
3. Evaluate and describe the role of demand side policies namely fiscal policy, monetary policy and
exchange rate policy in managing short-run instability of an economy.
4. Appreciate the impact of supply side policies such as retraining of labour force, adoption of
technology and Research & Development (R&D) activities in strengthening the production capacity of
an economy.
5. Describe the main policy issues confronting governments and the potential conflicts between
different policies.
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Module text
„h Michael Parkin (2011), Economics, Pearson Addison Wesley (11th Edition)
Theme
„h Managing an economy to achieve long-term growth in a globalised world.
Relevant keywords
The following is a list of relevant key words you will come across in this module,
„h National Income
„h GDP
„h GDP growth
„h Business Cycle
„h Inflation
„h Unemployment
„h Aggregate expenditure
„h Equilibrium output
„h Aggregate demand
„h Aggregate supply
„h Money Demand
„h Money Supply
„h Equilibrium interest rate
„h Fiscal policy
„h Monetary policy
„h Exchange rate
„h Balance of Payment
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Learning supports
It is also essential for students to read beyond the textbook. The following are the recommended
readings in addition to the textbook:
„h C. Fair (2007). Principles of Economics (International Edition), Pearson Prentice Hall (International
Edition)
Other useful sources
Students completing this module are expected to participate in session discussions and learning
activities and be familiar with recent developments in the business world. To facilitate this, the
following source material is useful
o The Economist (www.economists.com)
o The Wall Street Journal (http://asia.wsj.com)
o The South China Morning Post (www.scmp.com)
o The Straits Times (www.asiaone.com)
o The Business Times (www.asiaone.com)
o The Financial Times (www.ft.com)
o Business Week (www.businessweek.com)
Students may also wish to consult the following online sources for more economic data and information,
„h Ministry of Trade and Industry, Singapore (www.mti.gov.sg)
„h Monetary Authority of Singapore (www.mas.gov.sg)
„h The World Bank (www.worldbank.org)
„h The Asian Development Bank (www.asiandevbank.org)
„h The International Monetary Fund (www.imf.org)
„h The Institute of International Economics (www.iie.com)
„h The Asia Pacific Economic Cooperation (http://www.apecsec.org.sg)
„h The Association of Southeast Asian Nations (http://www.aseansec.org)
„h The Organization for Economic Cooperation and Development (www.oecd.org)
„h United Nations Conference on Trade and Development (http://www.unctad.org)
„h The World Trade Organization (www.wto.org)
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PART 3: MODULE DELIVERY SCHEDULE
The module delivery relies on students¡¦ ability to engage in prior preparation, to seek confirmation and
clarification as appropriate and to be actively engaged during the sessions.
Session Arrangements
Each student is expected to attend and be prepared for all sessions. Table 1 below outlines the
structure for the sessions (20th May ¡V 14th June).
Table 1: Module Delivery Schedule ¡V themes, readings, cases (BSc45 Group A) No. Theme /Topic Title
Date / Time Text chapters articles/ Readings* Case / exercise (Text Book) 1 Gross Domestic Product and
Economic Growth 20 May 14 1830 ¡V 2030 Ch 21, 23 2 Labour Market, Unemployment and Inflation 20 May
14 2031 ¡V 2230 Ch 22, 25 3 Aggregate Supply and Aggregate Demand 21 May 14 1830 ¡V 2030 Ch 27 „h
Qn 6 (sample past year exam) 4 Aggregate Expenditure and Equilibrium Output 21 May 14 2031 ¡V 2230
Ch 28 „h Qn 3 (sample past year exam) 5 The Government and Fiscal Policy 22 May 14 1830 ¡V 2030 Ch 30
„h Qn 2 (sample past year exam) 6 Money Demand, Money Supply and the Banking System 22 May 14
2031 ¡V 2230 Ch 25 „h Qn 5 (sample past year exam) 7 The Central Bank and Monetary Policy 23 May 14
1830 ¡V 2230 Ch 31 „h Qn 1 (sample past year exam) 8 Open-economy Macroeconomics, Balance of
Payments and Exchange rates 24 May 14 1400 ¡V 1800 Ch 26 „h Qn 4 (sample past year exam)
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Table 1: Module Delivery Schedule ¡V themes, readings, cases (BSc45 GroupB) No. Theme /Topic Title
Date / Time Text chapters articles/ Readings* Case / exercise (Text Book) 1 Gross Domestic Product and
Economic Growth 25 May 14 0900 ¡V 1100 Ch 21, 23 2 Labour Market, Unemployment and Inflation 25 May
14 1101 ¡V 1300 Ch 22, 25 3 Aggregate Supply and Aggregate Demand 25 May 14 1400 ¡V 1600 Ch 27 „h
Qn 6 (sample past year exam) 4 Aggregate Expenditure and Equilibrium Output 25 May 14 1601 ¡V 1800
Ch 28 „h Qn 3 (sample past year exam) 5 The Government and Fiscal Policy 26 May 14 1830 ¡V 2030 Ch 30
„h Qn 2 (sample past year exam) 6 Money Demand, Money Supply and the Banking System 26 May 14
2031 ¡V 2230 Ch 25 „h Qn 5 (sample past year exam) 7 The Central Bank and Monetary Policy 27 May 14
1830 ¡V 2230 Ch 31 „h Qn 1 (sample past year exam) 8 Open-economy Macroeconomics, Balance of
Payments and Exchange rates 28 May 14 1830 ¡V 2230 Ch 26 „h Qn 4 (sample past year exam)
Table 1: Module Delivery Schedule ¡V themes, readings, cases (BSc45 GroupC) No. Theme /Topic Title
Date / Time Text chapters articles/ Readings* Case / exercise (Text Book) 1 Gross Domestic Product and
Economic Growth 30 May 14 1830 ¡V 2030 Ch 21, 23 2 Labour Market, Unemployment and Inflation 30 May
14 2031 ¡V 2230 Ch 22, 25 3 Aggregate Supply and 31 May 14 Ch 27 „h Qn 6 (sample
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No. Theme /Topic Title Date / Time Text chapters articles/ Readings* Case / exercise (Text Book)
Aggregate Demand 1400 ¡V 1600 past year exam) 4 Aggregate Expenditure and Equilibrium Output 31
May 14 1601 ¡V 1800 Ch 28 „h Qn 3 (sample past year exam) 5 The Government and Fiscal Policy 1 Jun 14
0900 ¡V 1100 Ch 30 „h Qn 2 (sample past year exam) 6 Money Demand, Money Supply and the Banking
System 1 Jun 14 1101 ¡V 1300 Ch 25 „h Qn 5 (sample past year exam) 7 The Central Bank and Monetary
Policy 1 Jun 14 1400 ¡V 1800 Ch 31 „h Qn 1 (sample past year exam) 8 Open-economy Macroeconomics,
Balance of Payments and Exchange rates 2 Jun 14 1830 ¡V 2230 Ch 26 „h Qn 4 (sample past year exam)
Table 1: Module Delivery Schedule ¡V themes, readings, cases (BSc45 GroupD) No. Theme /Topic Title
Date / Time Text chapters articles/ Readings* Case / exercise (Text Book) 1 Gross Domestic Product and
Economic Growth 4 Jun 14 1830 ¡V 2030 Ch 21, 23 2 Labour Market, Unemployment and Inflation 4 Jun 14
2031 ¡V 2230 Ch 22, 25 3 Aggregate Supply and Aggregate Demand 5 Jun 14 1830 ¡V 2030 Ch 27 „h Qn 6
(sample past year exam) 4 Aggregate Expenditure and Equilibrium Output 5 Jun 14 2031 ¡V 2230 Ch 28 „h
Qn 3 (sample past year exam) 5 The Government and Fiscal Policy 6 Jun 14 1830 ¡V 2030 Ch 30 „h Qn 2
(sample past year exam) 6 Money Demand, Money Supply and the Banking 6 Jun 14 2031 ¡V 2230 Ch 25 „h
Qn 5 (sample past year exam)
13
No. Theme /Topic Title Date / Time Text chapters articles/ Readings* Case / exercise (Text Book) System
7 The Central Bank and Monetary Policy 7 Jun 14 1400 ¡V 1800 Ch 31 „h Qn 1 (sample past year exam) 8
Open-economy Macroeconomics, Balance of Payments and Exchange rates 8 Jun 14 0900 ¡V 1300 Ch 26 „h
Qn 4 (sample past year exam)
Table 1: Module Delivery Schedule ¡V themes, readings, cases (BSc45 GroupE) No. Theme /Topic Title
Date / Time Text chapters articles/ Readings* Case / exercise (Text Book) 1 Gross Domestic Product and
Economic Growth 10 Jun 14 1830 ¡V 2030 Ch 21, 23 2 Labour Market, Unemployment and Inflation 10 Jun
14 2031 ¡V 2230 Ch 22, 25 3 Aggregate Supply and Aggregate Demand 11 Jun 14 1830 ¡V 2030 Ch 27 „h Qn
6 (sample past year exam) 4 Aggregate Expenditure and Equilibrium Output 11 Jun 14 2031 ¡V 2230 Ch 28
„h Qn 3 (sample past year exam) 5 The Government and Fiscal Policy 12 Jun 14 1830 ¡V 2030 Ch 30 „h Qn 2
(sample past year exam) 6 Money Demand, Money Supply and the Banking System 12 Jun 14 2031 ¡V 2230
Ch 25 „h Qn 5 (sample past year exam) 7 The Central Bank and Monetary Policy 13 Jun 14 1830 ¡V 2230 Ch
31 „h Qn 1 (sample past year exam) 8 Open-economy Macroeconomics, Balance of Payments and
Exchange rates 14 Jun 14 1400 ¡V 1800 Ch 26 „h Qn 4 (sample past year exam)
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Preparation Required in Advance of Sessions / Seminars
In addition to the Assignment 1, you are expected to have read the following topics in advance of
meeting the module coordinator / course lecturer at the seminars:
č Power-point slides provided with the study guide.
č The related newspaper articles which will be discussed in class.
č The exercise/case study questions which are list above.
The readings detailed above have been assigned and students are expected to be fully familiar with
them. These readings are an important learning source and supplement the session and text materials.
Student Engagement
During the sessions, students are expected to be able to discuss issues arising from the assigned
chapters and readings for the topics as scheduled above. Session participation is a vital element in the
design of this module. Therefore, all students are expected to engage in class discussion and debate in
order to facilitate the formation of their critical judgements. To support your learning, Power-Point
slides will be available which (on certain occasions) may need to be upgraded / modified during or
following the sessions depending on the issues raised.
Office Hours
I will be available on the date/time below should you wish to meet me individually to discuss any aspect
of this module.
„h One hour before and after every class.
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PART 4: ASSESSMENT DETAILS
Assessment is undertaken to establish the extent of student learning on completing a module and
according to Biggs and Tang1 (2009) it is the senior partner of teaching and learning. This module has
three assessment components with specific weightings and marks awarded totalling 1002. The purpose
of each assessment is as follows:
„h Assessment 1 (The Assignment 1) aims to familiarise students with key economic concepts and events
which impact on their daily activities, through own secondary research. It is also designed to focus
your learning in preparation for the face to face sessions.
„h Assessment 2 (The Assignment 2) is designed to develop the competency of the students in the
application of economic concepts to evaluate and analyse economic events as well as to equip students
with the ability to present written reports to communicate their findings and analysis.
„h Assessment 3 (The Examination) is the formal examination which aims to get insights on your
understanding of issues (theory and practice) addressed in the module.
Students are expected to complete all assignments ensuring that they are submitted by the specified
date. All submissions must be typed, be well laid out, written in an academic style with appropriate
headings (introduction, main part and concluding comments) and sections.
Please ensure that all submissions are entirely your own work ¡V for UCD¡¦s policy on plagiarism click on
the link below (please see Appendix 2 for further information on Plagiarism and the policy on the Late
Submission of Coursework):
http://www.ucd.ie/registry/academicsecretariat/plag_pol_proc.pdf
1 Biggs, J. and Tang, C. 2009, Teaching for Quality Learning at University, Maidenhead: Open
University/McGraw Hill.
2 As the Overseas Programme modules are worth 10 ECTS they should be graded out of 200 marks.
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The weighting assigned for each component is shown in Table 2 below. (* I = Individual; G = Group)
Table 2 ¡V Assessment Components
Assessment components Weighting I / G*
„h Assignment 1 20% I
„h Assignment 2 30% I
„h Examination 50% I
Assessment Details
In the following pages, further details of each assessment component are presented along with
expectations in relation to prior preparation and completion.
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Assignment 1 (Individual Written Assignment)
Many Asian countries such as Singapore, Hong Kong and South Korea have achieved tremendous
economic growth in the last forty years of development. One of the key success factors has been
macroeconomic stability in these countries.
Do you agree with the above statement? Please explain and elaborate on your view. [20 marks]
To address this question, you will need to support your view(s) by showing the reader the evidence
upon which they are based. Such evidence may include the economic performance of ONE Asian country
chosen for illustration, what the government has specifically done (or not done) in order to achieve
macroeconomic stability. Some of these evidences presented may be open to several interpretations,
hence you should try to demonstrate why a particular argument is preferable to other interpretations
in supporting your point of view.
To start you off on this assignment, you may wish to read the paper, ¡§Overview, The Making of a
Miracle¡¨ (from the World Bank Report (1993), ¡¥The East Asian Miracle¡¦). This paper can be found in the
PowerPoint slides document.
Assignment guidelines
„h This is an individual-written assignment.
„h The essay should be between 1800 and 2000 words.
„h More marks will be awarded for reports, which demonstrated more comprehensive knowledge of
economic policies and the global environment and in-depth understanding of the economic issues
involved.
„h Assignments should be type-written using 12-font size and 1.5 line spacing. Please include page
number.
„h References are a key aspect of an essay. Any idea, theme, or argument that you found in the
literature and used in your essay must be cited within the essay.
„h Include a Reference List and Bibliography at the end of your assignment.
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„h The report shall be in plain white paper and stapled on the top left-hand corner. Please do not use a
folder for submission.
„h Write your name clearly on the cover page using the Lecturer¡¦s Comment Form.
„h Course members should familiarise themselves with the University¡¦s policy on the late submission of
coursework.
Table 2B ¡V Assessment Components Components Submission date
Assignment 1 (Individual)
First day of class
Assignment 2 (Individual)
27 June 2014 (Week 9)
This Assignment 1 must be submitted in hard copy and via Blackboard. See the Assignment 1 deadline in
table 2B above. Please read the Grade Descriptors in the Assignment 1 Grade Descriptor table.
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Assignment 2 (Individual Written Assignment)
1. Economic events occur around us every day. This assignment aims to provide association between
what you learn from economic models and concepts in class with real-life events happening around you.
2. Search through newspapers or magazine for ONE article that is relevant to the economic concepts
and models learned in class. The copy of chosen article has to be attached to your final report.
3. The articles should preferably be published in the last twelve months.
4. Summarise each article first. Analyse the article and identify linkage between the economic concepts
you have learnt in class with the discussion in the article. Apply the economic models learnt to discuss
the economic challenges faced by the economy concerned and to explain the rationale for the
economic policy (ies) chosen by the government to overcome the challenges. You may use other news
articles to support your discussion as well.
5. Where applicable, illustrate your discussion with diagrams and economic models to enhance your
discussion.
6. More marks will be awarded for reports, which provide more comprehensive, balanced and in-depth
analysis with adequate referencing to the economic concepts and models.
7. The newspaper article will serve as the main focus of your analysed report. However, your discussion
is not restricted to just the content of the article chosen. You are free to discuss on other relevant
information (from other sources) which relate to the main economic event you have chosen. Do not rely
on one source and do compare and contrast perspectives. For use of internet sources, you should note
that there is no quality control over the information in the web. As far as possible, you should choose
website established by authoritative institutions such as the World Bank or the respective countries¡¦
government official websites. And avoid Wikipedia definitions!
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This assignment is aimed at a number of competency elements. Specifically,
„h Researching in terms of searching for and evaluating newspaper or magazine articles that are
suitable for this assignment.
„h Analysis of the information presented in the article and how the event could be explained using
economic models.
„h Assessing the suitability of the economic model to analyse the event and what are the limitations of
the model.
„h Presentation in putting forward the information and analysis you have in a form, which is clear,
accurate and easy to understand.
Additional assignments guidelines
„h The report should have a content page, and its main discussion shall be about 2,000 words.
„h Assignments should be type-written using Times New Roman font style, 12-font size and 1.5 line
spacing. Please include page number.
„h References are a key aspect of an essay. Any idea, theme, or argument that you found in the
literature and used in your essay must be cited within the essay.
„h Include a reference List and bibliography at the end of your assignment.
„h The report shall be in plain white paper and stapled on the top left-hand corner. Please do not use a
folder for submission.
„h Write your name clearly on the cover page using the Lecturer¡¦s Comment Form.
„h Course members should familiarise themselves with the University¡¦s policy on the late submission of
coursework.
„h This assignment must be submitted on 27 June 2014 by way of a hard copy and via Blackboard. See
Grade Descriptors on page 18.
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Examination
The examination (3 hours) will focus on module themes and the material covered in the text, cases,
assigned readings, videos and class discussions. For this, students are expected to demonstrate their
understanding of theory and practice addressed throughout the module. The examination question
format will be designed to allow you show your understanding of the topics discussed and also reveal
your learning (new and prior). More specific guidelines regarding the examination paper format and
questions will be provided during the final session.
The examination paper will have five essay questions and you will be asked to complete any four
questions, each of the same weightage. Students can expect the questions to cover major issues from
all the topics covered in the course.
Students will have the opportunity to ask questions about its design and style and be advised the type
of answers expected in class.
A recent past examination paper is included in Appendix 3 to this Study Guide, please be prepared for
slightly different style of question.
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PART 5: GRADING
This section of the Study Guide provides students with details of the UCD grading system and also
explains criterion referenced grading (UCD Policy). Under criterion referenced grading, students are
graded on the quality of their work without reference to other students (norm referenced). For instance,
the submission that meets the required guidelines in terms of writing style, analysis, description and /
or summary will be awarded according to the standards set out. All students¡¦ work is graded to
indicate the standard attained using the criterion referenced approach.
Table 3: UCD Grading System Grade Description Grade Point A + A A- Excellent 4.2 4.0 3.8 B+ B B- Very
good 3.6 3.4 3.2 C+ C C- Good 3.0 2.8 2.6 D+ D D- Acceptable 2.4 2.2 2.0 E Marginal 1.6 F Fail
(unacceptable, no compensation) 1.0 G Fail (Wholly unacceptable; no compensation) 0.4 NG Fail (Wholly
unacceptable; no relevant attempt) 0.0
More specific grade descriptors are set out for your assessment components in the following pages.
Table 4 on the next page provides descriptors for the Assignment 1 and Assignment 2 ¡V please read
them prior to submitting your work.
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Table 4: Grade Descriptors ¡V Assignment 1 Grade Criteria A3 „h Exceptional introduction that grabs
interest of readers and clear background information. „h Exceptionally researched and extremely
detailed discussion with clear evidence. „h Critical, relevant and consistent flow of discussion. „h
Exceptional development of balanced discussion based on relevant economic concepts. „h Proper
grammer, spelling, paragraphing and referencing with no error. B „h Proficient introduction that states
background information. „h Paper is well researched, from a variety of sources of information. „h
Discussion is consistent and flow smoothly. „h Clear and logical application of relevant economic
concepts. „h Mostly proper grammar, spelling, paragraphing and referencing with limited errors. C „h
Adequate introduction that states topic of discussion. „h Some aspects of the paper are researched
with some accurate evidence with limited sources. „h Some connection made between evidence and
discussion subtopics. „h Application of one/two relevant economic concepts with error of
understanding. „h Some errors in grammar, spelling, paragraphing and referencing. D „h Weak
introduction of topic. „h Limited information on topic with lack of research and accurate evidence. „h
Lack logical development of ideas and poor connection. „h No application of relevant economic
concept. „h Inconsistent grammar, spelling and paragraphing throughout as well as incomplete or poor
referencing. E „h Weak Introduction of topic.
3 While the criteria detailed above refer to A ¡V D grades (inclusive) only, please note that all bands will
be used (A+, A and A-; B+, B and B- etc) for grading assignments.
24
„h Some wrong information used or illogical discussion of the issues. „h Inconsistent grammar, spelling
and paragraphing throughout as well as incomplete or poor referencing. F „h No introduction. „h
Incomplete discussion. „h Wrong information used or illogical discussion of the issues. „h Poor grammar,
spelling and paragraphing throughout as well as incomplete or poor referencing. G „h No introduction.
„h Incomplete discussion. „h Does not address the questions asked. „h Poor grammar, spelling and
paragraphing throughout as well as no referencing provided. NG „h Completely irrelevant. „h Poor
grammar, spelling and paragraphing throughout as well as no referencing provided.
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Table 5: Grade Descriptors ¡V Assignment 2 Grade Criteria A „h Exceptional introduction that grabs
interest of readers and clear background information. „h Exceptionally researched and extremely
detailed discussion with clear evidence. „h Critical, relevant and consistent flow of discussion. „h
Exceptional development of balanced discussion based on concepts learnt in class and beyond. „h
Proper grammer, spelling, paragraphing and referencing with no error. B „h Proficient introduction that
states background information. „h Paper is well researched, from a variety of sources of information. „h
Discussion is consistent and flow smoothly. „h Clear and logical application of concepts learnt. „h
Mostly proper grammar, spelling, paragraphing and referencing with limited errors. C „h Adequate
introduction that states topic of discussion. „h Some aspects of the paper are researched with some
accurate evidence with limited sources. „h Some connection made between evidence and discussion
subtopics. „h Application of one/two concepts learnt in class with error of understanding. „h Some
errors in grammar, spelling, paragraphing and referencing. D „h Weak introduction of topic. „h Limited
information on topic with lack of research and accurate evidence. „h Lack logical development of ideas
and poor connection. „h No application of concept learnt in class. „h Inconsistent grammar, spelling and
paragraphing throughout as well as incomplete or poor referencing. E „h Weak Introduction. „h General
discussion with limited linkage to the news article chosen. „h Some wrong information used or illogical
discussion of the issues in the news article.
26
„h Inconsistent grammar, spelling and paragraphing throughout as well as incomplete or poor
referencing. F „h No introduction. „h General discussion of an economic concept with no linkage to the
news article chosen. „h Incomplete discussion. „h Poor grammar, spelling and paragraphing throughout
as well as incomplete or poor referencing. G „h No introduction. „h General discussion of an economic
concept with no linkage to the news article chosen. „h Numerous technical errors which show lack of
understanding of economic concepts learnt. „h Incomplete discussion. „h Poor grammar, spelling and
paragraphing throughout as well as no referencing provided. NG „h Completely irrelevant with no
linkage to the news article chosen. „h No discussion of any key economic concept. „h Poor grammar,
spelling and paragraphing throughout as well as no referencing provided.
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TABLE 6: Grade Descriptors ¡V Formal Closed Book Examination Grade Characteristics A „h Excellent
performance indicating a very high level of understanding of the subject matter. „h Demonstrate an
extremely high level of interpretative, analytical and intellectual ability. B „h Good performance
indicating a high level of understanding of the subject. „h Demonstrate adequate interpretative and
analytical ability. C „h Average performance indicating incomplete understanding of the subject. „h
Demonstrate evidence of some interpretative and analytical ability. D „h Less than average
performance with limited understanding of the subject. „h Demonstrate little evidence of interpretative
and analytical ability. E „h Less than average performance with limited understanding of the subject. „h
Demonstrate very little evidence of interpretative and analytical ability. F „h Less than average
performance with limited understanding of the subject. „h Demonstrate no evidence of interpretative
and analytical ability. G „h No understanding of the subject. „h No evidence of interpretative and
analytical ability. NG „h No evidence of any learning.
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PART 6: CONCLUDING COMMENTS
This Study Guide is designed to assist and guide your learning for this module. It is important that you
read it regularly and do so in conjunction with the core text, the assigned readings and session
materials. Should you need clarification on issues covered, please let me know during the seminar
sessions.
I hope you enjoy the module and wish you good luck with the rest of your study and for the future.
Rodney Sim
April 2014
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APPENDIX 1: 2 IMPORTANT DOCUMENTS
You are advised to read the important documents before you commence your studies on this module:
1. Guidelines for the Late Submission of Coursework
This document provides a detailed outline of the rules and regulations surrounding the presentation,
submission and marking of assignments. The guidelines provided must be adhered at all times to avoid
an unnecessary loss of marks. Further details on
www.ucd.ie/registry/academicsecretariat/late_sub.pdf
2. A Briefing Document for Students on Academic Integrity and Plagiarism.
The University understands plagiarism to be the inclusion of another person¡¦s writings or ideas or
works, in any formally presented work (including essays, theses, examinations, projects, laboratory
reports, oral, poster or slide presentations) which form part of the assessment requirements for a
module or programme of study, without due acknowledgement either wholly or in part of the original
source of the material through appropriate citation. Further details please go to
www.ucd.ie/registry/academicsecretariat/plag_pol_proc.pdf
Plagiarism is a form of academic dishonesty. In any assignment, plagiarism means that you have
presented information or ideas belonging to someone else falsely as being your own original thoughts
on a subject.
All assessments/projects submitted must be the result of your own work.
The following statement must be included on the cover page of all assignments submitted:
I declare that all materials included in this essay/report/project/dissertation is the end result of my
own work and that due acknowledgement have been given in the bibliography and references to ALL
sources be they printed, electronic or personal.
Signed: Student name/s, student number
Date:
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APPENDIX 2: Recent Examination Paper
Note to Students: Providing a copy of this paper does not signify that future papers will follow the
exact same format. Further copies of past examination papers are available in the Kaplan library.
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SUMMER EXAMINATION ¡V 2012
BACHELOR OF SCIENCE (SINGAPORE) 41 PART-TIME
ECON 2001S
Economic Policy and the Global Environment
Professor Richard Taffler
Professor Philip Bourke
Mr Sim Boon Hian*
Time Allowed: 3 Hours
Instructions for Candidates
Answer any four (4) questions.
Instructions to Invigilators
Non-programmable calculators are allowed.
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Question 1
You have been invited to conduct a workshop for a group of Diploma students at your school on the
topic of money and monetary policy that can be adopted by a Central Bank to manage an economy.
You are to answer the following questions raised by the students.
b) Discuss the monetary policy tools which a central bank can use to stabilise an economy. (10 marks)
c) Explain how the monetary policy can keep the economy from becoming inflationary. Please use the
AS/AD model and explain how the effect of the policy is transmitted to reduce the impact of inflation.
(10 marks)
c) Identify and discuss two limitations of monetary policy. (5 marks)
Question 2
Singapore was adversely affected by the Global Financial Crisis which started in the United States of
America (USA) in 2008. As a result, Singapore went into recession in the middle of 2008. Using the AD-AS
model for illustration,
a) Discuss the view that the Singapore government should use fiscal policy to eliminate the
recessionary gap in order to reduce unemployment. Please discuss both the supporting and opposing
views. (10 marks)
b) Identify the supply-side policies which the government can consider implementing and discuss the
likely effectiveness of implementing such policies in overcoming the recessionary economy. (15 marks)
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Question 3
The simple economy of Zentoland is represented by the following model¡¨
Consumption function: C = 2,500 + 0.4Yd
Investment function: I = 1,000
Government spending: G = 6,000
Net taxes : T = 5,000
Export : X = 6,000
Import : M = 4,000
Disposable income : Yd = Y – T
a) What is the equilibrium level of income (Y) of Santa Land? Make sure you present all your workings. (4
marks)
b) Draw the aggregate expenditures curve and indicate the equilibrium output.
(4 marks)
c) Calculate the multipliers in this economy? Please show your working clearly.
(3 marks)
d) Discuss the effect of an increase in autonomous Investment of $4,000 on the equilibrium income. (4
marks)
e) If $20,000 is the ¡§full employment¡¨ level of income, and the government¡¦s goal is full employment,
by how much must government spending (G) increase in order for the economy to reach the ¡¥full
employment¡¦ level of income? (3 marks)
f) Instead of increasing government spending, the government decides to lower net taxes (T) to bring
the economy to the ¡§full employment¡¨ level of income of $20,000. By how much must net taxes (T)
decrease in order for the government to achieve its goal? (3 marks)
g) Explain why there are differences in the size of the change in G and change in T in parts (c) and (d) to
achieve the same ¡¥full employment¡¨ level of income. (4 marks)
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Question 4
a) Many Economists in the United States of America believe that the Chinese renminbi is undervalued.
The Chinese government however, has maintained the view that her currency is not undervalued. Explain
why the governments are sometimes concerned about the level of exchange rate of their country¡¦s
currency with their major trade partner. (10 marks)
b) Using foreign exchange market diagrams, analyse the effect on the exchange rate between Singapore
dollars (SGD) and United States dollars (USD) when the following occurs.
i) The United States government decides to reduce tax on profit made by foreign investors in the United
States. (5 marks)
ii) The Singapore economy went through a strong recovery following the recession in 2009, leading to
significant increase in imports from USA. (5 marks)
iii) Speculators anticipate that the USD will fall in value relative to the SGD. (5 marks)
Question 5
Explain the effect on the interest rate in the money market of Malaysia for each of the following
situations below. Demonstrate your answer with the aid of suitable diagrams.
a) The Bank Negara (Central Bank of Malaysia) reduces the required reserve ratio of commercial banks by
2 percent. (5 marks)
b) The people have decided to hold more money at home as a result of several commercial banks closing
down during the economic crisis. (5 marks)
c) The people invest in more bond funds as they expect bond price to rise in the near future. (5 marks)
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d) The economy is experiencing strong economic growth rate of 10% per annum. (5 marks)
e) Firms are expecting strong economic growth in the next six months. (5 marks)
Question 6
Draw aggregate demand and aggregate supply (AD-AS) diagrams for each of the following scenarios and
identify in each case the impact on the price level and real GDP on the Singapore economy. Assume the
economy begins with full employment level of real output and all other factors remains constant.
a) Export from Singapore has increased substantially following the recession in 2009. (5 marks)
b) Increase in productivity of the firms. (5 marks)
c) The Singapore population declines by half a million, as many young Singaporeans emigrate to
Australia and Canada in the last two years. (5 marks)
d) The Singapore dollars appreciated against other major currencies. (5 marks)
e) More successful supply side policies implemented by the Singapore government to improve the
productivity of workers in the last five years. (5 marks)
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