Exam Replacement Coursework Assessment 2019-20
Business, Finance and Management
Macro and Global Economics
Knowledge & Understanding
Demonstrate a sound understanding of macroeconomic policies, how those policies underpin everyday decisions and determine the health of economy.
Subject Specific Skills
Explore the interactions of income, inflation, exchange rates and consumption, to better understand practices such as competition, regulation and intervention.
Key Learning and Transferable Skills
Demonstrate an understanding of global issues by taking part in topical discussions and debates.
Total and Section Marks
50 marks overall. Section A 25 marks and Section B 25 marks.
Weighting of this Assessment Component
This assessment is 50% of the overall module assessment
Final Submission Deadline
Release Date: Friday 24th July 2020 8.00am Greenwich Mean Time
Submission Date: Saturday 25th July 2020 8.00a.m. Greenwich Mean Time
Question paper will be emailed to candidates and posted on Study Smart. Submissions must be made on the Turnitin link on Study Smart.
Word Count Limit
2,000 (+/- 10%)
The final examination for your Macro and Global Economics module was originally scheduled for the end of term. However, due to the extraordinary situation we find ourselves in this has now been replaced by a coursework assignment that covers the same Learning Outcomes.
Please note: You have 24 hours to complete this assignment.
Please answer the following questions and submit your responses via Turnitin on the Study Smart link by 8.00am GMT on Saturday 25th July 2020. All responses should be in your own words. It is important to present all your answers in a new document (do not write on the question paper), clearly labelling each answer with the section letter and number.
SECTION A TOTAL MARKS 25
Answer the following questions using evidence from Extracts A and B.
Vietnam looks for sustainable fiscal policies to support growth
Monday's conference was held to release the Annual Vietnamese Economic Report which focuses on sustainable fiscal policies and growth strategies. It also reviewed Vietnam’s economy.
According to Associate Professor Doctor To Trung Thanh, co-author of the report, public spending has reduced substantially in the past five years but still remains relatively high, even higher than that of comparable developing countries. The growth of public debt was higher than the economic growth rate during the period of 2012-2017 while the percentage of public debt to GDP in 2018 hit 61%, higher than in China and other ASEAN countries.
“Vietnam’s current public debt is still within the limit accepted by the National Assembly but excludes some of the potential sources. The debt of State-owned enterprises is estimated to be 30.6% of the GDP. The current public debt and budget deficit are barriers to the macro-economy and economic growth in the long run,” said Mr. Thanh.
Experts at the conference said that a sustainable fiscal policy to support growth would require Vietnam to completely reform to meet its growth targets in the short, medium, and long term.
Professor Doctor Tran Tho Director of the National Economics University, suggested preferential policies for individual household businesses to register as enterprises as a way to increase government revenue.
“Household businesses contribute 30% of the GDP generated by the private sector, which is advocated as an important element of the whole economy. They have great potential for stronger development and should be duly accommodated with easy business registration procedures,” he said.
Question One [10 marks]
Referring to Extract A and B and using any additional economics knowledge, explain how economic growth can benefit a country like Vietnam.
Question Two [15 marks]
Referring to Extract A and B and using any additional economics knowledge, evaluate whether Fiscal Policy alone is the best way for Vietnam to reduce its budget deficit.
SECTION B TOTAL MARKS 25
Read the essay questions carefully
You must only answer ONE essay question.
Question One[25 marks]
Crude Oil prices have fallen massively in the first half of 2020. With the aid of AD/AS diagrams, evaluate the consequences for an oil exporting country like Nigeria of such a fall.
Question Two[25 marks]
‘Ultimately, Supply-Side policies are the most effective way of ensuring economic growth in any country’. Using AD/AS diagrams where appropriate, evaluate this statement.