UNIVERSITY COLLEGE DUBLIN

BACHELOR OF BUSINESS STUDIES

ECONOMIC POLICY AND THE

GLOBAL ENVIRONMENT (FIN2001S)

STUDY GUIDE

BBS57 PT Singapore

Copyright May 2020

1
Author: Rodney Sim (2020)

This manual was prepared for University College Dublin as a comprehensive support for
students completing the above-mentioned Degree programme.

© This publication may not be reproduced, in whole or in part without permission from
University College Dublin.

Module Co-ordinator: Rodney Sim

Email: r.sim@ucd.ie / rodney.sim@kaplan.com

2
 TABLE OF CONTENTS
PAGE
Welcome message

1. INTRODUCTION 5
a. Background details
b. Module aims
c. Programme goals

2. MODULE OUTLINE 13
a. Module learning outcomes
b. Themes and topics
c. Learning supports

3. MODULE DELIVERY SCHEDULE 16

a. Session arrangements
b. Student engagement
c. Office hours arrangements

4. ASSESSMENT DETAILS 25
a. Assignments
b. Module assessment components
i. Assignment 1
ii. Assignment 2
iii. Examination

5. GRADING 32
a. University grading policy
b. Grade descriptors for assessment components

6. CONCLUDING COMMENTS 35

APPENDICES

3
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.

In view of the current COVID19 situation, I will be seeing all of you online for the lessons.
This is the first time I am conducting this module in an online environment. Let try our best
to make this online learning experience a memorable, interesting and fruitful one. Please
feel free to ask questions to clarify, participate actively in online group activities and
complete all the questions assigned to check your understanding of the topics covered.

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

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PART 1: INTRODUCTION

This Study Guide is designed to provide you with details of this module; the learning
outcomes; plus delivery and assessment arrangements. The Study Guide consists of 6
parts.

Part 1 gives 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. The provisions for online provision are outlined in terms of class delivery and
any module work with class mates.

Part 4 provides details of the assessment techniques used in this module explaining the
assessment components, their rationale.

Part 5 explains the UCD grading policy and grade descriptors drawing on the university
document are given for each assessment component for the module.

Part 6 presents the concluding comments.

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Accessing Brightspace Collaborate
This module will be wholly delivered via UCD’s Collaborate platform.

This is accessible via brightspace.ucd.ie

You will be able to access the online sessions for the class by clicking on the following link;

https://eu.bbcollab.com/guest/91588a86703b4685927e99dee28070fd

When you click on your session

link you will be brought to the
landing page for your module,
where you will be asked to
type in your name.

NOTE: This name will be visible

to your lecturer, and all other
students in the class.
Therefore, please type in a
name with which all persons
will be comfortable addressing
you with. Please do not use any
combination of your name and
your student number.

Once you have typed in your name, click on the ‘Join Session’ button. You will be brought to
the Online Classroom.

Please join your online session

no later than five minutes
before the advised
commencement time of your
session.

Engagement tools on Collaborate

Throughout the online sessions for this module, student will be frequently asked to engage
with both the lecturer, and with each other.

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One of the two most
fundamental ways in which
you will be asked to engage
in your session is by raising
your hand by clicking on the
‘Raise Hand’ icon on the
bottom of your screen.

You can lower your hand by clicking on

this icon a second time. The lecturer can
also lower your hand.

The ‘Raise Hand’ icon can be used to get

the lecturer’s attention or could be used
as a quick way of polling students, just
as would happen in a face-to-face class.
However, your lecturer will set out very
clear guidelines on this in the opening
session.

By clicking on the purple ‘Open

Collaborate Icon’, you will be able
to open up a side bar which will
enable the other fundamental tool
of engagement, the chat function.

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 By typing chat into the Open Chat
area, all students in the class, and
your lecturer will be able to see
your chat. This can be useful when
your lecturer is asking a broad
question. You can also choose to
speak with a specific person in your
class, or with the lecturer without
other persons viewing it. You can do
so, by clicking on the ‘Class
Attendance’ icon, and selecting the
specific individual you wish to send
a message to.

You can also share your

video, and/or audio to speak
with your class. However, you
may only do this at the
discretion of your lecturer.

Your lecturer may choose to break your class into small groups during your sessions to work
on small pieces of class work. When the lecturer enables breakout groups, you will be
randomly placed into small groups within which you may use the chat function and/or the
audio and video functions to discuss class matters with each other.

In addition, for team work projects, it is advisable to look at Google Hangouts, Skype or
Zoom as platforms which will enable you to work through your assessments in a virtual
environment.

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 Whilst all Collaborate sessions are mobile
enabled, UCD recommends that you log into
these sessions using your laptop or desktop with
fast, reliable broadband internet.

’I can’t see this! Can I make it bigger?!!

By using the ‘View Controls’ tab that you will be able to see towards the top left of
your screen when your lecturer begins to enable some Brightspace functions such as
Whiteboard, Shared Screen, or sharing PowerPoint files.

The icon appears as a page with a small magnifying glass.

When the icon is clicked, the View Controls are opened.

By increasing the magnification, you will be able view any
files you may share with a sharper focus, especially text.

Using the ‘1.1’ function will open the file to its actual
size; overriding Collaborate’s default re-sizing of files to
optimise view.

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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.

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 Goals
Specify the overall programme
goal and insert a one-line
description of each goal.
1) Programme Goal 1:
Informed Thinkers: Our
graduates will be
knowledgeable on
management theory and will
be able to apply this theory to
business problems
(Knowledge).
2) Programme Goal 2:
Communication, Analytical
and Critical Thinking Skills:
Our graduates will have well
developed skills of
communication, analysis and
critical thinking (Skills and
Competencies).
3) Programme Goal 3:
Personal and Professional
Development: Our graduates
will demonstrate a
commitment to personal and
professional excellence and
Programme Learning Outcomes Economic Policy
and the Global
Specify the learning outcomes associated Environment
with each programme goal.
On successful completion of the
programme students should be able to:
Programme Learning Outcome 1a:
Explain current theoretical underpinnings of
business and the management of organisations.
Programme Learning Outcome 1b: X
Apply appropriate methods, tools and techniques (Exam – essay
question)
for identifying, analysing and resolving business
problems within functional and across functional
business areas.
Programme Learning Outcome 2a X
Prepare a short business presentation (written (Assignment 1 –
and/or oral) on a current business issue. Essay; Assignment 2
– Economic news
analysis)
Programme Learning Outcome 2b:
Analyse specific business case studies or problems
and formulate a report detailing the issues and
recommended actions.
Programme Learning Outcome 2c:
Design and execute a small piece of primary
research on a business topic in a selected
organisation, report on the findings and draw
appropriate conclusions.
Programme Learning Outcome 3a:
Develop collaborative learning and team-work
skills by engaging in module-related team
activities.
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 development (Skills, Programme Learning Outcome 3b: X
Competencies and Attitudes).
Demonstrate capacity for problem solving (Exam – Essay;
collaboratively and individually. Assignment 2 –
Economic news
analysis)
4) Programme Goal 4: Programme Learning Outcome 4a:

Ethical Awareness: Our Demonstrate an awareness of ethical values and

graduates will demonstrate an business issues concerning the advancement of the
awareness of ethical issues in broader societal ‘good’.
business and their impact on
society (Attitudes). Programme Learning Outcome 4b: X

Illustrate an understanding of how business (Exam – Essay;

decisions might influence society and the wider Assignment 2 –
community at large. Economic news
analysis)

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PART 2: MODULE OUTLINE

Module Title: Economic Policy and the Global Environment

Module Code: FIN2001S

No. of ECTS: 10

Module Learning Outcomes

On completing the Economic Policy and the Global Environment module, students will be
expected to be able to,

1. Discuss critically the contents of the module in relation to the real world.

2. Describe the economic problems faced by governments, as a result of globalisation.

3. Evaluate the role of demand side policies namely fiscal policy, monetary policy and
exchange rate policy in managing short-run instability of an economy.

4. Analyse the impact of supply side policies such as retraining of labour force and
adoption of 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
amongst different policies.

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Module Text

Michael Parkin (2018), Economics, Pearson Addison Wesley (13th Edition) ISBN:
9781292255460.

Theme

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,

 National Income  Equilibrium output  Fiscal policy

 GDP  Aggregate demand  Monetary policy
 GDP growth  Aggregate supply  Exchange rate
 Business Cycle  Money Demand  Balance of Payment
 Inflation  Money Supply
 Unemployment  Equilibrium interest rate
 Aggregate expenditure

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Learning Supports

It is also essential for students to read beyond the textbook. The following is the
recommended reading in addition to the textbook:

 Case, K.E, Fair, R.C & Oster, S.M. (2014). Principles of Macroeconomics. (Eleventh
Ed.). England: Pearson

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

 The Institute of International Economics (www.piie.com)

 Trading Economics (www.tradingeconomics.com)
 The World Trade Organization (www.wto.org)
 The Economist (www.economist.com)
 The Wall Street Journal (http://asia.wsj.com)
 The South China Morning Post (www.scmp.com)
 The Straits Times (www.asiaone.com)
 The Business Times (www.asiaone.com)
 The Financial Times (www.ft.com) https://buselrn.ucd.ie/our-services/financial-times/
 Business Week (www.businessweek.com)
 Ministry of Trade and Industry, Singapore (www.mti.gov.sg)
 Monetary Authority of Singapore (www.mas.gov.sg)
 The World Bank (www.worldbank.org)
 The Asian Development Bank (www.asiandevbank.org)
 The International Monetary Fund (www.imf.org)
 The Organization for Economic Cooperation and Development (www.oecd.org)
 United Nations Conference on Trade and Development (http://www.unctad.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 (14 May 2020 – 9 Dec 2020).

Table 1: Module Delivery Schedule – themes, readings, cases (BBS 57A)

No. Theme /Topic Date / Time Text chapters Case / exercise
Title articles/ (Text Book)
Readings*
1 Gross Domestic Product and 18 May 20 Ch 21, 23
Economic Growth 1830 – 2230
2 Labour Market, 19 May 20 Ch 22, 25  Qn 2, 5 (sample
Unemployment and Inflation 1830 – 2230 past year exam)

3 Aggregate Supply and 20 May 20 Ch 27  Qn 2 (sample

Aggregate Demand 1830 – 2030 past year exam)
4 Aggregate Expenditure and 20 May 20 Ch 28  Qn 4 (sample
Equilibrium Output 2031 – 2230 past year exam)
5 The Government and Fiscal 21 May 20 Ch 30  Qn 3, 5 (sample
Policy 1830 – 2030 past year exam)
6 Money Demand, Money 21 May 20 Ch 25  Qn 1, 5 (sample
Supply and the Banking 2031 – 2230 past year exam)
System
7 The Central Bank and 22 May 20 Ch 31  Qn 1, 5 (sample
Monetary Policy 1830 – 2030 past year exam)
8 Open-economy 22 May 20 Ch 26
Macroeconomics, Balance of 2031 – 2230
Payments and Exchange
rates

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 Table 1: Module Delivery Schedule – themes, readings, cases (BBS 57B)
No. Theme /Topic Date / Time Text chapters Case / exercise
Title articles/ (Text Book)
Readings*
1 Gross Domestic Product and 23 May 20 Ch 21, 23
Economic Growth 1400 – 1800
2 Labour Market, 26 May 20 Ch 22, 25  Qn 2, 5 (sample
Unemployment and Inflation 1830 – 2230 past year exam)

3 Aggregate Supply and 27 May 20 Ch 27  Qn 2 (sample

Aggregate Demand 1830 – 2030 past year exam)
4 Aggregate Expenditure and 27 May 20 Ch 28  Qn 4 (sample
Equilibrium Output 2031 – 2230 past year exam)
5 The Government and Fiscal 28 May 20 Ch 30  Qn 3, 5 (sample
Policy 1830 – 2030 past year exam)
6 Money Demand, Money 28 May 20 Ch 25  Qn 1, 5 (sample
Supply and the Banking 2031 – 2230 past year exam)
System
7 The Central Bank and 29 May 20 Ch 31  Qn 1, 5 (sample
Monetary Policy 1830 – 2030 past year exam)
8 Open-economy 29 May 20 Ch 26
Macroeconomics, Balance of 2031 – 2230
Payments and Exchange
rates

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 Table 1: Module Delivery Schedule – themes, readings, cases (BBS 57C)
No. Theme /Topic Date / Time Text chapters Case / exercise
Title articles/ (Text Book)
Readings*
1 Gross Domestic Product and 30 May 20 Ch 21, 23
Economic Growth 1400 – 1800
2 Labour Market, 31 May 20 Ch 22, 25  Qn 2, 5 (sample
Unemployment and Inflation 0900 – 1300 past year exam)

3 Aggregate Supply and 31 May 20 Ch 27  Qn 2 (sample

Aggregate Demand 1400 – 1600 past year exam)
4 Aggregate Expenditure and 31 May 20 Ch 28  Qn 4 (sample
Equilibrium Output 1601 – 1800 past year exam)
5 The Government and Fiscal 1 Jun 20 Ch 30  Qn 3, 5 (sample
Policy 1830 – 2030 past year exam)
6 Money Demand, Money 1 Jun 20 Ch 25  Qn 1, 5 (sample
Supply and the Banking 2031 – 2230 past year exam)
System
7 The Central Bank and 2 Jun 20 Ch 31  Qn 1, 5 (sample
Monetary Policy 1830 – 2030 past year exam)
8 Open-economy 2 Jun 20 Ch 26
Macroeconomics, Balance of 2031 – 2230
Payments and Exchange
rates

18
 Table 1: Module Delivery Schedule – themes, readings, cases (BBS 57D)
No. Theme /Topic Date / Time Text chapters Case / exercise
Title articles/ (Text Book)
Readings*
1 Gross Domestic Product and 3 Jun 20 Ch 21, 23
Economic Growth 1830 – 2230
2 Labour Market, 4 Jun 20 Ch 22, 25  Qn 2, 5 (sample
Unemployment and Inflation 1830 – 2230 past year exam)

3 Aggregate Supply and 5 Jun 20 Ch 27  Qn 2 (sample

Aggregate Demand 1830 – 2030 past year exam)
4 Aggregate Expenditure and 5 Jun 20 Ch 28  Qn 4 (sample
Equilibrium Output 2031 – 2230 past year exam)
5 The Government and Fiscal 6 Jun 20 Ch 30  Qn 3, 5 (sample
Policy 1400 – 1600 past year exam)
6 Money Demand, Money 6 Jun 20 Ch 25  Qn 1, 5 (sample
Supply and the Banking 1601 – 1800 past year exam)
System
7 The Central Bank and 7 Jun 20 Ch 31  Qn 1, 5 (sample
Monetary Policy 0900 – 1100 past year exam)
8 Open-economy 7 Jun 20 Ch 26
Macroeconomics, Balance of 1101 – 1300
Payments and Exchange
rates

19
 Table 1: Module Delivery Schedule – themes, readings, cases (BBS 57E)
No. Theme /Topic Date / Time Text chapters Case / exercise
Title articles/ (Text Book)
Readings*
1 Gross Domestic Product and 7 Jun 20 Ch 21, 23
Economic Growth 1400 – 1800
2 Labour Market, 8 Jun 20 Ch 22, 25  Qn 2, 5 (sample
Unemployment and Inflation 1830 – 2230 past year exam)

3 Aggregate Supply and 9 Jun 20 Ch 27  Qn 2 (sample

Aggregate Demand 1830 – 2030 past year exam)
4 Aggregate Expenditure and 9 Jun 20 Ch 28  Qn 4 (sample
Equilibrium Output 2031 – 2230 past year exam)
5 The Government and Fiscal 10 Jun 20 Ch 30  Qn 3, 5 (sample
Policy 1830 – 2030 past year exam)
6 Money Demand, Money 10 Jun 20 Ch 25  Qn 1, 5 (sample
Supply and the Banking 2031 – 2230 past year exam)
System
7 The Central Bank and 11 Jun 20 Ch 31  Qn 1, 5 (sample
Monetary Policy 1830 – 2030 past year exam)
8 Open-economy 11 Jun 20 Ch 26
Macroeconomics, Balance of 2031 – 2230
Payments and Exchange
rates

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 Table 2: Module Delivery Schedule – Topics/Themes and Class Activities

Date Advance
Reading
Required Before
Class (Core
Textbook)
Topic / Lesson Title
Session

A B C D E

Gross Domestic Product and 18 May 23 May 30 May 3 Jun 7 Jun

1 Ch 21 & 23
Economic Growth 20 20 20 20 20

6.30 pm (Wkday)/2.00 pm(Sat, Sun) Lecture: Definition of GDP

7.45 pm (Wkday)/3.15 pm(Sat, Sun)
8.15 pm (Wkday)/3.45 pm(Sat, Sun)
9.45 pm (Wkday)/5.15 pm(Sat, Sun)
Lecture: Circular flow of expenditure and income
Lecture: Two typical methods used to measure GDP
Group Discussion: Expenditure approach for measuring GDP
Lecture: Distinguish between real GDP and nominal GDP
Lecture: Explain the role of GDP Deflator
Lecture: Economic growth rate and GDP per capita
Lecture: Limitations of real GDP
Group Discussion: Sources of economic growth

Labour Market, Unemployment 19 May 26 May 31 May 4 Jun 8 Jun

2 Ch 22 & 25
and Inflation 20 20 20 20 20

6.30 pm (Wkday) / 9.00 am (Sun)
7.45 pm (Wkday) / 10.15 am (Sun)
8.15 pm (Wkday) / 10.45 am (Sun)
8.45 pm (Wkday) / 11.15 am (Sun)
9.00 pm (Wkday) / 11.30 pm (Sun)
10.00 pm (Wkday) / 12.30 pm (Sun)
Lecture: Economic Growth and Business Cycle
Lecture: Labour Market and Unemployment
Group Discussion: Types of unemployment and government measures
Lecture: Labour market indicators
Individual Practice: Calculation of labour market indicators
Lecture: Define CPI and Inflation
Group Discussion: Government measures to keep price stable

Aggregate Supply and Aggregate

20 May 27 May 31 May 5 Jun 9 Jun
3 Demand / Aggregate Expenditure Ch 27 & 28
20 20 20 20 20
and Equilibrium Output

6.30 pm (Wkday) / 2.00 pm (Sun) Lecture: Macroeconomic Schools of Thought

Lecture: Macroeconomic Long-run & Short-run
Lecture: Factors affecting Aggregate Supply and Aggregate Demand

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 7.30 pm (Wkday) / 3.00 pm (Sun)
7.45 pm (Wkday) / 3.15 pm (Sun)
8.15 pm (Wkday) / 3.45 pm (Sun)
8.31 pm (Wkday) / 4.01 pm (Sun)
10.00 pm (Wkday) / 5.30 pm (Sun)
The Government and Fiscal
4 Policy / Money Demand, Money
Supply and the Banking System
6.30 pm (Wkday) / 2.00 pm (Sat)
7.30 pm (Wkday) / 3.00 pm (Sat)
7.50 pm (Wkday) / 3.20 pm (Sat)
8.15 pm (Wkday) / 3.45 pm (Sat)
8.31 pm (Wkday) / 4.01 pm (Sat)
9.15 pm (Wkday) / 4.45 pm (Sat)
9.30 pm (Wkday) / 5.00 pm (Sat)
10.10 pm (Wkday) / 5.40 pm (Sat)
The Central Bank and Monetary
Policy / Open-economy
5 2 Jun 20
Macroeconomics, Balance of
Payments and Exchange rates
6.30 pm (Wkday) / 9.00 am (Sun)
8.00 pm (Wkday) / 10.30 am (Sun)
8.31 pm (Wkday) / 11.01 am (Sun)
9.15 pm (Wkday) / 11.45 am (Sun)
9.30 pm (Wkday) / 12.00 pm (Sun)
10.00 pm (Wkday) / 12.30 pm (Sat)
Individual Practice: Drawing of Aggregate Supply & Aggregate Demand
curves
Lecture: Macroeconomic equilibrium
Group Discussion: Application of AS/AD Model for economic analysis
Lecture: Aggregate expenditure in a closed economy
Group Practice: Calculation of equilibrium output in a closed economy
21 May 28 May 6 Jun 10 Jun
1 Jun 20 Ch 30 & 25
20 20 20 20
Lecture: Definition of fiscal policy
Lecture: Stabilising the business cycle
Lecture: Government budget balance
Group Practice: Calculation of equilibrium output in a closed economy
Lecture: Limitations of fiscal policy
Lecture: Multiplier effect arising from fiscal policy
Individual Practice: Calculation of multipliers effects
Lecture: Definition of Money
Lecture: Functions of the Central Bank
Lecture: Role of the Commercial Banks
Lecture: The Creation of Money
Individual Practice: Calculation of new money creation
Lecture: Money Demand and Money Supply
Group Discussion: Application of Money Market Diagram for analysis
22 May 29 May 7 Jun 11 Jun
Ch 31 & 26
20 20 20 20
Lecture: Monetary policy tools
Lecture: Monetary Policy transmissions to fight recession & inflation
Group discussion: Limitations of Monetary Policy
Lecture: International trade
Lecture: Balance of Payment
Group Practice: Calculation of equilibrium output in an open economy
Closing note on module
22
 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:
 Power-point slides provided with the study guide.
 The relevant textbook chapters.

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.

Class Sessions
Students are asked to be aware that lecturers provide suitable class material to support
student learning. We are aware that some students on occasion may like to record class
sessions. Where this is the case, permission must be sought to record the session. This is to
make not only the lecturer aware and ask their permission out of courtesy but to ensure
classmates are also happy to be recorded. We are grateful for your full support in this regard

Office Hours Arrangements

I will be available online both before and after class on each day should you wish to meet me
individually to discuss any aspect of this module. However, I am also available during the
class (i.e. during breaks) or you can email me. This contact also does not end upon
completion of the last class. I am available to answer any queries via email until the
completion of all your assessments.

Recording Class Sessions

Students are asked to be aware that lecturers provide suitable class material to support
student learning. We are aware that some students on occasion may like to record class
sessions using their device. Where this is the case, permission MUST be sought

23
to record the session in the same manner as you would seek permission if in a face-
to-face class. This is to make not only the lecturer aware and ask their permission out of
courtesy but to ensure classmates are also happy to be recorded. We are grateful for your
full support in this regard.

24
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 100. These can be seen below:

Table 2A – Assessment Components

Assessment components Weighting Individual / Team

 Assignment 1 10% Individual

 Assignment 2 30% Individual
 Examination 60% Individual
The purpose of each assessment is as follows:

 (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 online class sessions.

 (Assignment 2) is designed to develop the competency of the students in the application

of economic concepts and models, 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.

 Assessment 3 (Examination) is the formal examination which aims to get insights on

your understanding of issues (theory and practice) addressed in the module.

1
Biggs, J. and Tang, C. 2009, Teaching for Quality Learning at University, Maidenhead: Open
University/McGraw Hill.

25
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 – 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://libguides.ucd.ie/academicintegrity

26
Assessment Details

In the following pages, further details of each assessment component are presented along
with expectations in relation to prior preparation and completion.

Assignment 1 (Individual Written Assignment)

“Governments should play active roles in managing short-run instability in the

economy caused by unemployment and inflation problems.”

Do you agree with the above statement? Please explain your view.

To address the above questions, you will need to support your discussion and view(s) by
showing the evidence upon which they are based. Such evidence may include the
economic policies of country(ies) chosen for illustration, what the governments have
specifically done in order to achieve economic growth and the outcomes. 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.

Assignment Guidelines

 This is an individual-written assignment.

 The essay should be between 1,400 and 1,600 words.
 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.
 Assignments should be type-written using 12-font size and 1.5 line spacing. Please
include page number.
 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.
 Include a Reference List and Bibliography at the end of your assignment.
 The completed essay with the references should be submitted through the Brightspace
system.
 Students should also familiarise themselves with the University’s policy on the late
submission of coursework.

27
 Table 2B – Assessment Components
Components Submission date

Assignment 1 (Individual) First day of class

Assignment 2 (Individual) 26 June 2020

This Assignments must be submitted via Brightspace. See the Assignments deadline in
table 2B above. Please read the Grade Descriptors in the Assignment Grade Descriptor
table.

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Assignment 2 (Individual Written Assignment)

The outbreak of the COVID-19 coronavirus pandemic which became publicly

recognised in end-January 2020 has affected many economies worldwide. The
pandemic has impacted the global hospitality and tourism industry directly and has
been disrupting global supply chains since then, adversely impacting even more
economies worldwide.

As a Researcher working for a leading Research Institute, you have been tasked to conduct
a research and prepare a report on the COVID-19 pandemic in ONE (1) country of your
choice. The report should cover the following key areas:
 Overview of the outbreak of the COVID-19 coronavirus crisis.
 Impact of COVID-19 on the economy and the society of that chosen country.
 Economic and social policies implemented by the Government of this country in
response to the crisis.
 Evaluation on the underlying rationales and effectiveness of these policies implemented.

1. This assignment aims to provide association between what you learned in class and
real-life economic events happening around you. Where applicable, illustrate your
discussion with diagrams and economic models to enhance your discussion.

2. 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.

3. While conducting the research, you are free to discuss on all relevant information from
numerous sources which relate to the COVID-19 and the economy of the chosen
country. 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 Trade Organisation (WTO) or the respective
countries’ government official websites. And avoid Wikipedia definitions!

29
This assignment is aimed at a number of competency elements, specifically:
 Researching in terms of searching for and evaluating newspaper, magazine articles,
reports and academic journals that are suitable for this assignment.
 Analysis of the information presented in the article and how the macroeconomic event
could be explained using economic models.
 Assessing the suitability of the economic models to analyse the macroeconomic event
and what are the limitations of the models.
 Presentation in putting forward the information and analysis you have in a form, which is
clear, accurate and easy to understand.

Additional assignments guidelines:

 The report should be between 2,400 and 2,600 words.
 Assignments should be type-written using 12-font size and 1.5 line spacing. Please
include page number.
 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.
 Include a reference list and bibliography at the end of your assignment.
 The completed essay with the references should be submitted through the Brightspace
system.
 Course members should familiarise themselves with the University’s policy on the late
submission of coursework.
 This assignment must be submitted by 26 June 2020.
 Please read the Grade Descriptors in the Assignment 2 Grade Descriptor table.

30
Examination

The examination 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 three multi-parts questions and you will have to answer all
three 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 of this Study Guide. Please be
prepared for slightly different style of question.

31
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

Module Grades
Module Grade
Description
Grade Point
A+ 4.2
A 4.0 Excellent
A- 3.8
B+ 3.6
B 3.4 Very Good
B- 3.2
C+ 3.0
C 2.8 Good
C- 2.6
D+ 2.4
D 2.2 Acceptable
D- 2.0
FM+ 0.0
FM 0.0 Fail
FM- 0.0
No grade - work submitted
NM 0.0
did not merit a grade
No work was submitted by
the student or the student
ABS 0.0
was absent from the
assessment

More specific grade descriptors are set out for your assessment components in the following
pages. Table 4 and Table 5 provide descriptors for the Assignment 1 and Assignment 2,
respectively – please read them prior to submitting your work.

32
 Table 4: Grade Descriptors – Component grades

Grade Criteria more relevant to module levels 0, 1 and 2 in the categories of

knowledge, understanding and application

Outstanding A comprehensive, very well-structured, highly focused and concise response

A+ to the assessment task, consistently demonstrating
 an exceptionally extensive and detailed knowledge of the subject matter
 a highly-developed ability to apply this knowledge to the task set
 evidence of extensive background reading and demonstration of synthesis of this
material
 clear, fluent, stimulating and original expression
 excellent presentation (spelling, grammar, graphical) with essentially no
presentation errors

Excellent A comprehensive, highly-structured, focused and concise response to the

A assessment task, consistently demonstrating
 an extensive and detailed knowledge of the subject matter
 a highly-developed ability to apply this knowledge to the task set
 evidence of extensive background reading
 clear, fluent, stimulating and original expression
 excellent presentation (spelling, grammar, graphical) with minimal or no
presentation errors

Very Good A thorough and well-organised response to the assessment task,

B demonstrating
 a broad knowledge of the subject matter
 considerable strength in applying that knowledge to the task set
 evidence of substantial background reading
 clear and fluent expression
 quality presentation with few presentation errors

Good An adequate and competent response to the assessment task, demonstrating

C
 adequate but not complete knowledge of the subject matter
 omission of some important subject matter or the appearance of several minor errors
 capacity to apply knowledge appropriately to the task albeit with some errors
 evidence of some background reading
 clear expression with few areas of confusion
 writing of sufficient quality to convey meaning but some lack of fluency and
command of suitable vocabulary
 good presentation with some presentation errors

33
 Satisfactory An acceptable response to the assess with
D
 basic grasp of subject matter, but somewhat lacking in focus and structure
 main points covered but insufficient detail
 some effort to apply knowledge to the task but only a basic capacity or understanding
displayed
 little or no evidence of background reading
 several minor errors or one major error
 satisfactory presentation with an acceptable level of presentation errors

Acceptable The minimum acceptable standard of response to the assessment task

D- which
 shows a basic grasp of subject matter but may be poorly focused or badly structured
or contain irrelevant material
 has one major error and some minor errors
 demonstrates the capacity to complete only moderately difficult tasks related to
the subject material
 no evidence of background reading
 displays the minimum acceptable standard of presentation (spelling, grammar,
graphical)

Unacceptable A response to the assessment task which is unacceptable, with

FM
 a failure to address the question resulting in a largely irrelevant answer or material
of marginal relevance predominating
 a display of some knowledge of material relative to the question posed, but with very
serious omissions
/ errors and/or major inaccuracies included in answer
 solutions offered to a very limited portion of the problem set
 an answer unacceptably incomplete (e.g. for lack of time)
 a random and undisciplined development, layout or presentation
 unacceptable standards of presentation, such as grammar, spelling or graphical
presentation
 evidence of substantial plagiarism

34
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

May 2020

35
APPENDIX 1: TWO 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

http://www.ucd.ie/governance/resources/policypage-latesubmissionofcoursework/

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
http://libguides.ucd.ie/academicintegrity

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:

36
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 UCD library (online).

37
 SEMESTER I EXAMINATION – 2018
Academic Year – 2017/18

Bachelor of Business Studies (Singapore) BBS53 PART-TIME

FIN2001S
Economic Policy and the Global Environment

Professor Keith Cuthbertson

Professor Don Bredin
Professor Cal Muckley
Mr Sim Boon Hian*

Instructions for Candidates

Answer any FOUR (4) out of five (5) questions.

Note to students: Please note that providing a copy of this paper does not signify that
future papers will follow the exact same format.

38
Question 1

a) Given that the required reserve ratio is 8% and there is no existing excess reserve
and no cash leakage, how much money can be created from an increase in deposit
of $100,000? (4 marks)
b) Describe the process of money creation in the economy. (6 marks)
c) Malaysian banks’ lending increased sharply in the first quarter of 2010, adding to the
concerns that the Malaysian economy may be overheating. Bank Negara
(Malaysia’s Central Bank) has thus decided to increase the required reserve ratio for
commercial banks by 0.5%. Explain what impact this monetary policy would have
on the interest rates set by the commercial banks. (5 marks)
d) Discuss the transmission process in which the monetary policy in part (c) affect
aggregate demand, real GDP, inflation and unemployment in the economy.
(10 marks)

Question 2

a) When an economy is at full employment, which types of unemployment are still

observable? Which type is absent? Please describe these various types of
unemployment (6 marks)

b) Malaysia has a population is 30 million people. Out of which, 10 million are either
under sixteen years of age and/or in an institution. The labour force participation rate
is 70% and the unemployment rate is 3%. Calculate the number of people
unemployed in Malaysia. Please show your working clearly. (6 marks)

c) Discuss using AD-AS diagrams, how the following events will impact on the price
level and the real GDP of the Malaysia. Assume the economy begins at full
employment level of real GDP and all other factors remain constant.

i) The population of Malaysia increased by 30% following the implementation of

more liberal immigration policy. (5 marks)

ii) Malaysia’s currency depreciated by 10% against the currency of their biggest
export partner, the United States of America. (4 marks)

ii) The government reduces the output tax on firms’ production by 20%.
(4 marks)

39
Question 3

The economy of France is expected to resume its strong growth this year. The growth has
led to concern that the economy is now facing inflationary pressure. In such a situation, the
government may just rely on automatic fiscal policy in the economy or it may implement
discretionary fiscal policy to manage the inflationary problem.

a) Distinguish between discretionary fiscal policy and automatic fiscal policy. Explain
how the policies can help the economy during such time of high inflation rate.
(13 marks)

b) Given that marginal propensity to consume (MPC) is 0.80, what will happen to real
output in the economy when the government,

(i) increases spending by $300 million? (4 marks)

(ii) increases income taxes on households by $300 million? (4 marks)

(iii) increases spending and income taxes at the same time by $300 million each?
(4 marks)

Question 4

The simple economy of Mariner Republic is represented by the following model:

Consumption function: C = 10,000 + 0.3Yd

Investment function: I = 5,000
Government spending: G = 12,000
Net taxes : T = 10,000
Export : X = 30,000
Import : M = 20,000
Disposable income : Yd = Y – T

a) What is the equilibrium output of this economy?

Please show your working clearly. (4 marks)

b) Draw the aggregate expenditures curve, indicating clearly the equilibrium output.
(3 marks)

c) Calculate all the multipliers in this economy? Please show your working clearly.
(4 marks)

40
d) Discuss the effect of an increase in autonomous Investment of $3,000 on the
equilibrium income. (4 marks)

e) If $50,000 is the “full employment” level of output, 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 output? (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 output of $50,000.
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 (e) and (f) to achieve the same ‘full employment” level of output.
(4 marks)

Question 5

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 AS-AD model for illustration,

a) 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)

b) Identify and discuss TWO (2) other policies which the Singapore government can
adopt to overcome the recessionary economy. Please discuss both the supporting
and opposing views. (10 marks)

oOo

41