Details of coursework
You are required to write report independently on an assignment that is related to the materials covered.
Aims and Objectives of the Assignment
To demonstrate an understanding of the relevant economic ideas or theories
To apply economic theory to real world situations
To write a structured, coherent and fluent report
The Chancellor of the Exchequer is about to formulate his new budget because of the effect of Brexit. He has received the following letter from the Prime Minister and forecast from the Treasury. Soon the Chancellor is expected to present his policy to the Prime Minister and your task is to prepare the Chancellor for the meeting by providing him with the answers to each of the points raised in the Prime Minister’s letter. You will probably find that you can best deal with the problems by applying the techniques of analysis presented in the Units so far, that is by dividing total demand into its components and calculating the relationship between each component and total output.
A letter from the P.M. to the Chancellor of the Exchequer
The Chancellor of the Exchequer
The success of your forthcoming budget will be a crucial factor in overcoming the effect of Brexit.
Do you expect next year’s demand to be so large that there will be a labour shortage or do you expect output to be so small that there will be unemployment?
I see that the National Institute has predicted unemployment on the basis of unchanged government policies. If this is the case, it is imperative that we adopt a policy to produce full employment next year.
It seems to me that we have to choose between increasing government expenditure or reducing taxations. We should choose the option which causes the smaller increase in the budget deficit.
You will of course ensure that the attainment of full employment does not run us into a balance of payments deficit.
Economic forecasts and prospects for the next fiscal year
Consumers’ expenditure is expected to reach an annual rate of £1 million plus 3/4 of personal disposable income.
It appears that firms are now entering the final phase of their investment programmes so that investment is likely to be somewhat lower that in the past given the uncertainty over Brexit. It is also unlikely to be at all sensitive to current levels of output. Our forecast is for a level of gross domestic fixed capital formation of £3 million.
Government activity in the economy is limited to direct expenditure on goods and services and the raising of revenue through the taxation of incomes.
Existing government programmes are likely to lead to an expenditure on goods and services of £4 million. Present levels of taxation are likely to yield to the government a sum equal to 20% of national income.
Productivity has increased a little since last year so that, if the economy were to attain a position of full employment, its gross domestic product would be £22 million.
The International Situation
The prospect of Brexit and Trump’s trade policy has somewhat checked the growth of world trade so that exports are unlikely to exceed £2 million. Imports will represent about 10% of gross domestic product.
Description of the Assignment:
This takes the form of a written report of 1500 -2000 words. The purpose of this work is to assess the students’ ability to write answers on certain macro issues employing economic theory from a variety of resources, and to what extent, you have reached the learning outcomes for this module. The assignment is outlined above. The result accounts for 50% of the final mark.
The following guidelines should strictly be adhered when writing the report.
· Students are expected to do a comprehensive research before writing their reports. Trying to be selective in the use of the research material.
· Reports must have an appropriate formal structure, which is introduction, main part, and conclusions. Discussion, ideas and evidence should be organised around the main theme of the report.
· Reports must have an appropriate contextual structure with consistency, integrated presentation, logical flow of discussion, clear connection between paragraphs and sections, statements supported with evidence.
· Do not only summarise what you have read. Try to analyse them in a critical manner. Be original.
· Reports must be typed, and proof-read to avoid minor errors regarding punctuality, spelling and grammar. Use the mathematical editor and the drawing facilitates. Clarity is important
· Every paragraph should have, at least, three sentences and every section, at least, three paragraphs.
· Slang, colloquial words, contractions (e.g. won’t, didn’t) not to be used.
· When ideas and findings of others are presented, then the appropriate academic style of citation should be Harvard referencing.
· Each report must have a full reference list in alphabetical order at the end.
· Have I cited all sources using Harvard referencing system?
· Have I listed in my reference list all authors cited in-text?
· Have I put speech marks around quotations and cited the source.
· If I changed the sentence structure of any sources (paraphrased), have I cited that source?
· Is my discussion predominantly my own with my citations being used to justify my arguments?
· You must not copy from another student nor allow other students to read or have an electronic copy of your work.
· All coursework submissions will be thoroughly inspected for evidence of plagiarism and collusion and any suspected instances will be immediately reported for investigation and action through the University’s academic conduct process. Plagiarism software, for example, Turnitin is routinely used by UH.
Performance will be assessed using Grading Criteria scheme below:
Classification Grades 100 to 70:
· thorough understanding of key concepts /integration of theory and practice of macro theory;
· focus on key factors/processes as specified in the questions;
· evidence of wide reading with critical understanding; evaluation of contrasting viewpoints;
· independence of thought and argument;
· well-structured flowing argument; clear, concise and correct essay writing;
· good academic referencing;
· well presented answer.
Type of service-Academic paper writing
Type of assignment-Coursework
Pages / words-3 / 1500
Number of sources-4
Language style-UK English