Business Question

Course Work Assessment – Alternative AssessmentSemester
202320
Division: Business
Assessment title in
Problem-Based
Syllabus
Assessment
Course Code
ECO 1103
Course Title
Macroeconomics
Course Instructor
Program: Finance
CRN
Assessment Weight
20%
Submission Deadline
Student Name:
Student HCT ID:
For Examiner’s Use Only
CLO
CLO3
CLO4
Total
%
50%
50%
100
100%
Marks Allocated
Marks Obtained
HCT Policy statement: Alternative Assessment: Any assessment in which the students
know the instructions, questions, requirements, purpose, and grading criteria in advance,
such as portfolios, reports, presentations, projects, etc.
Chatbot ( e.g. ChatGPT ) statement
This submission does not allow you to use any AI tool to complete. Any breach of this
requirement will be treated as a plagiarism attempt and shall be subject to the HCT
Academic Integrity Policy.
ECO 1103
Assessment 3
Student Task
1 |6
INSTRUCTIONS TO CANDIDATES:
ANSWER ALL THE QUESTIONS THAT FOLLOW
SECTION A: The Planning Stage
1. As Advisor to the Government of your country, which TWO economic objectives are you
going to aim to achieve?
2. What is your reason/s for focusing on the TWO specific aims you identified in your answer
to question 1?
SECTION B: The Implementation Stage
Round 1- Month 1
1a. Which is the first policy choice that you are going to implement during month 1? Identify
its number AND description.
1b. Which type of stabilization policy is your government using? Justify your answer.
1c. Copy and paste a screenshot of the macroeconomic results you achieved after you
implemented this policy.
Round 2 – Month 2
2a. Which policies will you implement in month 2? Identify the policies by number and
description; and list them in the same order that you will implement them.
2b. Which type of stabilization policies is the government this month? Justify your answer.
2c. Copy and paste screenshots of the macroeconomic results you achieved after you
implemented each one of your policies individually. (You must have a screen shot for each
policy you implement, with each screenshot showing also the previous policies that you
implemented in the previous time period and also this month).
Round 3 – Month 3
3a. Which policies will you implement in month 3? Identify the policies by number and
description; and list them in the same order that you will implement them.
ECO 1103
Assessment 3
Student Task
2 |6
3b. Which type of stabilization policies is the government this month? Justify your answer.
3c. Copy and paste screenshots of the macroeconomic results you achieved after you
implemented each one of your policies individually. (You must have a screen shot for each
policy you implement, with each screenshot showing also the previous policies that you
implemented in the previous time period and also this month).
Round 4 – Month 4
4a. Which policies will you implement in month 4? Identify the policies by number and
description; and list them in the same order that you will implement them.
4b. Which type of stabilization policies is the government this month? Justify your answer.
4c. Copy and paste screenshots of the macroeconomic results you achieved after you
implemented each one of your policies individually. (You must have a screen shot for each
policy you implement, with each screenshot showing also the previous policies that you
implemented in the previous time period and also this month).
ECO 1103
Assessment 3
Student Task
3 |6
Section C: The Evaluation Stage
1. Complete the following table with the progress that you have achieved in your economy.
MONTH 1
MONTH 2
MONTH 3
MONTH 4
Indicate the number of the
policies you have
implemented, in the same
order that you have you
have implemented them
each month
Government Score
Inflation
Unemployment
GDP
Debt
2. Assume that following the implementation of your chosen policies, the economy
experiences the monthly economic scores for inflation, unemployment, GDP, debt, an
overall Government Score that you report in the table above.
a. Comment on the results you achieved in each month.
(Month 1 is done for you by way of example)
Round 1 / Month 1
Inflation
= -1 has decreased and it is lower than recommended level.
Unemployment
= -1 = this means that unemployment has decreased in the
ECO 1103
Assessment 3
Student Task
4 |6
economy. The score shows that unemployment is lower
than the recommended level.
GDP
= 1 = there has been a small level of growth in GDP
Debt
= 1 = National debt has accumulated but it is still at a low and
acceptable level.
b. Apply your knowledge of business cycles to determine:
1. the stage of the business cycle the economy is experiencing in each month;
2. give reasons for your answer.
3. What do you expect will happen to aggregate demand (AD) in each month in response
to policies you chose to implement? Give reasons for your answer.
4. Are you satisfied with the economic progress that you have achieved with your policy
choices? Explain why or why not.
5. Which policy, or set of policies, were most efficient at achieving your aim? Explain your
answer.
ECO 1103
Assessment 3
Student Task
5 |6
GRADING RUBRIC
Not
competent
LEVEL OF COMPETENCE
CLO
ATTAINMENT
Basic Proficient Advanced CLO 3 CLO4
Learning objective
SECTION,
QUESTION
A. Understanding of government objectives
1. Ability to identify achievable
government aims
2. Ability to justify selection of
achievable government aims
§ AQ1
§AQ2
B. Application of economic concepts
1. Ability to select appropriate
policies to achieve the
macroeconomic aims
§B
Q1a, 2a, 3a,
4a
2. Ability to recognise the nature
of the selected policy
§B
Q 1b, 2b, 3b,
4b
C. Analytical skills
1. Ability to determine the policy
effect on economic variables
§C Q 2a
2. Ability to undertake the
required analyse to determine
the business cycle stage
§ C Q2b
3. Ability to undertake the
required analyse to determine
the impact on AD
§ C Q3
D.Critical skills
1. Ability to express opinion and
to justify it
§C Q 4, 5
E Communication skills
1. Ability to use the simulation
and report the results
§B
Q 1c, 2c, 3c,
4c
2. Ability to present work in a
coherent manner
entire
assignment
TOTAL CLO ATTAINMENT
(each CLO is marked out of a total of 24 marks)
OVERALL GRADE SCORED (Maximum 100%)
ECO 1103
Assessment 3
Student Task
6 |6
Course Work Assessment – Alternative Assessment
Semester
Assessment title in
Syllabus
202320
Division: Business
Project
Program: Bachelor
Course Code
ECO 1103
Course Title
Macroeconomics
Course Instructor
CRN
Assessment Weight
20%
Submission Deadline
Student Name(s):
Student HCT ID(s):
For Examiner’s Use Only
CLO
CLO3
CLO4
Total
%
Marks Allocated
50
50
100
100%
Marks Obtained
HCT Policy statement: Alternative Assessment: Any assessment in which the students
know the instructions, questions, requirements, purpose, and grading criteria in advance,
such as portfolios, reports, presentations, projects, etc.
Chatbot ( e.g. ChatGPT ) statement
This submission does not allow you to use any AI tool to complete. Any breach of this
requirement will be treated as a plagiarism attempt and shall be subject to the HCT
Academic Integrity Policy.
ECO 1103
Assessment 3
page
1|6
The Government Game
(adapted for HCT, with permission, from tutor2u, UK1)
INSTRUCTIONS
1. Students are required to work on their project independently and to
submit their individual answers.
2. Students must submit their work online (through BBL) on or before the
set deadline.
3. HCT’s academic dishonestly and plagiarism policy applies to this
assessment.
4. There will be one class session during which the tutor will explain the
project requirements to the students, will show the students how the
software works and allow the students time to experiment with the
software in class.
AIM OF THE GAME
This game aims to familiarize players with various types of policies applicable in
an economy. Through gameplay, participants will gain insight into how each
policy can trigger ripple effects on different economic variables.
DESCRIPTION
You are the advisor to the finance minister of your country. The country currently is
facing a period of very slow economic growth.
Your Prime Minister has given you total power to run the economy over the next 4
months and hopes that you will be able turn the economy around to a successful one.
To manage the economy, you are allowed to implement different fiscal and monetary
policies.
1. “The Government Game – Economic Simulation Activity,” tutor2u, accessed 4 March, 2024,
https://www.tutor2u.net/economics/reference/the-government-game-economic-simulation-activity.
ECO 1103
Assessment 3
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2|6
TASK
You have a list of 19 potential policies. You must choose:
• only 1 policy in the first month
• THREE policies for each of rounds (months) 2, 3 and 4.
• You should implement each policy separately and note its effect on the economy.
• You can only use each policy once.
Each time that you choose a policy you must:
•
enter your choice in the spreadsheet on the computer and
•
note the results that you achieve on the. (i) rate of inflation, (ii) unemployment, and
(iii) economic growth. This will give you a ‘Government Score’ which relates to the
public approval of your policies and the amount of debt that the economy has.
THE RULES
1. If at the end of the 4 rounds your poll rating is less than ‘zero’ you have not managed
to gather any public approval and the Government Score will show as zero.
2. If your debt grows larger than 10% of your GDP, your Government Score will drop to
‘zero’. You can continue making policy choices, but your score will only return to its
natural rate once your debt goes below 10%.
3. The Government Score is calculated by using the combined totals of your scores for GDP,
inflation, and unemployment.
4. GDP is added to your score. This is good news, as long as your GDP score is
positive! Try to keep your GDP as high a score as possible.
5. Inflation: your economy operates well if your inflation rate is between zero and 2
points. In this case your inflation score is added to your Government Score. If your
inflation score dips below zero it will be recorded as zero on your score. If your inflation
score goes above 2 points, then it is deducted from your government score. Try to keep
your inflation rate between zero and 2 points.
6. Unemployment: your economy hopes for zero unemployment but can operate well if
unemployment scores 1 point. So, if your unemployment score is zero or 1 it will not be
added to your Government Score. If unemployment falls below zero (underemployment) then nothing will be added to your Government Score. If your
unemployment score exceeds 1 point then it will be deducted from your government
score. Try to keep your unemployment rate between zero and 1 points.
7. Debt: Your country is willing to accept a certain amount level budget deficit (debt). As
long as your debt does not exceed 9 points then your Government Score will not be
ECO 1103
Assessment 3
page
3|6
affected. If your Debt score exceeds 9, then your Government Score will be set at zero
until you can get your debt to below 10.Try to keep your Debt score below 10.
8. Public Opinion (Poll): This measures the popularity of the government policy amongst
society. THERE IS NO NEED TO CONSIDER THIS VARIABLE.
9. Policy Choices: you are to choose from the following policies listed below. Remember
that you can use each policy only ONCE.
No Policy description
1
Increase government spending on health care
3
Increase income tax by 2% to allow a fairer distribution of income in the country
4
Increase the interest rate by 1 %
5
Give large subsidies to encourage firms to expand to areas of high unemployment
6
Increase spending on roads and bridges
7
Improve funding to schools and universities
8
Increase the minimum wage by 10 AED per hour
9
Increase VAT by 2.0%
10 Devalue the currency, so that the country becomes more competitive
12 Increase grants to encourage small businesses to grow and become more profitable
14 Subsidise exporting businesses
15 Subsidise local agriculture
Join a free trade area with the rest of the GCC area. This greatly increases exports from
16 our country
18 Buy bonds to increase the money supply
19 Introduce corporation tax at 5 % of profits
21 Reduce unemployment benefits and pensions paid by government
22 Increase spending on house building projects by the government
Government offers grants to businesses to upgrade their machinery and technology to
25 become more efficient
28 Reduce the costs and processes needed to set up and register a new business
ECO 1103
Assessment 3
page
4|6
GRADING RUBRIC
Not
competent
LEVEL OF COMPETENCE
CLO
ATTAINMENT
Basic Proficient Advanced CLO 3 CLO4
SECTION,
QUESTION
Learning objective
A. Understanding of government objectives
1. Ability to identify achievable
government aims
§ AQ1
2. Ability to justify selection of
achievable government aims
§AQ2
B. Application of economic concepts
1. Ability to select appropriate
policies to achieve the
macroeconomic aims
§B
Q1a, 2a, 3a,
4a
2. Ability to recognize the nature
of the selected policy
§B
Q 1b, 2b, 3b,
4b
C. Analytical skills
1. Ability to determine the policy
effect on economic variables
§C Q 2a
2. Ability to undertake the
required analysis to determine
the business cycle stage
§ C Q2b
3. Ability to undertake the
required analysis to determine
the impact on AD
§CQ3
D.Critical skills
1. Ability to express opinion and
to justify it
§C Qs 4, 5
E Communication skills
1. Ability to use the simulation
and report the results
§B
Q 1c, 2c, 3c,
4c
2. Ability to present work in a
coherent manner
entire
assignment
TOTAL
CLO
ATTAINMENT (each CLO is marked out of a total of 24
marks)
OVERALL GRADE SCORED (Maximum 100%)
ECO 1103
Assessment 3
page
5|6
Grading Key
Not competent
Student has not presented any answer to the question, or has
presented an answer that is incorrect or irrelevant. An answer
that does not answer the question set.
Basic Awareness
Student presents an answer that only shows a superficial level
of understanding; does not use proper economic terminology,
does not present any insight or proper explanation as required.
Moderate Awareness
Student presents a logical answer with a satisfactory level of
reflection/analysis/criticism/description/explanation
as
required. The student however fails to use all the required /
possible elements (in-depth elaboration, graphical,
mathematical) to answer the question.
Advanced Awareness
Student presents a complete answer, shows evidence of
understanding, uses all the relevant/ possible modes of
answering an economics assignment accurately (in-depth
elaboration, graphical, mathematical).
END OF INSTRUCTIONS
ECO 1103
Assessment 3
page
6|6
The Government Game
Enter player/team name below:
Player/Team
1 insert student name here
2 LEAVE BLANK – DO NOT USE
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24 LEAVE BLANK – DO NOT USE
25 LEAVE BLANK – DO NOT USE
1
Enter policy numbers for each month below
2 3 4 5 6 7 8 9 10 11 12
Score:
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
Infl
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Running scores below:
Unemp GDP
Debt
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Poll
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0