ECO 103 International Economics – Question and Answer
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- Topic :: International Economics
- Code :: ECO 103
- Words :: 2300
Welcome to ECO 103 – International Economics
This Study Guide provides to assist your study with the International Economics course within the Bachelor of Business Administration (BBA) programs of GBS.
We know that this will be a great experience for you and will look forward to your evaluations and recommendations for new ideas and approaches that could be incorporated into the program for future BBA intake. Faculty evaluation, online library and Plagscan software is available on the GBS Extranet system. Happy learning!
|Course Code||ECO 103|
|Venue||406, Al Reem Towers, Above NBAD,
BuhairaCorniche, Sharjah. PO Box – 83608.
|Day/Time||Friday 8:00am to 12:00pm|
|Degree||Bachelor of Business Administration|
|Type of Module||Mandatory|
|Frequency||Once a week|
|Mode||Online Exam Submission|
|Rescheduling of Exam – Charges||AED 1000/-|
About the Course
Description of the course
The module explores the essence of International Economics. It focuses on the practical applications of the theory this course provides an analysis of the economic relationships between countries, covering both trade and monetary issues. It includes the study of positive issues, such as: Why do countries trade? What goods do countries trade? What are the implications of openness for the location of production, industries, occupations, and innovative activity? And, what impedes trade and why do some countries deliberately erect policy impediments to trade? The course also concerns normative issues, such as: Is trade openness beneficial to a representative agent? And, are there winners and losers from trade and if so, can we identify them? Throughout, these issues are approached in neoclassical settings as well as those with market failures, at the industry-level as well as the firm-level, and in the presence of both mobile and immobile factors (e.g., FDI, offshoring of tasks, multinational firms and immigration).
Course Learning Outcomes (LOs)
By the end of this course you should be able to:
- Students will be able to comprehend theory of decision-making under conditions of scarcity and uncertainty;
- Analyze choice and demand, production, cost, the firm and market structure and market failure;
- Develop analytic tools used to understand how the economy functions in aggregate;
- Understand short- and long-run economics fluctuations;
- Recognize the cause of trade, sources of the gains from trade and the domestic and international distribution of those gains;
- Examine instruments and consequences of trade policy measures—including tariffs and quantitative restrictions; and
- Understand international financial markets and the macroeconomics of open economies; balance of payments and the trade balance; exchange rates and the foreign exchange market; interest rates and capital flows; central banking and monetary policy in open economies; and exchange rate regimes.
|Assessment||Description||% of total Course Mark|
|6.0 = Excellent|
|5.5 = Very good|
|5.0 = Good|
|4.5 = Quite Good|
|4.0 = Pass|
|<4.0 = Fail|
Cheating is an attempt to gain grades dishonestly.
Plagiarism is copying and the presentation of someone’s work as your own. This could be from other student’s assignment/projects, books or the Internet. This can be either intentional or unintentional (did not know it was necessary to reference material used in essays or written assignment). Plagiarism is also considered as a form of cheating and there is a penalty for cheating. “Any student found guilty of cheating will be dismissed on the recommendation of the Program Director. A record of this shall be entered in the student’s official record and transcript”.
Table of Contents
MODULE – 1: INTRODUCTION TO INTERNATIONAL ECONOMICS
- Economics, Scarcity, and Choice
- International Economics
- The Effects of Government Policies on Trade
- International Finance Topics
MODULE –2: GLOBALIZATION
- What Is Global Economy
- The Discontents with Globalization
- The Potentials of Globalization
- The Equilibrium
MODULE –3: INTERNATIONAL TRADE, THE BALANCE OF PAYMENTS AND EXCHANGE RATES
- The Flow of Currencies
- Balance of Trade & Payments
- Types of Exchange Rates
- Foreign Exchange Markets
MODULE –4: THE DYNAMIC ENVIRONMENT OF INTERNATIONAL TRADE
- World Trade and U.S. Multinationals
- Protectionism: Logic and Illogic
- Global Institutions
Final Exam – Individual Assignment 100%
1. India has a Floating Exchange Rate system; UAE has fixed Exchange Rate System and China has Managed Exchange Rate System. With the help of reasons for each, explain how these Exchange Rate systems work for each country. (300 words, 15 Marks)
2. Contrast the theory of Absolute Advantage with the theory of Comparative Advantage as applied in International Trade. Use Specialization and Opportunity Cost to explain the concepts. (300 words, 15 Marks)
3. Provide at least 5 concrete reasons for the introduction of Value Added Tax (VAT) in some of the GCC countries and UAE in particular. (300 words, 15 Marks)
4. What advantages and limitations for a fast-growing economy like UAE and Dubai in particular in pegging the currency against US$? (250 words, 10 Marks)
5. A World Expo in Dubai in 2020 would be the first to be held in the MENASA (Middle East, North Africa and South Asia) region. As the global community faces ever more complex, and increasingly interconnected challenges, the links between people, societies and ideas have never been more important. Dubai Expo 2020 will be a platform for connectivity to help pioneer new partnerships for growth and sustainability for the future
- What is the role of globalization in winning the bid for Dubai Expo 2020? (250 words, 10 marks)
- What will be the effect of Dubai Expo 2020 on the economic growth not only in Dubai but in all other GCC countries? (250 words, 10 marks)
6. Case Study:
Africa: by-passed by the benefits of globalization: An Oxfam report published in April 2002 stated that if Africa increased its share of world trade by just 1% it would earn an additional £49 billion a year – five times the amount it receives in aid. The World Bank has acknowledged that the benefits of globalization are barely being passed on to sub-Saharan Africa and may actually have accentuated many of its problems. Africa accounted for only 2.3% of global accumulated inward direct investment in 2001. The entire African continental economy is no larger than Spain’s at $580 billion. The level of international aid given to Africa fell by 40% between 1990 and 1999. According to Oxfam, if sub-Saharan Africa had maintained its exports at the same level as 1980, its economy would be worth an extra $280 billion a year. IMF-World Bank loans are usually conditional on African countries opening their markets. Historically, African trade barriers have been high but they have been reduced significantly in recent years. However, many countries complain that Most Economic Developed Counties, in particular the EU and the USA, are not implementing at home the free trade policies they expect African countries to follow. The high level of agricultural subsidies in the USA and the EU is a particular cause of concern, resulting in artificially cheap food flooding African markets. An example of the impact such ‘dumping’ can have is the fate of the Ghanaian rice industry which has collapsed in recent years as heavily subsidized US and Thai imports have undercut local producers. From being an exporter of rice, Ghana now imports £100 million of rice a year!!!
- Discuss the reasons why Africa has been bypassed by the benefits of globalization. (250 words, 10 marks)
- “The poor nations are becoming poorer and the rich nations are becoming richer “. With the help of examples and in the context of globalization, explain in detail the role and functions of International organizations like IMF, World Bank and WTO for the above statement. (300 words, 15 Marks)
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