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Assignment due Monday, April 22, 2024 by 11:00pm
Overview
This assignment is a
Assignment due Monday, April 22, 2024 by 11:00pm
Overview
This assignment is a short, individual reflective essay (800-1000 words) that documents your learning experiences during the _Econland _simulation game. The main aim of the assignment is for you to apply your knowledge of monetary and fiscal policies in an authentic context, so you can think through how various policy decisions will impact aggregate demand (AD) and aggregate supply (AS) and how, in turn, changes in AD and AS affect real GDP and the general level of prices.
Game link: https://hbsp.harvard.edu/import/1142038
Email: 202114633@zu.ac.ae
Password: Economics12# (Capital E)
Guide to the assignment
The aim of assignment 2 is to help you apply your knowledge regarding monetary and fiscal policies in a real-world context. You will experience a simulation game, where you make policy decisions regarding monetary policy. Once you finish the case (you can play as many rounds as you want, but make sure you try all possible available monetary and fiscal policies), you need to write a reflective essay that answers the following questions. You should incorporate AD/AS graphs and screenshots into all your responses.
1- How do you better control inflation: through monetary policy, or through fiscal policy? Why do you think this is the case? (200 words).
2- Which policy has a stronger effect on growth: monetary policy or fiscal policy? Why do you think this is the case? Which fiscal instrument(s) have a stronger effect compared to others? Are those results in line with your expectations? (200 words).
3- When you want to consolidate the budget, which one is more effective: cutting expenditures or increasing taxes? Is this what you expected? (200 words).
4- Do you expect any differences in the effect on the economy of corporate and income taxes? Why or why not? Which one affects aggregate demand, and which one affects aggregate supply?
5- Reflection: Do you have any additional insights? If you were the Minister of Economy, which policies would you recommend and why? (200 words).
1. https://mru.org/courses/principles-economics-macroeconomics/introduction-business-cycle-fluctuations2. https://mru.org/courses/principles-economics-macroeconomics/business-fluctuations-aggregate-demand-curve
3. https://mru.org/courses/principles-economics-macroeconomics/business-fluctuations-long-run-aggregate-supply-curve
4. https://mru.org/courses/principles-economics-macroeconomics/unemployment-sticky-wages
5. https://mru.org/courses/principles-economics-macroeconomics/business-fluctuations-short-run-aggregate-supply-curve – In this video particularly focus on the “Adjustment Process”, i.e. how does the economy move from points A to B to C as the economy adjust to changes in Aggregate Demand. Also, remember the statement by economist Keynes.
6. https://mru.org/courses/principles-economics-macroeconomics/velocity-aggregate-demand – As you watch this, note that apart from changes in Money Supply, changes in velocity can also change AD. Change in AD due to M is usually more permanent. Change in AD due to V is usually temporary (mostly driven by consumer confidence).
You can find the grading rubric for this assignment (here).
Assignment Information
Length:800-1000 words
Weight:
15%
Learning Outcomes Added
LO1_DefineEconomics: Define the concepts, theories, and models used in economic analysis.
LO3_RealWorldEcons: Use an economic way of thinking to analyze real-world issues in various business contexts and social settings, applying accepted ethical standards.
LO4_PublicPolicies: Evaluate, critically, public policies that aim to deliver social and economic stability.
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