the economic performance of Singapore and United Kingdom overt the period 2010 – 2014

Assessment Task 1

Task

Based on research undertaken under this assignment you will evaluate the economic performance of Singapore and United Kingdom overt the period 2010 – 2014.

Part A

 

  1. Economic growth (5 marks)

 

With reference to your selected economies:

  • Outline the value of the Real GDP over the past 5 years 2010 – 2014.
  • Identify and explain the business cycle over the period in your selected economies.

Include original graphs and tables in your answer.

 

  1. Aggregate Demand – Aggregate Supply (11 marks)

 

  • Identify two determinants of aggregate demand and two determinants of aggregate supply that have impacted on the level of economic activity for your selected economies over the period.
  • Explain the impact of these determinants on the level of economic activity and the price level. Demonstrate this on a AD-AS diagram.

Part B

 

  1. Prices and Interest rates (6 marks)
  • Examine the situation of inflation over the period (e.g. consumer prices, and, if possible, GDP Deflator) for your selected economies.
  • Identify the prevailing type of inflation (e.g. cost-push, demand–pull) over the last two years. Explain.

Include relevant data and graphs in your answer.

 

  1. The Labour Force (5 marks)
  • Identify the changes in the workforce numbers and unemployment rate over the period.
  • Identify and explain the types and causes of unemployment which have prevailed over the period.

 

  1. Exchange rate (8 marks)

 

You should examine:

  • Comparative graphs and comments on the change in the exchange rate of the two currencies in the past two years (in relation to the US dollar).
  • Identify and explain the main factors influencing movements in the exchange rate over the period.
  • What impact has the movement had on the level of economic activity (RGDP) and the price level? Demonstrate this on a AD-AS diagram.

 

  1. Comparison (5 marks)
  • Which of the two economies you have selected have had the better economic performance? Explain your answer.

 

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