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Economics 4 Pages

Economics Homework Questions

Question

1. Oil prices fluctuate all the time mainly due to changes in the global demand for oil. In 2008 commodity prices in general and oil prices in particular, increased significantly. Around the end of 2008 oil price was close to $150/barrel. During that period most countries experienced high levels of inflation. In the UAE the inflation rate reached records highs of around 12%.

  1. As a measure producer of oil, explain how that increase in oil prices affected GDP.(5 pts.)
  2. How the increase in oil prices affected money supply in the UAE? (5 pts.)
  3. How the high levels of inflation affected real income of UAE residents? (5 pts)
  4. As a manager of a small business in the UAE, discuss how these changes could affect your managerial decisions especially those related to production, pricing, and hiring. (5 pts.)

2. In 2008-2009 the Global Economy suffered what is now called “The Great Recession” from which many countries are still recovering. Explain how the recession affected the following macroeconomic variables in the UAE:

  1. UAE GDP.(5 pts.)
  2. UAE inflation.(5 pts.)
  3. The unemployment rate. (5 pts.)
  4. The construction, real estate, and the financial sectors in Dubai were hit hard by the recession. As a manager of a firm in one of these sectors, discuss the effect of the recession on your managerial decisions.(5 pts.)

3. Some countries depreciated the value of their currencies as a mean to stimulate their economies during the recession.

  1. Explain how this depreciation of the currency might help the country to get out of the recession. (10 pts.)
  2. How about if most countries around the world followed the same policy?

4. It has been about four years since the Syrian uprising began. The conflict resulted in destruction of infrastructure and led to dire effects on the Syrian economy.

  • Discuss the effect of the conflict on the Syrian economy. Make sure to explain these effects on GDP, inflation, employment, government budget, and trade.(10 pts.)
  • Explain how the conflict might have affected your managerial decisions if you were a small business owner in Syria.(10 pts.)

5. After the aftermath of the great recession in 2008-2009 many countries around the world especially in the Euro zone implemented severe austerity programs to compact their epidemic budget deficits and debt problems.

  • Discuss the economic impact of these policies on the economies of these countries. (10 pts.)
  • Some economists argue that these austerity programs were not the right policies at the time and government should have adopted more stimulus policies instead. Do you agree with this view ? Explain.(10 pts.)
Solution

Title: Economics Homework Questions
Length: 4 pages (1302 Words)
Style: APA

Preview

Question 1 

a) The economy of the United Arabs Emirate is fueled largely by its oil revenues. The emirate recorded an impressive rise in the Gross Domestic Product as a result of the increase in oil prices. Increased financial inflow from oil sales helped finance critical government projects, shored up the budget and also led to increased liquidity in the economy. 

b) Monetary conditions in the United Arab Emirates benefitted greatly from the high oil prices. Money supply was high due to more revenue from oil resources, given as a result of the fact that oil accounts for about 40% of the emirate's GDP. A greater supply of money in the economy also led to increased deposits in financial institutions.

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