T323 Economics Discussion Essay Paper1. Explain how government deficits affect long run economic growth. Explain how this effect is transmitted. You should complement your explanations with some graphs.2. What is economic growth? Is it the same as increasing wellbeing and living standards of population? Explain the links between economic growth and each of these concepts: consumption, investment, and public policies (20%).3. In the Eurozone, which institution oversees monetary policy, and which one controls fiscal policy? The main goal of the European Central Bank is controlling the inflation. Why it is so important? Define aggregate demand and aggregate supply in the long-run and short-run (use graphs) and explain the main effects of rising prices in the economy using the concepts delivered in class (20%).4. Provide two examples of fiscal policies in face of an economic crisis and discuss their positive and negative effects on aggregate demand. Use the concepts of “multiplier effect” and “crowding-out effect” delivered in class (20%).5. Explain what the expected impact of the fall in international trade on the Eurozone economy might be. Use the AD/AS model and the concepts delivered in unit 8. This section must include a written explanation and charts (20%).· Always refer to the concepts explained in class.· Write a report in word or other text editor and upload it in pdf format.Formalities:· Wordcount: 1500-2000· Cover, Table of Contents, References and Appendix are excluded of the total wordcount.· Font: Arial 12,5 pts.· Text alignment: Justified.· The in-text References and the Bibliography must be in Harvard’s citation style.· Outcome 1: understand the forces determining macroeconomic variables such as national output, inflation, unemployment, and interest rates;· Outcome 2: apply macroeconomic terminology and assess macroeconomic policy suggestions;· Outcome 3: evaluate real life situations with a practical application of the acquired tools and knowledge.Rubrics Exceptional 90-100Good 80-89Fair 70-79Marginal fail 60-69Knowledge & Understanding of macroeconomic concepts and models (30%)Student demonstrates excellent understanding of key concepts and uses vocabulary in an entirely appropriate manner.Student demonstrates good understanding of the task and mentions some relevant concepts and demonstrates use of the relevant vocabulary.Student understands the task and provides minimum theory and/or some use of vocabulary.Student understands the task and attempts to answer the question but does not mention key concepts or uses minimum amount of relevant vocabulary.Application of the concepts to specific cases (30%)Student applies fully relevant knowledge from the topics delivered in class.Student applies mostly relevant knowledge from the topics delivered in class.Student applies some relevant knowledge from the topics delivered in class. Misunderstanding may be evident.Student applies little relevant knowledge from the topics delivered in class. Misunderstands are evident.Critical and analytical thinking (15%)Student critically assesses in excellent ways, drawing outstanding conclusions and providing relevant analysis.Student critically assesses in good ways, drawing conclusions and analysis.Student provides some insights but stays on the surface of the topic. Student makes little or none critical thinking insights, does not provide insights or analysis.Communication (15%)Student communicates their ideas extremely clearly and concisely, respecting word count, grammar and spellcheckStudent communicates their ideas clearly and concisely, respecting word count, grammar and spellcheckStudent communicates their ideas with some clarity and concision. It may be slightly over or under the wordcount limit. Some misspelling errors may be evident.Student communicates their ideas in a somewhat unclear and unconcise way. Does not reach or does exceed wordcount excessively and misspelling errors are evident.
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