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Module: Business Economics
Module Code: BBS_4_ECO
Questions relating to the above article number one (worth 45% of the overall mark):
1. The article refers to forecasts for world economic growth in 2018 of real GDP.
a. Explain what you understand by the concept GDP and the three ways that it can potentially be measure. (6 marks)
b. Explain the difference between nominal GDP and real GDP as mentioned in the article. (2 marks)
c. Mr. Wolf refers to GDP being higher if measured using purchasing power parity (PPP). Explain the concept of PPP. (4 marks) d. According to Mr. Wolf, what are the driving forces behind the relatively good growth rates within the world economy? Explain his thinking on this matter. (4 marks)
2. In the short-run, there are certain risks to the growth of the world economy, according to the article.
a. List and explain what these risks are. (4 marks)
b. In words, explain the difference between real and nominal interest rates, Use an appropriate formula in your answer. (2 marks)
c. In the long-run, what are the main factors that tend to cause sharp slowdowns in the world economy? Are any of these risks possible in the next period? Explain your answers. (4 marks)
3. With reference to Figure 2: a. How would you describe world economic growth in GDP from 1990 to 2017? Do you see any patterns or differences over different time periods? Explain your answer. (4 marks)
b. What was the Great Depression and the Global Financial Crisis, Figure 2 refers to? What is the difference between a depression and a recession? (5 marks)
c. Figure 2 makes reference to the first and second oil shocks. Briefly explain the background to these shocks and what happened to the price of oil and its subsequent impact on the world economy. (5 marks)
d. Use an aggregate supply and aggregate demand diagram to show what happened to the demand and price of oil when these shocks struck. Explain what you have drawn. (5 marks)