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Understanding the Business & Economic Environment (UMED8A-15-1)
Time allowed 2 hours.
Section A (30%): 10 compulsory multiple Choice Questions
Section B (70%): Consists of TWO parts: Part A & Part B.
Section B (Part A): Microeconomic Environment of Business: Answer ONE question from a total of 3 questions (35%).
Important topics:
a) Demand, supply and equilibrium,
b) Production and costs,
c) Oligopoly and public interest.
Section B (Part B): Macroeconomic Environment of Business: Answer ONE question from a total of 3 questions (35%).
a) Inflation: causes & effect including policy orientation,
b) Fiscal policy: discretionary Vs. rule; advantages & disadvantages,
c) Monetary policy and the role of mpc to control the money supply in the UK.
Guideline:
· The best sources of information include: a) the module text book, b) lecture slides, c) module and workshop handbook, which are all available on Blackboard, except the textbook.
· In Section A, answer ALL MCQs, You can find these in the Study Units, Blackboard.
· In section B, choose only ONE question from Part A & ONE question from Part B.
· Ensure that you are skilful in drawing relevant diagrams for Section B – you could boost your mark if you can do so.
· A good answer is expected to be well structured, combining theory with evidence to arrive at a meaningful conclusion.
· In text referencing is not essential but useful if possible.
· For more information regarding the assessment criteria see the module handbook.
