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EC204: Economics 2

  • Elizabeth Jones

    Module Leader
30 CATS - Department of Economics
Spring Module
Autumn Module

Principal Aims

From this module students can develop a deeper understanding of economic concepts introduced in analysis. It will also introduce to new concepts in both micro and macroeconomic analysis and in the analysis of public policy issues such as market failure and counter-inflation policy.

Principal Learning Outcomes

Subject knowledge and understandingTo demonstrate knowledge of macroeconomic policies and understand the role of theory in analysing their effectiveness.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understandingTo abstract and simplify economic problems through the application of theoretical models.

Key Skills Communicate knowledge and understanding of economics in written, spoken, graphical and in mathematical forms.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understandingTo apply rigorous knowledge of theoretical models which underlie economic analysis.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understandingTo understand the uses, applications and limitations of theoretical models.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understandingTo demonstrate knowledge of microeconomic policies.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays. The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Cognitive SkillsAnalyse competing models and hypotheses in a critical way.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Readings and Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative) Essay (summative), Summer Examination (summative).

Key Skills Present the output of their own work to an audience.The teaching and learning methods that enable students to achieve this learning outcome are: Seminar discussions and Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)

Key Skills Conduct individual and collaborative research into an Economic topic, using world wide web and library resourcesThe teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, seminar discussions and Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative)

Cognitive SkillsAnalyse and formulate models for understanding and solving problems.The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Assessed Essays and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays, Group Projects (formative), Summer Examination.

Subject-Specific/Professional SkillsSelect and apply appropriate economic models and techniques to particular problems especially those of a policy nature.The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Assessed Essays and Seminar discussions.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject-Specific/Professional SkillsProduce concise and analytical reports relating to economic problems and issues.The teaching and learning methods that enable students to achieve this learning outcome are: Assessed Essays and Seminar presentations.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Subject knowledge and understandingTo understand key concepts and principles in intermediate microeconomics and macroeconomics. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Seminar discussions, Assessed Essays.The summative assessment methods that measure the achievement of this learning outcome are: Exercise question sheet answers (formative), Essays (summative), Summer Examination (summative).

Syllabus

The module will typically cover some of the following topics:

Microeconomics: consumer theory, preferences, indifference curves, budget constraints, optimisation, revealed preference, Hicksian and Slutsky analysis. Choice under uncertainty: expected value and expected utility, insurance, asymmetric information including moral hazard and adverse selection. The analysis of general equilibrium and welfare economics. Consideration of the economics of public policy issues such as externalities and public goods. Game theoretic approaches to oligopoly, entry and other strategic areas in industrial and business economics. Macroeconomics The unemployment-inflation relationship. The effect of monetary policy. Expectations, financial markets and the Macroeconomy. Political business cycles. The Time inconsistency problem. The open economy.

Context

Core Module
V7MR - Year 2, V7ML - Year 2, V7MP - Year 2, LM1D (LLD2) - Year 2, GL11 - Year 2, L1L8 - Year 2, R9L1 - Year 2, R3L4 - Year 2, R4L1 - Year 2, R2L4 - Year 2, R1L4 - Year 2
Optional Module
LA99 - Year 2
Pre or Co-requisites
EC106 (for MORSE students) or EC107 or EC131 and EC229 with a mark of 60% in each plus passes in IB121 and IB122 Modules: (EC106-24 or EC107-30 or EC131-15) and EC229-15
Part-year Availability for Visiting Students
Available in the Autumn term only (1 x 2000 word essay – 12 CATS) and in the Spring term only (1 x 2000 word essay – 12 CATS) and in the Autumn and Spring terms together (2 x 2000 word essays - 24 CATS)

Assessment

Assessment Method
Coursework (40%) + 3-hour examination (Summer) (60%)
Coursework Details
Essay 1 (10%), Essay 2 (10%), Participation in and engagement with Support and Feedback classes (10%), 4 x quizzes (2.5% each) (10%), 3-hour examination (Summer) (60%)
Exam Timing
N/A

Exam Rubric

Time Allowed: 3 hours.

Answer ALL FOUR questions from Section A (40 marks total), ONE question from Section B (30 marks total) and ONE question from Section C (30 marks total). Answer Section A questions in one booklet, Section B questions in a separate booklet; and Section C questions in a separate booklet.

Approved pocket calculators are allowed.

Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.

Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.

Reading Lists