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LO1 Analyse the inter-relationships between government and key macro-economic indicators, such as unemployment and inflation, and how this impacts on the environment of the firm

Appendix Three: Assessment Briefing Template 2020-21

Module Code & Title:  Principles of Macroeconomics

Description of Assessment Task and Purpose:

Essay, 2,500 words (excluding tables, figures and reference list/bibliography)

Answer ONE of the following essay questions:

1 (a) What is the Phillips Curve? (b)  In the light of recent experience assess whether the trade-off between unemployment and inflation still exists.


2 (a) What is a liquidity trap? (b) Analyse the contention that current low interest rates have rendered monetary policy ineffective?


3 (a) How do exchange rates affect aggregate demand? (b) Evaluate the extent to which a country’s economy will benefit from a depreciation of its currency.

Whichever question is selected both elements (a and b) must be addressed in the answer.

The purpose of this task is for students to demonstrate their understanding of relevant economic theory and their ability to apply it to recent/current economic events.  It also tests the ability to communicate macro-economic concepts clearly both in writing and through the use of diagrams.

Learning Outcomes Assessed:

LO1 Analyse the inter-relationships between government and key macro-economic indicators, such as unemployment and inflation, and how this impacts on the environment of the firm.

LO2 Examine the impact of links between the internal and external economy and how this impacts on the firm and its external environment

LO3 Analyse the implications of a positive and negative output gap.

Knowledge & Skills Assessed:

Knowledge and understanding of macroeconomic theory

Application of macroeconomic theory to contemporary issues

Written communication

Format for Assessment:

2,500 word essay

The following guidelines should be adhered to:

- Font / Size: Arial or Times New Roman / 12

- Spacing / Sides: Double/ Single Sided

- Pagination required? Yes

- Margins: At least 2.54 to left and right and text ‘justified’

- Referencing: Full compliance with Harvard protocols

NB: word counts in excess of the maximum will be penalised (1 mark deduction per 10 words in excess of word limit)

Marking Criteria for Assessment:

See Appendix Four below


Appendix Four: Assessment Criteria







Bad fail

Discussion of Theory

Highly accurate work. Shows strong understanding of the usefulness of the models

Occasional stylistic or technical errors but a good grasp of relevant models.

Technical errors and some shortcomings of relevant models.

Contains notable errors of fact or interpretation.

Selects wrong theory or fails to provide convincing discussion of mechanics

For the most part confused and poorly expressed or absent

Investigation of Issues/ Cases

Demonstrates outstanding research

Provides a comprehensive picture of the subtleties of the case

Provides a reasonably comprehensive picture of the cases but misses subtleties

Provides a limited portrayal of the cases at hand. Some basic errors.

Highly dependent on limited and unreliable sources irrelevant to the module.

Little investigative work. Erroneous in matters of fact and interpretation.

Applying theory to practice

Theory is applied in an original and sophisticated way

Strong grasp of how the theory is appropriate as well as where it fails to reflect the world

Reasonable application, but errors are made, and limitations are not explored

Weak application. Little reference is made to theory with the case at hand

There is a dislocation between theory and case. Possibly irrelevant material to the module.

No theory to speak of applied to the case. Irrelevant material to the module used

Overall structure of answer / sophistication of analysis

Very strong answer with a convincing style

Solid well ordered case put forward but with some limitations in knowledge, depth, precision, clarity, or style

Limitations in knowledge, depth, precision, clarity, or style

Relevant but generally superficial answer

Some evidence of structure, but it is likely to be muddled or unclear.


Use of Diagrams

Generates or adapts diagrams in an original way

Good use supporting the case

Relevant but generic diagrams, some explanation

Copies and pastes diagrams with little or no explanation

Misunderstands diagrams or they provide no insight to the case at hand

Absent or incorrect/irrelevant to the discussion


Clearly used sources of a highly sophisticated nature in an appropriate way

Wide ranging readings relevant to the module.

Thorough in-text citations and comprehensive reference list in Harvard format

Solid reading list but some omissions


Over-reliance on sources, with little demonstration of understanding

In-text citations patchy, reference list not in Harvard format

Highly dependent on limited and unreliable sources – not related to the module

In-text citations absent, reference list incomplete

Not credible. Include many not touched

Overall presentation

Professional, flawless presentation

Clearly laid out, consistent formatting, minimal typos

Some minor formatting inconsistencies, typographical errors

Lacks attention to presentation

Poor paragraphing, font consistency etc. Much copying and pasting

Rushed and haphazard


Demonstrates the capacity to pursue independent lines of enquiry.

Shows a clear awareness of the salient points, integrates theory and examples well

Covers the main points but omits subtleties and shows limited insight

A partial response to the question. Shows perfunctory understanding

Failure to address the question set in a way that is relevant to the module.

Shows no engagement with the question set or use of relevant material to the module

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