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Title: Economic Integration of GCC Countries: Latest Developments Since 2010

Total Pages: 12 Words: 3797 Works Cited: 8 Citation Style: APA Document Type: Essay

Essay Instructions: Economics of the middle east
Research paper
Topic:Economic Integration of GCC countries with focus on latest developments since 2010.

In this paper you will discuss at least three key economic indicators and main economic policies. Some key economic issues are: Inflation, unemployment, balance of foreign trade, government debt, fiscal deficits, and the annual rate of economic growth.
The emphasis will be on the most recent developments (past 18 months).

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Essay Instructions: Economics has been a powerful determinant of the rate and direction of social change since the days of the French Revolution. While Communist and American philosophies differed sharply on the most appropriate form of economic structure, they agreed on one thing: humans are at base an economic animal.

Today the World Bank and World Trade Organization put the economic fates of many in the hands of an unelected few, and the actions of these institutions are demonstrated against by dissenters world-wide. Entrepreneurship is seen as a basic vehicle of social change, but social change may be affecting the direction of entrepreneurship as well.

Consider how economics and entrepreneurship might be effectively and creatively employed as tools of social change in the service of a topic or cause that is important to you.

Please give at least one concrete action that could be taken with economics and entrepreneurship to further the change you are considering. Include comments regarding any ethical implications related to that use. Please include in-text references.

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Essay Instructions: Economics for Business: Individual portfolio
Your portfolio should include answers to all 3 short-essay questions
Weight: 70%
Word Limit: 2000 [Note that you MUST provide a word count and must not exceed it]
Question 1 (40 marks)
Read the following statement and answer the questions below:
There have been increasing concerns over the concentration in the airline industry. A recent
investigation on air freight prices by the European Commission revealed collusion between some
big airlines. Following investigations that date back to 2006, on 9th November 2010, the European
Commission imposed a fine of almost 800m euros on 11 airlines for fixing the price of air cargo
(BBC News, 2010)
a) What type of market structure is being described above and what are its main assumptions and
b) Discuss the evidence uncovered by the European Commission.
c) What form of collusion did the airline companies engage in? What factors can make some sectors
more susceptible to this form of collusion? Discuss.
[Word limit: 800]
Question 2 (20 marks)
Read the following statement and answer the questions below:
According to official figures, the UK economy contracted by 0.5% in the fourth quarter of
2010(ONS, 2011)
a) What are the factors that were mainly responsible for the contraction of the UK economy in Q4
of 2010?
b) Examine the prospects for a stable economic recovery for the year 2011?
[Word limit: 400]
Question 3 (40 marks)
According to the principle of comparative advantage, trade is mutually beneficial to all trading
nations. However, countries still impose restrictions or barriers to trade such as the imposition of
tariffs by China on US poultry in September 2010. The use of farm subsidies by many countries
such as the U.S. and the EU is another example of protection granted to local sectors.
a) The benefits of trade and demonstrate the principle of comparative advantage,
b) Whether countries are justified in protecting their domestic industries by referring to the above
examples and/or providing other real-life examples.
[Word limit: 800]
Additional information for question 1:
Reuters (26/10/2010): BA could face cartel fine up to ?80 million. [online] Available at
The Independent (09/11/2010): Airlines face ?800m cartel fines [online] Available at
BBC News (09/10/2010): EU to fine airlines over cargo cartel [online] Available at
Europa Press Release (09/10/2010): Antitrust: Commission fines 11 air cargo carriers ?799 million
in price fixing cartel [online] Available at
Additional information for question 2:
ONS (28/03/2011) GDP growth contracts by 0.6% in Q4 2010 [online] Available at
BBC News (23/03/2011) Osborne?s budget to fuel growth [online] Available at
Additional information for question 3:
Financial Times (27.09.2010): China-US trade war: Beijing slaps new tariffs on US poultry.
[online] Available at
CNN (28/09/2010): Beijing gets tough on US poultry sales. [online] Available at
Reuters UK (25/02/2009) Obama reignites fight over U.S. farm subsidies [online] Available at
BBC News (23/01/2009) EU gives boost to dairy exports [online] Available at

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Essay Instructions: Economics of Monopoly Power. Please respond to the following:
1)Take a position regarding whether the current initiatives of the FCC actually encourage competition in all communication markets and protect the public. Provide specific examples to support your response.
2)Imagine a single organization with a complete monopoly on all post-secondary education and discuss the likely economic impact.

The Economics of Professional Sports. Please respond to the following:
3)Explain the economic consequences that would unfold if one of the major four sports leagues in the United States reorganized into a single-entity league. Discuss the consequences for players and fans.
4)Discuss the likely economic impact to owners, players, and fans if sports leagues were not allowed to function as a cartel.

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