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Country Project, Australia and UK
Australia
Part A: Globalization of Trade
About ten years ago, Australia had a GDP of 1.397 trillion United States dollars. In 2018, the Australia had a GDP of Australia was recorded at 1.434 trillion United States dollars. The country has continued to grow and has a strong economy. The GDP has grown continuously since 2011, which can be attributed to a favorable business environment that enhances trade with its partners (Data Commons).
Part C: Impact of COVID-19 on Trade
The emergence of corona virus has greatly affected how business is conducted. One of the major effects on trade is the disruption of supply chain. Many of domestic businesses that rely on movement of people were affected. The volume of imports and exports was reduced because the virus resulted to limited movement between different countries. There were limited goods that could be exported and imported into the country (Jenkins, Nicolson and Wilcock).
While the impacts of the virus can be experienced on all sectors of the economy, there are certain areas that have been severely affected by the outbreak. One of the severely affected sectors was tourism. Many of tourists in Australia come from other countries. With the travel restrictions across the world, the country could not receive foreigners or visitors from other country. Moreover, domestic tourism was also discouraged since people were placed on lockdown (Paul Hardman; Phoebe Yin).
There were certain areas that led to the economic shock that was experienced within the country. The lock down that was enforced after the outbreak limited business transaction and reduced the rate of consumption of certain products. Also, the travel bans limited people movement across borders. It was reported that a third of the individuals working in the service sector lost their jobs. This was caused by the restrictions and the shock on the economy has been massive (Smyth).
UK: Money
Complete the following table:
Questions in this column Your answers in this column
What is the monetary unit? Pound sterling (GBP)
What is its current $ value? $1.29 USD / GBP
Does the currency float or is the value fixed? Floating exchange rates
What is the largest note or coin? Ј50
What is the smallest note or coin? Ten pounds
Does the country have its own central bank? Yes
What is the name of the central bank? Bank of England
When was the central bank founded? July 27, 1694
Who is the head of the central bank? Mark Carney
If your country does not have its own central bank, what is the source of monetary policy? Not applicable
What is the opportunity cost of holding money?
(Use the yield on a short-term government security)
What is the value of M1? 2,070,594,000,000
What is the value of M2? 2,726,605,000,000
What is the value of M3? (If available.) 3,211,756,000,000
What is the ...