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Challenges Facing Islam and the Muslim Ummah - 4472 Words

Challenges Facing Islam and the Muslim Ummah Columnist Col (Retd) GHULAM SARWAR discusses the difficulties facing Muslims in todays world It is a fact, universally acknowledged that current world crises have assumed alarming proportions, leaving everybody in a state of utter awe and fear. The US and its trusted ally, Britain, are seen hell-bent on ensuring world domination through means fair or foul. Yesterday, Sudan and Afghanistan were brutally targeted. Today it is Iraq, which is the victim of their blatant aggression. Who knows which other Muslim country will be their next victim. Their avaricious eyes are closely riveted on the Muslim World. Chain of events go to prove beyond doubt that protagonists of the New World Order as†¦show more content†¦This sharp difference between the haves and the have-nots is likely to foment revolution. The entire situation is outrageously alarming. Political analysts are of the view that in case Russia succeeds in overcoming its domestic problems, it may as well stage at least a partial comeback on the global scene. In that case, it will be able to pose some threat to the West, which is currently coercing all the Third World countries.1 Russias Prime Minister, Yevgemy Primakov visited India immediately after the cessation of air strikes on Iraq. This visit was significant in the sense that it came out with a new proposal of striking a triangular alliance between Russia, India and China. Although China has summarily dismissed this idea, yet some of the Third World countries are feeling somewhat relieved. They feel that in times to come, Russia may be in a position to take up cudgels on their behalf, in case America continues browbeating them in future as well as it is doing today. China, however, is very wisely maintaining its neutral stance. Regrettably in the past, some of the Pakistani governments have played second fiddle to US designs. The results have been quite disastrous. Now that it is abundantly clear that it is extremely naive on our part to rely on its false promises. Currently, America is targeting other Muslim nations, but under a calculated strategy, it is wooing Pakistan, in view of its geostrategic location. America is fully consciousShow MoreRelatedContemporary Issue in Eastern Religions1627 Words   |  7 Pagessouthern Philippines to Nigeria they are united by their common Islamic faith. A small group live in the Arab the world and the world s largest Muslim community is in Indonesia, where substantial parts of Asia and most of Africa are Muslim, while significant minorities are to be found in the Soviet Union, China, North and South America, and Europe Muslims believe in One, Unique, Incomparable God. 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Economics for Business Business Economics

Part A Question 1. What is opportunity cost? Describe some of the opportunity costs when you decide to do the followings? Answer 1. Attend college instead of taking a job Ride a bus instead of driving a car The opportunity cost can be simply defined as the cost or value that was foregone by the individual in order to achieve some other benefit. Although the cost is not recorded in the financial statement however the cost benefit is considered for decision making purpose (Steiner, 2010). In case of taking a decisions relating to attending college instead of taking a job shows that the individual will experience a loss of current income from the job and also a loss of experience that would have helped the individual in future income. This is the opportunity cost. In case of availing a bus instead of a car the individual losses the freedom to choose own schedule and also lose the freedom of privacy and safety. Question 2. Define price elasticity of demand and how you will use it to define an inferior good? Give two examples of an inferior good? Answer 2. Price elasticity of demand shows the relationship between price and quantity demanded. PED = (% change in quantity demanded / %change in price) The degree of PED can be of the following types namely: Less than 1 indicates PED is inelastic Greater than one indicates PED is elastic Zero indicates PED is perfectly inelastic Infinite indicates PED is perfectly elastic Inferior good is the types of good the demand for which declines with the rise in the level of income. For instance the products sold at the discount markets or shops fall under the category of inferior goods (Zhou, 2011). With the rise in the income level the consumers stop purchasing from these stores. Some of the food products like rice, potato and noodles are considered to be inferior goods because their consumption decreases with the increase in the income level. Question 3. Explain the differences between demand pull and cost push inflation? Answer 3. Both cost push inflation and demand pull inflation have the same effects of price rise on the goods however the difference between the two exists only behind their causing factors.Wang (2010) opined when the purchasing power of the people increase the demand for the goods increase simultaneously. Under this circumstance there occurs a shortage in the supply of goods resulting in increase of price. This is the situation in demand pull inflation. The following factors may result in demand pull inflation namely higher employment rate, depreciation of exchange rate and faster economic growth. On the contrary in case of cost push inflation the cost of the production of the goods increases which makes the supply costly. This inflation results from increase of component costs, rising labor costs, higher tax rates and low exchange rates. A backward shift of the supply curve denotes cost push inflation whereas a rightward shift of the demand curve denotes demand pull inflation. Question 4. Identify the key factors affecting the demand for currency Answer 4. Level of consumer spending: During the periods of higher consumer spending like in the festival seasons the demand for money increases since the consumers are willing to pay more for their products. Inflation rate: The high rate of inflation forces the price of the goods to rise. Hence the demand of money for the purchase of the goods increases among the individuals (Steiner, 2010). Hence there exists a direct relation between the price rate and the rate of currency demand. The rate of currency demand increases with the increase in the price of goods and services. Precautionary motive: According to Lai and Joseph (2010) if in any market situation the individuals feel that they need to store cash for the future purpose then the individuals will sell all kinds of bonds and shares and will convert them to liquid cash. This will in turn increase the demand for money in the market. Interest rates: The two major sources of wealth are bonds and money. The bonds generally offer high rates of interest to the purchaser and hence the demand for bonds are generally high compared to the demand for keeping liquid cash. However Kiyono and Ishikawa (2013) suggested that when there is a decrease in the rates of interest of bonds the demand for liquid cash increases. Question 5.What policies would be effective to reduce the structural rate of unemployment? Define at least one. Answer 5. Two major strategies may be adopt3ed for reduction of unemployment namely the demand side policies and the supply side policies. Among the demand side policies the most effective policies are Fiscal policy and monetary policy. The supply side polices include the simple policies like education and training, reduction of power of trade unions, employment subsidies and improved labor market. The supply side policy attempts to give sufficient education and training to the unemployed workers making them eligible for employment (Gillespie, 2010). Moreover the bargaining power of the trade unions should also be decreased so that the real wage unemployment can be avoided. The policy of providing financial assistance to the unemployed workers to help them move to highly employed areas will help to generate more employment options. Part B Question 1. Justification of statement Answer 1. The rise of the oil prices is temporary hence the suggestion of the advisor to increase the money supply is not a feasible suggestion. In the future when the price of the oil will decrease the market will have high money supply which will create a situation of demand pull inflation. This will negatively affect the demand for oil and will result in increase of oil price permanently. Question 2. Measures taken by UK coalition Government Answer 2. To make a better economy the UK coalition government introduced the following fiscal and monetary policies Age related allowances for pensioners Price stability to maintain low levels of inflation Maintaining an inflation rate of 2% to stimulate a steady growth of the UK economy Introducing a tight fiscal policy to reduce the inflationary pressure by reducing the growth of aggregate demand in UK economy (Fund, 2010) Increasing of taxes to improve the government finances Reference list Books Fund, I. (2010).Ethiopia. Washington: International Monetary Fund. Gillespie, A. (2010).Business economics. Oxford: Oxford University Press. Zhou, Q. (2011).Advances in applied economics, business and development. Berlin: Springer. Journals Kiyono, K. and Ishikawa, J. (2013). Reexamination of Strategic Public Policies.Japanese Economic Review, 64(2), pp.201-231. Lai, B. and Joseph, N. (2010). Pricing-to-market and the volatility of UK export prices.Applied Financial Economics, 20(18), pp.1441-1460. Steiner, A. (2010). Contagious policies: an analysis of spatial interactions among countries' capital account policies.Pacific Economic Review, 15(3), pp.422-445. Wang, P. (2010). An examination of business cycle features in UK S ectoral O utput.Applied Economics, 42(25), pp.3241-3252.