HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T2 2020 Unit Code HC1072 Unit Title Economics and International Trade Assessment Type Individual...

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HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T2 2020 Unit Code HC1072 Unit Title Economics and International Trade Assessment Type Individual Assignment This is strictly required to be your own original work. Plagiarism will be penalised. Students are required to apply the theories and knowledge derived from the unit materials, demonstrate critical analysis and provide a considered and comprehensive evaluation. Students must use correct in-text citation conventions. Assessment Title Tutorial Question Assignment Description Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial question for weeks 1 to 11 inclusive and submit these answers in a single document. Purpose of the assessment and linkage to ULO. This assignment is designed to assess your level of knowledge of the key topics covered in this unit. Unit Learning Outcomes Assessed.: - Develop a broad understanding of the principles of macro and microeconomics in an economy. - Analyze economic environment nationally and internationally and its influence on business and national economic performance. - Critically analyze government’s fiscal and monetary policy and their influences on the economy and business in general. - Comprehend how economies benefit from international trade. - Synthesize theoretical and practical knowledge of economics for application in work-life situations. Weight 50% Total Marks 50 Marks Word limit No word limit. Answer each question as marks are allocated. Due Date Week 13 – Tuesday, 13 Oct 2020, 11:59 PM (Midnight) [Late submission penalties accrue at the rate of -5% per day] Submission Guidelines • The assignment will be submitted via Blackboard. Each student will be permitted only ONE submission to Blackboard. You need to ensure that the document submitted is the correct one. • The assignment must be in MS Word format, 1.5 spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. • Reference sources used must be cited in the text of the report, and listed appropriately at the end in a reference list, all using Harvard referencing style. Page 2 of 3 Assignment Specifications Tutorial 1 Week 2 Question 3 (11 marks) Stated below are 8 Economic Principles that we have covered in this unit. Select any 2 (out of 8) and explain the application of the principle by providing real life examples. Your explanation of the principle is worth 3 marks. An appropriate example is worth 2.5 marks. (5.5 x 2 = 11 marks) Principle 1: People face trade-offs. Principle 2: The cost of something is what you give up to get it. Principle 3: Rational people think at the margin. Principle 4: People respond to incentives. Principle 5: Trade can make everyone better off. Principle 6: Markets are usually a good way to organize economic activity. Principle 7: Governments can sometimes improve market outcomes. Principle 8: A country’s standard of living depends on its ability to produce goods and services. Tutorial 2 Week 3 Question 3 (7 marks) Draw a graph of market equilibrium. Explain what the equilibrium point means (3 marks). On the same graph, draw a condition of surplus (1 mark). Discuss what surplus means by answering the following sub-questions. a) Describe the behavior of buyers and sellers in times of surplus (1.5 marks). b) From your surplus price describe what will happen to the market price (1.5 marks). Tutorial 4 Week 5 Question 3 (7 marks) Compare and contrast Accounting Profit versus Economic Profit (4 marks). Can firms who earn zero economic profit continue to operate (1.5 marks)? Provide an explanation for your answer (1.5 marks). Tutorial 5/6 Week 6/7 Question 3 (7 marks) Describe and compare the level of price control within the four market structures (4 marks). Identify the market structure/s where a firm can be a price-maker (1 mark). If the firm is a price-maker, then the company will always be profitable. Explain why you agree or disagree with this statement (2 marks). Page 3 of 3 Tutorial 9 Week 10 Question 2 (7 marks) Cite and discuss the phases of a full business cycle with respect to GDP (3.5 marks) and unemployment (3.5 marks). Tutorial 10/11 Week 12 Question 3 (11 marks) The Australian government has taken several actions to manage the economy in response to the corona virus. Select any 2 actions and classify whether they fall under Fiscal Policy or Monetary Policy by stating the tools used and the desired effect of the action. (4 marks each x 2 = 8 marks) Does an economy need both Fiscal and Monetary Policy? Support your answer by enumerating the limitations of each policy (3 marks). Page 4 of 3
Answered Same DayOct 08, 2021HC1072

Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester...

Komalavalli answered on Oct 13 2021
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Tutorial 1 Week 2
Principle 6
Before everything look, the achievement of marketplace economies is perplexing. In any case, in a market financial system, nobody is looking out for the economic properly-being of society as an entire. Without the intervention government markets incorporate numerous buyers and sellers of goods and offerings, and they all are interested mainly in their own properly-being. But
notwithstanding decentralized choice making and self-fascinated selection makers, marketplace economies have proven remarkably a hit in organizing economic activity in a manner that promotes overall financial nicely being.
An Inquiry into the Nature and Causes of the Wealth of Nations by economist Adam Smith in1776 book made the maximum famous statement in all of economics: households and corporations interacting in markets act as though they may be guided with the aid of an “invisible hand” that leads them to appropriate market outcomes. Considered one of our dreams in this e book is to apprehend how this invisible hand works its magic.
As you examine economics, you'll learn that fees are the instrument with which the invisible hand directs economic activity. In any marketplace, customers observe the charge while determining how a lot to demand, and sellers take a look at the rate whilst identifying how much to supply in the market. Due to the selections that consumers and dealers make, market expenses replicate each the cost of a very good to society and the price to society of making the coolest. Smith’s remarkable perception became that prices adjust to manual those character buyers and sellers to attain consequences that, in lots of instances, maximize the welfare of society as an entire.
Principle 8
The essential relationship between productivity and dwelling requirements is easy, but its implications are far-accomplishing. If productivity is the number one determinant of dwelling requirements, different explanations must be of secondary significance. As an instance, it might be tempting to credit score exertions unions or minimal-wage laws for the upward thrust in residing standards of yank workers over the last century. But the actual hero of american workers is their growing productiveness. As any other instance, some commentators have claimed that accelerated opposition from Japan and different international locations explained the sluggish growth in U.S. Incomes at some point of the 1970s and Eighties. Yet the real villain changed into no longer opposition from overseas but flagging productiveness increase in the United States of America.
The relationship between productivity and standard of living additionally has profound the implications for public policy. Whilst thinking about how any policy will affect residing requirements, the important thing question is how it'll have an effect on our capacity to supply goods and offerings. To enhance dwelling standards, policymakers need to raise productiveness by making sure that employees are nicely educated, have the equipment had to produce goods and services, and feature access to the great to be had generation.
Tutorial 2 Week 3
Market equilibrium:
Equilibrium is the nation in which market deliver and call for stability each other, and as an end result, fees grow to be stable. Commonly, an over-supply of products or services reasons prices to head down, which leads to higher call for. The balancing effect of supply and demand effects in a kingdom of equilibrium.
Graphical representation of market equilibrium
At market equilibrium condition supply curve(s) equals demand curve (d). Price and quantity supply in the market are positively related leads to an upward sloping supply curve this indicates that increase in price of a good leads to increase in supply. Price and quantity demand in the market are negatively related, this leads to a downward sloping demand curve. This indicates that increase in price of a good leads to decrease in supply. The above graph indicates the situation of Market equilibrium. At point equilibrium point e the market demand equals the market supply. Therefore...
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