1.A balanced federal budget and balance of trade are considered secondary goals of macroeconomics while growth in the standard of living is considered a primary goal.Why do you think so?
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2.Give an example of a problem in the world today that is not mentioned in the chapter but that has an economic dimension
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3.What is globalization and how do you think it might have affected the economy over the past decade?
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4.It is clear that productive inefficiency is a waste since resources are being used in a way that produces less goods and services than a nation is capable of.Why is allocative efficiency also wasteful?
Module 1: (Answer any 2 questions; each question weighs 2 marks. 2 * 2= 4 marks)
Module2:(Answer any1question;each question weighs4marks;4*1=4marks)-due by 07thJuly 2019
1.Is the demand curve the same as quantity demanded – illustrate with a diagram
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2.A)Examine the table given;draw the demand and supply schedules and determine equilibrium quantity and price
Price per gallon(in$)
|
Quantity Supplied
|
1.00
|
500
|
1.20
|
550
|
1.40
|
600
|
1.60
|
640
|
1.80
|
680
|
2.00
|
700
|
2.20
|
720
|
B)Suppose the price of gasoline is$1.60per gallon,is the quantity demanded higher than or lower than he equilibrium price?What about the quantity supplied?Will there be a shortage or surplus in the market?If so,by ow much is the shortage or surplus?
Module3:(Answer any1question;each question weighs4marks;4*1=4marks)
1.Fred currently works for a corporate law firm.He is considering opening his own legal practice where he could earn around$200K once he establishes himself.To run his own law firm,he needs an office and a law clerk.The rent for his office is around$50,000p.a.and the law clerk can be hired for approximately$35,000p.a.If these figures are accurate,will Fred’s legal practice be profitable?
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2.How do economies of scale compare to diminishing marginal returns?
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3.How does advertising impact monopolistic competition?
with above questions answers i need the two short assignments done attached in the files in a single word file. the upper answers should be separately done in three parts. make user to do referencing and table of content & cover page done with all correct editing & skills . I need to pass with high distinction because I'm failing in this subject otherwise make it High distinction please.