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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