Assessment Task – Tutorial Questions Unit Code: HC1072 Unit Name: Economics and International Trade Assignment: Tutorial Questions 2 Due: 11:30pm 19th June 2020 Weighting: 25% Purpose: This assignment...

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Assessment Task – Tutorial Questions Unit Code: HC1072 Unit Name: Economics and International Trade Assignment: Tutorial Questions 2 Due: 11:30pm 19th June 2020 Weighting: 25% Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed.: 1. Develop a broad understanding of the principles of macro and microeconomics in an economy. 2. Analyze economic environment nationally and internationally and its influence on business and national economic performance. 3. Critically analyze government’s fiscal and monetary policy and their influences on the economy and business in general. 4. Comprehend how economies benefit from international trade. 5. Synthesize theoretical and practical knowledge of economics for application in work-life situations. Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These 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 questions for weeks 6 to 10 inclusive and submit these answers in a single document. The questions to be answered are; Week 6 Question 2 (10 marks) Discuss three parameters for firms operating in an oligopoly market. (2 marks each x 3 = 6 marks) Even when allowed to collude, firms in an oligopoly will choose to cheat on their agreements with the rest of the cartel. Why? (4 marks) Week 7 Question 2 (10 marks) Some advocates of anti-poverty programs claim that fighting poverty is a public good. Explain what these advocates mean by classifying charity as a public good. (4 marks) Why do governments tend to run programs that help the poor? Can the private sector be left to run those programs? Discuss your answer by focusing on externalities (3 marks) and market failure (3 marks). Week 8 Question 3 (10 marks) a) Define GDP. What does it measure and track? Why do countries report GDP? (4 marks) b) Suppose you are given the following information about the New Zealand economy, with the values in billions of Dollars. What is the GDP of New Zealand? (3marks) Personal consumption $680 Private investment $370 Government expenditure $430 Exports $710 Imports $295 c) Discuss 2 transactions that are not included in the calculation of GDP and provide an example for each. (1.5 each x 2 = 3 marks) Week 9 Question 3 (10 marks) Choose any 2 out of the 4 types of unemployment. a) Define and discuss that type of unemployment. (2 each x 2 = 4 marks) b) Provide an example. (1 each x 2 = 2 marks) c) What solutions can governments try to address that type of unemployment. (2 each x 2 = 4 marks) Week 10 Question 3 (10 marks) Right now many economies in the world are experiencing a downturn due to the Corona Virus. a) What kind of fiscal policy can governments use to address the decline? (2 marks) b) What actions will be taken by the government in implementing the fiscal policy that you described in part a? (4 marks) c) What will be the effect on Aggregate Demand (if any) as a result of the actions taken in part b? (2 marks) d) What will be the effect on Aggregate Supply (if any) as a result of the actions taken in part b? (2 marks) Submission Directions: The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one. Academic Integrity Academic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number. In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues. All assessments will be automatically submitted to SelfAssign to assess their originality. Further Information: For further information and additional learning resources, students should refer to their Discussion Board for the unit.