Page 1 of 3 HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HC1072 Unit Title Economics and International Trade Assessment Type...

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Page 1 of 3 HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T1 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, if required. Assessment Title Tutorial Question Assignment 1 Purpose of the assessment and linkage to ULO. 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 2 to 6 inclusive and submit these answers in a single document. 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. - Synthesize theoretical and practical knowledge of economics for application in work-life situations. Weight 25% Total Marks 50 Marks Word limit Do not exceed 500 words per question. Due Date Week 6 - Friday 8th May 2020 11:59 PM (Midnight) [Late submission penalties accrue at the rate of -5% per day] Submission Guidelines • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page. • 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 (if you used them) must be cited in the text of the report, Page 2 of 3 and listed appropriately at the end in a reference list, all using Harvard referencing style. • 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. Assignment Specifications Tutorial 1 Week 2 Question 3 (10 marks) Stated below are 3 Economic Principles. Pick any 2 and explain the application of the principle by providing real life examples. 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. Tutorial 2 Week 3 Question 2 (10 marks) There are 4 Non-Price Determinants of Supply. Choose any 2 and discuss how each determinant influences Supply. Draw the Supply Curve and explain how an increase of supply will look like if the change was brought about by a Non-Price Determinant of Supply. Tutorial 3 Week 4 Question 3 (10 marks) Some countries use price floors for their domestic farmers to guarantee them a high return on their Page 3 of 3 production. Suppose there is a price floor on wool that is binding. What will be the effect on the wool market? Identify who benefits from this policy and who bears the cost. Tutorial 4 Week 5 Question 2 (10 marks) State and explain the Law of Diminishing Returns. Provide an example of the Law of Diminishing Returns. What can businesses learn from this law? Tutorial 5 Week 6 Question 3 (10 marks) Describe how government is involved in creating a monopoly. Why might the government create a monopoly? State at least 2 reasons. Give an example of a government created monopoly.