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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...

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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 co
ect 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
oad 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 XXXXXXXXXX: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,
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and listed appropriately at the end in a reference list, all using Harvard
eferencing 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 co
ect 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
ought 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
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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.
Answered Same Day Jun 05, 2021 HC1072

Solution

Komalavalli answered on Jun 10 2021
150 Votes
Microsoft Word - Assignment Cover Sheet revised including groups FINAL
Faculty of HigherEducation
Assignment Cover Sheet
    UnitCode
    
    Unit Name
    
    Assignment Numbe
    
    Is this a Group or Individualassignment
    
If Group, pleaseprovide group number _________
    Due Date
    
Declaration
Complete this and attach as a front cover sheet to your Blackboard submission
We certify that:
1. This assignment is our own work. We have acknowledged and disclosed any assistance received in its preparation and cited all sources from which data, ideas, words(whether quoted directly or paraphrased) were taken.
2. This assignment was prepared specifically for this unit only.
3. The reference list is truthful and accurate and in Harvard referencing style.
    Student name/s
    Student numbe
[must be co
ect]
    Which section(s) did each person work on
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
This cover sheet must be attached to your assignment
Tutorial 1 Week 2:
Question 3
Principal 1: People face trade off
In world available resources are scarce in nature, so in order to get something an individual should give up something else they need. Therefore people face trade off in getting or acquiring things.
Let us consider that individual has one hour time constraint. He has to choose 1 hour to spend ether in preparing for exam or watching movie, here the individual faces trade off between studying and watching movie with a scarce resource as time. If an individual has exam tomo
ow, he would prefer spending one hour time in studying.
Let us consider another example of firm facing trade off between maximising profit and minimizing environmental degradation. If firm wants to maximise his profit he will not spend money for advanced technology which minimize degradation of environment. Because advanced technology would cost more to the firm and this will reduce their profit .Therefore firm would choose maximum profit over minimizing environmental degradation.
Principal 1: The cost of something is what you give up to get it.
This is similar to trade off principal, in addition to principal 1 it says there is cost associated with each and every thing in the world.
Let us consider an example of an individual decides to buy a hand sanitizer over phone. Cu
ently the world is facing the effect of deadly corona virus...
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