Q1:Define price ceiling and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why?[2.5 Marks]
Q2:Export or Import, whatisthe option available for a nation if it has a comparative advantage in the production of agricultural produce over the other country? Explain. Why do a group of economists favorthe policies that restrict imports? (Minimum 500 words).[2.5 Marks]
Q3: Pick any two principles of economics from Chapter 1 and explain each with an example.[2.5 Marks]
Q4: Take an example of a two-goods economy and explain the concept of opportunity cost with the help of the Production possibility curve (PPC). Also, draw a PPC and explain why any combination outside the PPC is not possible.[2.5 Marks]
Hire a professional tutor and get high-quality, unique assignments. We will assist you breakdown tough concepts to enable you to sharpen your skills.
