Assessment item 3: Short Answer Questions
Assignment 3 consists of two short answer questions (worth 5 marks each) based on Text material. Before attempting this assignment you are expected to have read Text chapters 1, 2, 3 and 4. Sources used in your answer should be fully referenced in APA 6th style.
Answer the following questions ensuring that you apply economic principles or theory related to (a) the concepts of supply and demand for Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.
Question 1 (5 marks)
Answer the following questions ensuring that you apply economic principles or theory related to (a) the concepts of supply and demand for Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.
Question 1 (5 marks)
Using both a demand curve and a supply curve distinguish between a change in the quantity demanded and a change in demand and provide illustrative examples of each.
Question 2 (5 Marks)
Explain the fallacy of President Trump’s proposed protectionist policies in terms of the concepts of comparative advantage and absolute advantage.
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