Assessment item 3: Short Answer Questions
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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