Module 1
- A balanced federal budget and balance of trade are considered secondary goals of macroeconomics while growth in the standard of living is considered a primary goal.Why do you think so? (or)
- Give an example of a problem in the world today that is not mentioned in the chapter but that has an economic dimension. (or)
- What is globalization and how do you think it might have affected the economy over the past decade? (or)
- It is clear that productive inefficiency is a waste since resources are being used in a way that produces less goods and services than a nation is capable of.Why is allocative efficiency also wasteful?
Module 2
- Is the demand curve the same as quantity demanded – illustrate with a diagram (or)
- A)Examine the table given;draw the demand and supply schedules and determine equilibrium quantity and price
| Price per gallon(in$) | Quantity demanded | Quantity Supplied |
| 1 | 800 | 500 |
| 1.2 | 700 | 550 |
| 1.4 | 600 | 600 |
| 1.6 | 550 | 640 |
| 1.8 | 500 | 680 |
| 2 | 460 | 700 |
| 2.2 | 420 | 720 |
B) Suppose the price of gasoline is$1.60 per gallon,is the quantity demanded higher than or lower than he equilibrium price?What about the quantity supplied?Will there be a shortage or surplus in the market?If so,by ow much is the shortage or surplus?
Module 3
- Fred currently works for a corporate law firm.He is considering opening his own legal practice where he could earn around $200 K once he establishes himself.To run his own law firm,he needs an office and a law clerk.The rent for his office is around$50,000 p.a. and the law clerk can be hired for approximately$35,000 p.a. If these figures are accurate,will Fred’s legal practice be profitable? (or)
- How do economies of scale compare to diminishing marginal returns? (or)
- How does advertising impact monopolistic competition?
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