Macroeconomics Worksheet
Kingdom of Saudi Arabia Ministry of Education Saudi Electronic University College of Administrative and Financial Sciences Assignment 1 Macroeconomics (ECON 201) Release Date is 17/09/2023 Course Name: Macroeconomics Student’s Name: Course Code: ECON201 Student’s ID Number: Semester: 1st CRN: Academic Year:2023-24-Ist For Instructor’s Use only Instructor’s Name: Students’ Grade: 00 / 10 Level of Marks: High/Middle/Low General Instructions – PLEASE READ THEM CAREFULLY • • • • • • • • • The Assignment must be submitted on Blackboard (WORD format only) via the allocated folder. The due date for Assignment 1 is 7/10/2022. Assignments submitted through email will not be accepted. Students are advised to make their work clear and well-presented, marks may be reduced for poor presentation. This includes filling in your information on the cover page. Students must mention the question number clearly in their answers. Late submissions will NOT be accepted. Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). Submissions without this cover page will NOT be accepted. Assignment 1 Questions: Week 1, 2 & 3 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, what is the 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 favor the 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] Answer:
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