The Assignment must be submitted on Blackboard (WORD format only) via the alloca

The Assignment must be submitted on Blackboard (WORD format only) via the alloca

The Assignment must be submitted on Blackboard (WORD format only) via the allocated folder.
The due date for Assignment 1 is 7/10/2023.
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]