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College of Administrative and Financial Sciences
Assignment- 1
Deadline: 24/2/2020 @ 23:59
Course Name: Macroeconomics
Student’s Name:
Course Code: ECON201
Student’s ID Number:
Semester: II
CRN:
Academic Year: 1440/1441 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• 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 your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission 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 answered 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.
Question: - 1(a). Should a nation tend to export or import goods for which it has a comparative
advantage? Explain. Why do economists oppose policies that restrict trade among nations?
(Minimum 500 words). (4 Marks)
(b). Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an
hour. She spends 5 hours per day studying. (2 Marks)
a. Draw Maria’s production possibilities frontier for reading economics and sociology.
b. What is Maria’s opportunity cost of reading 100 pages of sociology?
Answer:
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Explanation & Answer:
500 words
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Explanation & Answer
Attached.
MICROECONOMICS, OUTLINE
This paper discusses the following:
•
Should a nation tend to export or import goods for which it has a comparative advantage:
this section agrees with the proposal that the country needs to import or export goods and
services it has a comparative advantage.
•
Why do economists oppose policies that restrict trade among nations: discusses key reasons
why economists are opposing policies restricting trade among countries but instead
advocating for free trade policies?
References
College of Administrative and Financial Sciences
Assignment- 1
Deadline: 24/2/2020 @ 23:59
Course Name: Macroeconomics
Student’s Name:
Course Code: ECON201
Student’s ID Number:
Semester: II
CRN:
Academic Year: 1440/1441 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
•
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
•
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 your information on the cover page.
•
Students must mention question number clearly in their answer.
•
Late submission 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 answered 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.
Question: - 1(a). Should a nation tend to export or import goods for which it has a comparative
advantage? Explain. Why do economists oppose policies that restrict trade among nations?
(Minimum 500 words). (4 Marks)
(b). Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an
hour. She spends 5 hours per day studying. (2 Marks)
a. Draw Maria’s production possibilities frontier for reading economics and sociology.
b. What is Maria’s opportunity cost of reading 100 pages of sociology?
Answer:
1 (a)
YES, A NATION SHOULD IMPORT OR EXPORT GOODS AND SERVICES FOR WHICH
IT HAS A COMPARATIVE ADVANTAGE.
Comparative advantage refers to the capacity of an economy to create merchandise and
enterprises at lower opportunity costs contrasted with other trade partners (Hayes, 2019). According
to economists, a comparative advantage always gives various companies the ability to sell their goods
and services at lower prices compared to other trade partners, thereby realizing higher profit margins
on their sales. Considering the benefits that come with a comparative advantage, it is, therefore,
indispensable a nation to import/export products in which it has a comparative advantage.
Comparative advantage is very crucial in ensuring that even nations with low wealth have an
opportunity to participate in trade with other wealthy nations, thereby improving their productivity.
For instance, also if a country has an absolute advantage of producing all goods and services, other
countries could as well have a different comparative advantage. It, therefore, means that the country
incurring less cost in production should export its products while those experiencing high cost of
production should import the product and export those they have a comparative advantage.
REASONS WHY ECONOMISTS ARE AGAINST TRADE RESTRICTION P...
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