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Assignment One and Two

The document outlines assignments for Industrial Engineering students at Evelyn Hone College, focusing on economics topics such as types of unemployment, factors of production, and market structures. It includes specific questions and instructions for assignments one and two, covering demand, GDP calculations, and market equilibrium concepts. The assignments are prepared by Mr. A. Salasini and require students to provide definitions, examples, and detailed discussions.

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maureen kakoma
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14 views4 pages

Assignment One and Two

The document outlines assignments for Industrial Engineering students at Evelyn Hone College, focusing on economics topics such as types of unemployment, factors of production, and market structures. It includes specific questions and instructions for assignments one and two, covering demand, GDP calculations, and market equilibrium concepts. The assignments are prepared by Mr. A. Salasini and require students to provide definitions, examples, and detailed discussions.

Uploaded by

maureen kakoma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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EVELYN HONE COLLEGE

INDUSTRIAL ENGNEEERING STUDENTS

ECONOMICS

INSTRUCTIONS: answer all questions

ASSIGNMENT ONE

AND

ASSIGNMENT TWO

PREPARED BY: MR A. SALASINI, BA. (UNZA), MA. (CHINA)


ASSIGNMENT ONE (1)

QUESTION TWO

a) Define frictional, structural and cyclical unemployment and provide an


example of each type of unemployment.
(10 marks)
b) what are the causes of unemployment (5
marks)
Define the following terms :
i. quantity demanded and (3 marks)
ii. demand in detail. (2 marks)
(20
marks)

QUESTION TWO

Discuss the following factors of production used to produce goods and services?
State their importance and relevance in the production processes.
a) Land (5 marks)
b) Labor (5 marks)
c) Capital (10 marks)
(20 marks)

QUESTION THREE

a) Why is a firm in a perfectly competitive market said to be a ‘price taker’?


Distinguish between the short-run and long-run equilibrium in perfect
competition.
(10 marks)

b) Why is it possible for a monopolist to earn supernormal profit in the long run?
(10
marks)
ASSIGNMENT TWO (1)

QUESTION ONE

Using YOUR OWN EXAMPLES answer the following questions on demand

a) What causes the demand curve to shift out wards or inwards (5 marks)
b) What causes demand to move alone the demand curve (5 marks)
c) How does the unemployment rate fluctuate over the business cycle? (10
marks)

(20
marks)

QUESTION TWO

Use the information below to calculate GDP.

Consumer spending = $200 million

Investment spending = $55 million

State and local government spending = $120 million

Federal government spending = $80 million

Imports = $50 million

Exports = $45 million

Income taxes = $100 million

NOTE: Y=C+I+G+X-M

(20 MARKS)
QUESTION THREE
a) Why is a firm in a perfectly competitive market said to be a ‘price
taker’? Distinguish between the short-run and long-run equilibrium in
perfect competition.

(20 MARKS)

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