College of Administrative and Financial Sciences
|Course Name: Macroeconomics||Student’s Name:|
|Course Code: ECON201||Student’s ID Number:|
For Instructor’s Use only
|Students’ Grade: / 5||Level of Marks: High/Middle/Low|
Instructions – PLEASE READ THEM CAREFULLY
Assignment 1 Question-Chapters: 1, 2, 3 & 4: – [5 Marks]
Q1: Imagine a society that produces military goods and consumer goods, which we’ll call “guns”
and “butter.” [2 Marks]
Q2: Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a
year. [2 Marks]
cars, how much wheat can it consume without trade? Label this point on the production
Q3: Suppose the demand function for corn is Qd = 10 − 2p, and supply function is Qs = 3p − 5. The
government is concerned that the market equilibrium price of corn is too low and would like to
implement a price support policy to protect the farmers. By implementing the price support
policy, the government sets a support price and purchases the extra supply at the support price.
In this case, the government sets the support price ps = 4. [1 Mark]
demanded by the market, and the quantity purchased by the government.
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