ECO2306 Assignment 1

ECO2306

Assignment 1 (97 points = 10%)

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INSTRUCTIONS

 

This assignment must be completed within Mindtap. Assignments need to be submitted on or before the due date specified by the instructor. Consult the course calendar for assignment due dates.

 

SCORING CRITERIA

 

This assignment will be marked using the scoring criteria indicated in the chart below and is worth 10% of your final grade.

Question

 

Topic

 

Operations and points

 

Total Points

 

1

 

Key terms and concepts for chapter 8

 

 

Key terms for chapter 8 – Fill in the blanks (5)

 

 

5

 

2

 

The investment and saving market: The investment curve

 

Plot 3 real interest rates and quantity of investment (1)

Analyze graph and fill in two blanks (2)

 

3

 

3

 

The investment and saving market: Savings and investment

 

Calculate missing figures using data from a table (9)

 

 

9

 

4

 

The investment and saving market: Government policy

 

Plot investment and saving data (3)

Fill in the blanks using the points on graph (8)

 

11

 

5

 

The aggregate demand curve

 

Using a graph fill in the blanks (6)

 

6

 

6

 

Shifts in aggregate demand curve

 

Analyze a graph to calculate aggregate demand determinants (4)

 

4

 

7

 

Key terms and concepts Chapter 9

 

Key terms for chapter 9 – Fill in the blanks (5)

 

5

 

8

 

Why is the short-run aggregate supply curve positively sloped?

 

Explain why short-run aggregate supply curve is positively sloped – Fill in the blanks (3)

 

3

 

9

 

The slope and position of the long-run aggregate supply curve

 

Plot long-run aggregate supply curve (1)

Fill in five blanks to identify the impact of each event/shock on long-run aggregate supply curve (5)

 

6

 

10

 

Shifts in aggregate supply curve

 

Fill in three blanks to explain the changes required on the determinants on aggregate when it shifts (3)

 

3

 

11

 

Long-run adjustment in the AD/AS model

 

Use a graph to show how the economy reaches long -run equilibrium (2)

 

2

 

12

 

Inflation in the AD/AS model: demand-pull or cost-push/

 

Use a graph to show demand-pull and cost-push inflation (2)

 

2

 

13

 

The economy’s correction for inflationary and recessionary gaps

 

Use a graph to show how to correct for inflationary and recessionary gaps in the economy (1) and answer MC question related to graph (2)

 

3

 

14

 

Factors that influence how quickly an economy self-corrects

 

Fill in two blanks to explain how economy self-corrects (2)

 

2

 

15

 

The Keynesian aggregate expenditure model

 

Using a table of data plot real aggregate expenditures and real GDP (3)

Fill in three blanks using the graph to determine the aggregate expenditures components (3)

 

6

 

16

 

Changes in autonomous investment

 

Plot changes in autonomous investment given the consumption function (4)

Using a graph fill in seven blanks (7)

 

 

11

 

17

 

Unplanned changes in inventory

 

Using information from a table calculate missing components of Real GDP (12)

Fill in four blanks based on aggregate expenditure model (4)

 

16

 

 

Total Assignment 1 Marks

 

 

 

/97

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