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UNIVERSITY OF SOMALIA (UNISO)
FACULTY OF EDUCATION AND HUMANITIES
ACADEMIC YEAR 2020-2021
PRINCIPLES OF ECONOMICS
ASSIGNMENT ONE
INSTRUCTIONS
Please note these flowing
1. This is an Assignment that contains two (2) questions.
2. This assignment accounts 10% of your total marks of the course, please mind it to avoid
inconveniences.
3. This assignment is due on April 27, 2021. Commit yourself to meet the deadline. Late
submission will not be accepted.
QUESTION ONE (5 Marks)
a) Define the following terms:-
(i) Scarcity (ii) Demand (iii) Circular follow diagram
b) Differentiate between positive statement and normative statement?
c) Write a short note on the none-price determinants of supply?
d) Explain economics at least twenty lines?
e) Discuss briefly the economists’ two roles?
QUESTION TWO (5 Marks)
Using the equations P + Qd = 5 and P - Qs = 3 do all the following:-
a) Construct demand and supply schedules?
b) Sketch the demand and supply curves together?
c) Find the equilibrium point, equilibrium quantity and equilibrium price?
d) Calculate slopes of the demand and supply curves?
e) In general, what will happen if the price of a good rises from the equilibrium price?
UNIVERSITY OF SOMALIA (UNISO)
FACULTY OF EDUCATION AND HUMANITIES
ACADEMIC YEAR 2020-2021
PRINCIPLES OF ECONOMICS
ASSIGNMENT ONE
END

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Assignment

  • 1. UNIVERSITY OF SOMALIA (UNISO) FACULTY OF EDUCATION AND HUMANITIES ACADEMIC YEAR 2020-2021 PRINCIPLES OF ECONOMICS ASSIGNMENT ONE INSTRUCTIONS Please note these flowing 1. This is an Assignment that contains two (2) questions. 2. This assignment accounts 10% of your total marks of the course, please mind it to avoid inconveniences. 3. This assignment is due on April 27, 2021. Commit yourself to meet the deadline. Late submission will not be accepted. QUESTION ONE (5 Marks) a) Define the following terms:- (i) Scarcity (ii) Demand (iii) Circular follow diagram b) Differentiate between positive statement and normative statement? c) Write a short note on the none-price determinants of supply? d) Explain economics at least twenty lines? e) Discuss briefly the economists’ two roles? QUESTION TWO (5 Marks) Using the equations P + Qd = 5 and P - Qs = 3 do all the following:- a) Construct demand and supply schedules? b) Sketch the demand and supply curves together? c) Find the equilibrium point, equilibrium quantity and equilibrium price? d) Calculate slopes of the demand and supply curves? e) In general, what will happen if the price of a good rises from the equilibrium price?
  • 2. UNIVERSITY OF SOMALIA (UNISO) FACULTY OF EDUCATION AND HUMANITIES ACADEMIC YEAR 2020-2021 PRINCIPLES OF ECONOMICS ASSIGNMENT ONE END