In this assessment you will be required to provide a comprehensive answer to a few questions on the important concepts and principles
you have learned up to this point. There is a total of 4 questions, and you have 500 words to write each answer. Your answers should be
written in essay format, utilising the appropriate language and appropriate academic citations, when and if necessary.
Question
1. Briefly explain the law of demand, the law of supply, and how demand and supply interact in order to determine the price of goods
and services in a market economy (500 words)
2. Subsidies, excise taxes, price ceilings, and price floors all have a clear impact on the demand, supply, and price of goods and
services. Select one of the four and briefly describe such impact. (500 words )
3. Briefly describe the difference between frictional unemployment, structural unemployment, and cyclical unemployment. What policies
can/should government enact to respond to each of these? (500 words )
4. What are the differences between a proportional tax system, a progressive tax system, and a regressive tax system? Which do you
think is more beneficial to society? Justify your answer. (500 words )
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