Each student is required to do TWO (2) questions one of which or two of which must be from the Macroeconomics topics.
PS: Points will be deducted for failure to to clarify answers as well as failure to for claims and assertions in your answers to your questions including the essay type questions.
PS: A total of five (5) points will also be deducted for all late assignments.
PS: This assignment is graded out of 20 points as such each of the two (2) questions of each student will be graded out of 10 points.
Students are required to use suitably labeled diagrams where necessary in their answers
Topic#1-Scarcity, Resource Allocation, the and Economic Systems. Each question in this section will be graded out of 10 points.
(1a)What are auctions?
(1b)Is there a conceptual difference between markets and auctions? Why or Why not?
(1c)Do auctions take advantage of shortages in markets? Carefully explain your answer. How?
(1d)When and why do shortages develop in markets? Carefully explain your answer with the use of a
(1e)Do shortages develop in auctions as well?
(1f)How do auctioneers know which consumers want or need a resource most?
(1g)Do markets use the same measure used in auctions to determine which consumers want or need a resource most?
(1h)How do markets determine which consumers are more desperate to buy a commodity in a market? Carefully explain your answer with the use of a supply-demand diagram
(1i)How do markets determine which producers are more desperate to sell a commodity? Carefully explain your answer with the use of a supply-demand diagram
(2a)What are the trade-offs to merchants of consumers who purchase their commodities with those who pay for them with credit and debit cards?
(2b)What is the opportunity cost to merchants to accept cash payments versus creditdebit card payments for the commodities they sell?
(2c)Do banks tax merchants for accepting creditdebit card payments? Why or Why not?
(2d)Do consumers who pay in cash to merchants subsidize those consumers who pay with creditdebit cards? Why or Why not?
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