Week 3.5.1 Assignment Analysis
5. Assessment
DRAFT VERSION – AWAITING EXTERNAL EXAMINER APPROVAL
Assessment will be confirmed by the end of teaching week 3
5.1 Assessment task
This module is assessed by means of an assignment of no more than 3,000 words. There are three parts to the assignment. You must complete all three parts. Your assignment must be submitted in a sans serif font no smaller than 12 points. Line spacing should be 1.5 or double.
Your completed assignment must be completed and submitted by Friday 26th April, 2013.
See Section 5.2 for details of submission. Section 5.3 gives some further guidance on the assignment tasks.
Written assignments must not exceed the specified maximum number of words. All assignments that do so will be penalised. The penalty is at the discretion of …show more content…
It does not need diagrams or mathematics. It should not be heavily laden with economic jargon or terminology. You do not need to include references (since it is an original application of principles). Nor are you expected to do
extensive research in support of your argument, although a relevant fact or two might help convince yourself and others that you are on the right track.
Part 2 (40% of overall mark)
Answer all five questions below in 1250 words or fewer. The questions carry equal marks.
a) Explain why perfectly competitive markets lead to an allocatively efficient allocation of resources in the long run. (8%)
b) Explain why free markets will under-produce goods with positive externalities (e.g. vaccinations against infectious diseases). Briefly suggest how government might intervene to correct this under-provision? (8%)
c) The Consumer Price Index (CPI) is the official measure of inflation in the United
Kingdom. Why might CPI not be an accurate measure of the costs of living for any given individual consumer? (8%)
d) Explain why a £1m increase in net exports might increase the equilibrium output of an economy by more than
DRAFT VERSION – AWAITING EXTERNAL EXAMINER APPROVAL
Assessment will be confirmed by the end of teaching week 3
5.1 Assessment task
This module is assessed by means of an assignment of no more than 3,000 words. There are three parts to the assignment. You must complete all three parts. Your assignment must be submitted in a sans serif font no smaller than 12 points. Line spacing should be 1.5 or double.
Your completed assignment must be completed and submitted by Friday 26th April, 2013.
See Section 5.2 for details of submission. Section 5.3 gives some further guidance on the assignment tasks.
Written assignments must not exceed the specified maximum number of words. All assignments that do so will be penalised. The penalty is at the discretion of …show more content…
It does not need diagrams or mathematics. It should not be heavily laden with economic jargon or terminology. You do not need to include references (since it is an original application of principles). Nor are you expected to do
extensive research in support of your argument, although a relevant fact or two might help convince yourself and others that you are on the right track.
Part 2 (40% of overall mark)
Answer all five questions below in 1250 words or fewer. The questions carry equal marks.
a) Explain why perfectly competitive markets lead to an allocatively efficient allocation of resources in the long run. (8%)
b) Explain why free markets will under-produce goods with positive externalities (e.g. vaccinations against infectious diseases). Briefly suggest how government might intervene to correct this under-provision? (8%)
c) The Consumer Price Index (CPI) is the official measure of inflation in the United
Kingdom. Why might CPI not be an accurate measure of the costs of living for any given individual consumer? (8%)
d) Explain why a £1m increase in net exports might increase the equilibrium output of an economy by more than