Economics assignment questions:
Please note that although the task only contains two questions, the responses to those questions should be presented in the same manner as you will be expected to present responses to all questions in all assessment tasks in this subject. Your responses must be divided into 4 parts which are as follow summarize,theorise, utilize, analyze. Each part is detailed in the guide to marking criteria given below.
Question 1 (20 marks)
The question is based on material in the Text. Text material which may be relevant to the question may be drawn primarily from any of Text chapters 3, 4, 5, 6, 7, 8 or 9. The question addresses the following learning outcomes:
• be able to apply demand and supply analysis to make a range of market related decisions
• be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income
Answer the following:
Schooling, for children between specified ages, is compulsory. However, not all of these children attend public schools. Parents can elect to send their children to private schools (which we will assume is the only alternative to public schooling). There is debate in the community over the amount of subsidy provided by government to private schools. Some argue that this subsidy should be eliminated in order to reduce government outlays on education and that it is wrong for the government to subsidize private schooling. In the context of the demand and supply of schooling, evaluate this argument. Hint: Assume that the average expenditure per student by government on students in public education must remain constant.
Question 2 (20 marks)
The question is based on material in the Text. Text material which may be relevant to the question may be drawn primarily from any of Text chapters 3,4,5 and 6. See text -reading Between The Lines: Why a crackdown on illicit Drugs Increases Crime-. The question addresses the following learning outcomes:
• be able to make decisions that incorporate the relevant benefits and cost analysis
•be able to apply demand and supply analysis to make a range of market related decisions
Answer the following:
You have been employed as a Consultant Economist by the NT Government in particular the NT Police and NT Health Departments. You've been asked to advise about the affects of a) increase in the police crackdown on illicit drugs in the NT and b) using government revenue to better educate the NT population about the serious health problems related to illicit drug use. Assume that illicit drugs are an inelastic good.