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ECS1601 assignment 5 Due on31 October 2023

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  • October 25, 2023
  • October 27, 2023
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ECS1601 Assignment 05

Semester 2 2023




Assessment type: Questions requiring written answers and calculations.
Examiner(s): ECS1601 lecturers
Due date: 25 October 2023

Total: 40 marks


WRITTEN BY: OUSTANDING TUTORS
Due on 31 October 2023




Page 2 of 7
ECS1601 | Assessment 05 | semester 2, 2023

, Question 1 (5 marks) Maximum word count: 100 words


Suppose you live in Rwanda, which imports relatively cheaper fish products from
China. The Proudly Rwanda fish is priced higher than the Chinese imported fish. You
have the option to buy both fish at supermarkets across Rwanda. With reference to
the circular flow of goods and services and the circular flow of income and spending
between households, firms, government, and the foreign sector, provide an
explanation for why it is better to purchase the Proudly Rwanda fish products. Also
explain the opportunity costs of buying Chinese fish products instead of those
produced locally in Rwanda. (5)




Answer:


Purchasing Proudly Rwanda fish products is beneficial for the economy. In the circular flow of
goods and services, buying local fish supports domestic firms, stimulating economic activity and
creating jobs. It strengthens the circular flow of income, as the income generated by these firms
benefits households through increased employment and wages. Additionally, it bolsters tax
revenue for the government, enabling public services. Importing Chinese fish incurs an
opportunity cost: it reduces local employment and tax revenue, weakening the economy's overall
health and self-sufficiency, as money flows out to foreign markets instead of circulating within
Rwanda's economy. Choosing local products thus fosters economic growth and sustainability.




Question 2 (10 marks) Maximum word count: 150 words


2.1 The following question is based on the extract below:




Page 3 of 7
ECS1601 | Assessment 05 | semester 2, 2023

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