1. Please explain law of demand and law of supply with your own examples. Also explain all the changes that happen to equilibrium price and quantity with numeric examples, when, (Everybody’s examples MUST be different) (2.5×4=10 marks)
a. Demand curve shifts (to right and left)
b. Supply curve shifts (to right and left)
c. Both demand and supply curves move to the right at the same time
d. Both demand and supply curves move to the left at the same time
e. Explain with example the difference between change in demand and change in quantity demanded.
2. Please answer the following; (Everybody’s examples MUST be different) (2.5×4=10 marks)
a. What are the official measures of money in Canada? Give examples on your own.
b. What are depository institutions? What are their roles in the economy? Give examples on your own.
c. What does economy benefit from depository institutions?
d. Discuss in details the role of central bank of Canada? Distinguish between bank rate and call rate. Give examples on your own.
*These questions are about the two lecture slides attached