Bangor business school

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BANGOR BUSINESS SCHOOL 
 
Individual Blog #1 2022/23 
 
 
ASB1300 CORE Economics 
 
 
 
Module-Specific Instructions: 
Choose only 2 questions to answer. 
Each question is worth 50%. 
Submission date: 27 January 2023 
MDIS Module leader: Mr Perry 
 
 
 
 
 
 
 
 
 

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Choose
 only 2
 questions to answer from these three questions. If more than 2 
questions have been answered, only the first two will be marked. 
 
Each question is worth 50%. Word limit per question is 500 words. 
QUESTION 1 
The diagram below shows the pattern of economic development in Britain, Japan, Italy, 
China and India over that last millennium. What theories and model that can explain the 
flat pattern of the economic development in most of the history.
SOURCE: The Maddison Project 
QUESTION 2 
Analyse how the model of technology can explain the massive economic development 
over the recent 200 years or so. What has happened over the past two centuries to allow 
the developed world to escape the 
‘Malthusian trap’? 
QUESTION 3
Explain how individual preferences and constraints are accounted for when modelling 
individual decision-making. Is this model of individual decision-making a good 
representation of how individuals make an optimal choice? 
 

 
 
 
End