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ECS3705 Assignment 2 Semester 2 2024
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QUESTIONS WITH ANSWERS ECS3705 Assignment 2 Semester 2 2024
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ECS3705 Assignment 2Semester 2 2024
QUESTIONS WITH ANSWERS
, ECS3705 Assignment 2 Semester 2 2024
“Kenya keen on fourth industrial revolution” Read the following article and
then answer the questions that follow. The government has identified
specific goals and targets to steer growth as the country strives to catch up
with the fourth industrial revolution. The fourth industrial revolution is the
ongoing automation of traditional manufacturing and industrial practices,
using modern smart technology. Among government targets is the
development of the iron and steel industry through the establishment of an
integrated steel mill. Source: The Star Access date: 29 August 2024 For full
article visit website:
Question 1
After reading the extract, identify and explain any five mercantilist principles
that are implied in the article. Make sure your answer is based on
information in the case study. (25 marks)
Question 2
Based on the information in the article, from a mercantilist perspective,
identify and explain three ways in which Kenya’s strategic development of
iron and steel industry can contribute to increasing the country's export
capacity and reducing reliance on imported goods. (18 marks)
Question 1: Five Mercantilist Principles Implied in the Article
Mercantilism is an economic theory where governments promote national
economic interests by controlling trade, increasing exports, and limiting
imports to accumulate wealth, particularly in the form of precious metals.
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