MICRO%20CH.1-2 - Check Your Understanding 1 What is wrong...

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Check Your Understanding 1 . What is wrong with the statement "Economics is everything to do with money "? #1. This is a wrong statement because economics also deals with worldwide supply and demand of products available and the consumer’s wants and needs. 2 . Does your going to college have anything to do with expanding choices or reducing scarcity ? Explain. #2. Yes, scarcity exists therefore it is important for students to examine trade-offs of obtaining a college degree. Having a college degree can give you more opportunities for a higher standard of living. 3 . What is the difference between a positive question and a normative question? #3. Normative questions deals with ideas/opinions/feelings or moral statements of how things should be. Positive questions are questions or hypothesis about the being or current state of something, and can be tested to be either true or false. 4 . You normally stay at home on Wednesday nights and study. Next Wednesday night, your best friend is having his big 21st birthday party. What is the opportunity cost of going to the
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