econ2 hw1 - Homework Assignment 1 Principles of...

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Homework Assignment 1 Penn State ECON 002 Principles of Microeconomics Clair Smith Name: __Kristin Welling_______ LAST 4 DIGITS OF PSU ID: _6559_____ Due in class on Friday 2/8/2008 ECON 2 Section: __001___ Directions: Please type your name and section above, and responses (in boldface type) to the following questions. Print it out and turn in no later than class on Friday 2/8/2008. You may draw the graphs required for the last two problems after printing your other answers. You may discuss these questions together in preparation, but you should ultimately draft your answers individually. 1. Identify whether each of the following is a normative or positive statement: a. Lower interest rates lead to more borrowing. __ Positive _____ b. Interest rates are too high. Normative 2. When comparing two producers of a certain good, the one that can produce more of the good from a given amount of resources is said to have what kind of an advantage in the production of the good?
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