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Unformatted text preview: Homework Assignment 1 Penn State ECON 002 Principles of Microeconomics Clair Smith Name: _Michael Costa____________ LAST 4 DIGITS OF PSU ID: _7422_______ 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...
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This note was uploaded on 03/30/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Spring '08 term at Pennsylvania State University, University Park.
- Spring '08