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Unformatted text preview: Homework Assignment 1 Penn State ECON 002 Principles of Microeconomics Clair Smith Name: Matthew Fende LAST 4 DIGITS OF PSU ID: 7566 Due in class on Friday 2/8/2008 ECON 2 Section: 1 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. Normative b. Interest rates are too high. Positive 2. When comparing two producers of a certain good, the one that can produce more of the good...
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- Spring '08