Unformatted text preview: 1. Define opportunity cost. And provide an example to illustrate the concept. (4 points) 2. What is the difference between the study of microeconomics and macroeconomics? (4 points) 3. Think about the following news items and label each as a positive or normative statement. a. The poor should not have to pay too much for housing (2 points) b. The number of farms has decreased over the last 50 years (2 points) 4. What is an economic model? (4 points) 5. Define economics? (4 points)...
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- Spring '08
- Economics, 50 years, following news items, Oncourse