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Homework+1 (2)

Homework+1 (2) - 1 Define opportunity cost And provide an...

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Problem Set 1: Home Work Assignment READ ALL INSTRUCTIONS CAREFULLY! All work must be submitted by the due date. You will receive NO credit if homework is turned in after the deadline. Full credit will be given for accurate, complete and neat work. Please save your work as a word document or type right into the assignment window in oncourse. Please rewrite the question and provide the answer below it. Points will be deducted if instructions are not followed. Read Chapter 1 of the text book and answer the following questions:
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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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