homework1 - Macroeconomic Principles Economics 1101 Spring...

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Unformatted text preview: Macroeconomic Principles Economics 1101 Spring 2010 Homework Set 1 Name : TUiD : Section 1: Definition type questions. Each definition is worth 2 points. Section 2: Short answer questions. Each question is worth 20 points. Section 3: Graphical questions. Each question is worth 8 points. Plot by hand using pencil. 1 Definitions 1. Economics : 2. Scarcity : 3. Microeconomics : 4. Macroeconomics : 5. Positive Economics : 6. Normative Economics : 1 7. Marginal Cost : 8. Marginal Benefit : 9. Opportunity Cost : 10. Equilibrium : 2 2 Short Answer Questions 1. Social Security : The Social Security Administration (SSA) imposes a penalty on early withdrawl. This forces a lot of people to postpone their retirement. Why does the SSA impose a penalty on early withdrwal and why do people respond by postponing retirement? There is no right answer to this: give me your best guess based on what you know about economics!...
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This note was uploaded on 05/04/2011 for the course ECON 1101 taught by Professor Rappoport during the Fall '08 term at Temple.

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homework1 - Macroeconomic Principles Economics 1101 Spring...

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