a) What is Economics? b) Differentiate between Microeconomics and Macroeconomics. c) Classify the following questions as Microeconomics or Macroeconomics and provide a justification for your choice. (i) How will the market for melons be affected after Hurricane Dean? (ii) How much will the Trinidadian economy grow this year? (iii) What are the factors which determine the choice that a person makes between buying a Honda Accord or a Toyota Corolla? (iv) What will the inflation rate be for Belize?
Unit 1 and 2 Practice Questions
Students are expected to attempt the questions before attending the BBC Session.
Selected questions will be discussed in the Units 1 and 2 BBC Session.
Question 1
a) What is Economics?
b) Differentiate between
c) Classify the following questions as Microeconomics or Macroeconomics and
provide a justification for your choice.
(i) How will the market for melons be affected after Hurricane Dean?
(ii) How much will the Trinidadian economy grow this year?
(iii) What are the factors which determine the choice that a person makes
between buying a Honda Accord or a Toyota Corolla?
(iv) What will the inflation rate be for Belize?
Question 2
Which of the core principles (1) Scarcity, Choice and
statements below? Provide a justification for your choice.
a) "There is no such thing as a free lunch"
b) Suppose the state of Illinois passes a law that bans smoking in restaurants. As a
result, residents of Wisconsin who do not like breathing second-hand smoke begin
driving across the border to Illinois to eat at restaurants there.
c) A cafe may wish to serve more customers during the busy summer months.
However, employing extra workers may be difficult because of a lack of space in the
cafe.
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