answer each of the following questions 

    1.You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs?

    2.Classify the following topics as relating to microeconomics or macroeconomic:

     a. a familys decision about how much income to save

    b. the effect of government regulations on auto emissions

    c. the impact of higher national saving on economic growth 

    d. a firms decision about how many workers to hire 

    e. the relationship between the inflation rate and changes in the quantity of money>

    3.Explain how absolute advantage and comparative advantage differ.

    4.Consider the following events: 

    Scientists reveal that eating oranges decreases the risk of diabetes, and at the same time, farmers use a new fertilizer that makes orange trees produce more oranges. Illustrate and explain what effect these changes have on the equilibrium price and quantity of oranges.

    5.Two drivers, Walt and Jessie, each drive up to a gas station. Before looking at the price, each places an order. Walt says, Id like 10 gallons of gas. Jessie says, Id like $10 worth of gas. What is each drivers price elasticity of demand?

                                                                                                                                      Order Now