Questions For Review

1. How is economics like a science?

2. Why do economists make assumptions?

3. Should an economic model describe reality exactly?

4. Name a way that your family interacts in the factor market, and a way that it interacts in the product market.

5. Name one economic interaction thai isn't covered by the simplified circular-flow diagram.

6. Draw and explain a production possibililies frontier for an economy that produces milk and cookies. What happens to ihis frontier if disease kills half of the economy's cows?

7. Use a production possibilities frontier to describe the idea of "efficiency."

8. What are the two subfii-lds into which economics is divided? Explain what each subfield studies.

9. What is the difference between a positive and a normative statement? Give an example of each.

1(1. Why do economists sometimes offer conflicting advice to policymakers?

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