Principles of Microeconomics


Can anyone assist me with these questions?

Assignments must be submitted as a Microsoft Word document and must be in the MLA format.  Post question first before supplying your response. Students will answer each critical thinking questions with a minimum of 200 words.

Critical Thinking Questions:

  1. Why would division of labor without trade not


2.  Can you think of any examples of free goods, that

is, goods or services that are not scarce?

3.  A balanced federal budget and a balance of trade

are secondary goals of macroeconomics, while growth

in the standard of living (for example) is a primary goal.

Why do you think that is so?

4.  What assumptions about the economy must be true

for the invisible hand to work? To what extent are those

assumptions valid in the real world?

5.  Do economists have any particular expertise at

making normative arguments? In other words, they have

expertise at making positive statements (i.e., what will

happen) about some economic policy, for example, but

do they have special expertise to judge whether or not

the policy should be undertaken?

    • a year ago
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