1) What is the difference between macroeconomics and microeconomics? Give an example of a question that a macroeconomist might be interested in answering, then do the same for a microeconomist

2) It is possible that a nation could overproduce a product and exchange it for a good that another nation has overproduced. What is this arrangement called and what is its purpose/result?

3) Why is the PPF typically bowed-outward? Under what circumstances would the PPF be a straight line?

4) Give a definition of an advance in technology. Describe the effect of an advance in technology on the PPF. How would increased imports affect a country's PPF? Increased exports?

5) What is the circular flow of economic activity and what role does the household and the firms have in this relationship?