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1.Discuss the problem(s) that Microeconomics addresses. How is this different from Macroeconomics? Type you answer here. 2.What is meant by Opportunity Cost? Type you answer

1.Discuss the problem(s) that Microeconomics addresses. How is this different from Macroeconomics?

Type you answer here.

2.What is meant by Opportunity Cost?

Type you answer here.

3.What is meant by Comparative Advantage?

Type you answer here.

4.Discuss the role of Households, Firms and Government.

Type you answer here.

5.Discuss the law of supply and demand.

Type you answer here.

6.What is Marginal Utility? Discuss the Law of Marginal Utility

Type you answer here.

7.Explain why interest rates differ

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8.Discuss the role of Entrepreneurs in a free market economy.

Type you answer here.

9.List and give a short explanation of the accounts that make up the U.S. Balance of Payments.

Type you answer here.

10.What is the Big Mac index? What does it tell us about long term exchange rates?

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