1.From the standpoint of economics, to what extent would you agree or disagree with the saying: "The best things in life are free"? Please apply the principles of economics to answers.

2.Read the extract and answer the following questions.

Changes to New Zealand's exports and imports will obviously affect firms and industries involved. However, the impacts of changes will be felt beyond the immediate producers and their industry.

a.Explain clearly how the global Covid-19 pandemic has affected New Zealand firms involved in the tourism industry.

b.Outline the likely impact of Covid-19 on the level of economic growth and employment in New Zealand.

3.Are unions good or bad for the employment market? Provide at least one example to show your work.