20.Use well labelled diagrams to explain different stages of production

21. Why would division of labor without trade not work?

22. Can you think of any examples of free goods, that is, goods or services that are not scarce?

23. 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?

24. Macroeconomics is an aggregate of what happens at the microeconomic level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.

25. Why is it unfair or meaningless to criticize a theory as "unrealistic?"

26. Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?

27. Why do you think that most modern countries' economies are a mix of command and market types?

28. Can you think of ways that globalization has helped you economically? Can you think of ways that it has not?

29.What is the scope of microeconomics

30.Explain how inflation affects the economy