67. What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics?

68. Interpret what an increase in demand and an increase in supply mean. Discuss the causes of an increase in demand and an increase in supply. How are increases in demand and supply expressed graphically?

69. What is scarcity and why does it exist? How is scarcity related to the study of economics?

70. Graphically express a production possibilities curve. What do points on, inside and outside the curve represent? What does a rightward shift of the curve represent? How is economic growth expressed in terms of the production possibilities model?

71. Discuss how a market reaches equilibrium. How is it expressed graphically?

72. Why are all costs really "opportunity costs"?

73. Distinguish the laws of demand and supply. How are the laws of demand and supply illustrated graphically?

74. Discuss the three fundamental economic questions that all nations must address.

75. Distinguish macroeconomics and

Label each entry in the list as dealing with a microeconomic topic or a macroeconomic topic. Macroeconomic | Motor vehicle production in China is growing by 10 percent a year. Microeconomic Coffee prices rocket. Macroeconomic Globalization has reduced African poverty. Macroeconomic The government must cut its budget deficit. Microeconomic Apple sells 20 million iPhone 6 a month. Click to select your answer(s). Save for Later10 poin The basic difference between macroeconomics and microeconomics is that: macroeconomics is concerned with generalization while microeconomics is concerned with specialization. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries