Draw the required curves and give long explanations for each question

1. 3) Why do firms advertise? Even when goods are interchangeable?

2. Is economics value free? Name 2 value decisions might economics make about what is important? e.g. XX is preferred to XX

3. 5) Is economics goal free? Name 3 goals might economics seek to achieve?

4. 6) What is the fundamental problem of economics as a discipline?

5. 7) What characterizes a laissez faire approach to economics? (select all that apply)

6. 12) With what kinds of topics does macroeconomics concern itself?

7. 13) Outline the difference between positive and normative questions?

8. 16) Describe the precautionary principle?

9. 17) Define unemployment and how it is expressed in most countries.

10. 19) Define inflation and deflation? And what causes it?

11. 23) What factors might cause an exogenous increase in demand

12. 24) Draw a demand curve, and then show an exogenous increase in demand

13. 27) What factors might cause an exogenous increase in supply (select all that apply)

14. Draw a supply curve, and then show an exogenous increase in supply

15. What is market equilibrium? Explain or draw on graph