1. Give one historical example of economic decision(eg.decision to fund health care, education, military, paying down national debt etc.) a government(government of any country is accepted) had to make based on opportunity cost and self-intrest. Please explain
2. What are the differences between "elastic demand" versus "inelastic demand"
3. A. Predict what would happen to the equilibrium priceand equilibrium quantity in a demand and supply graph when a company launches an ad campaign to market their products. please explain

B. What would happen to the demand and supply curve when supply increase? Explain

4.Companies often use price to compete with one another. What is non- price competition? Please define "non-price competition" and list three examples of non-price competition.

5.What are the five factors the determine market structure

6.What is minimum wage? What was the purpose of introducing minimum wage in the society?

7.If economy is slowing down with increase in unemployment rate and decrease in consumer spending, how would the government use fiscal policy to regulate the slowing economy. Explain