James Thielen, a police officer in the Twin Cities' suburb of Eagan, Minnesota, went to an apartment building to investigate a tip from a confidential informant. The informant said that he had walked by the window of a ground-floor apartment and had seen people putting a white powder into bags. The officer looked in the same window through a gap in the closed blind and observed the bagging operation for several minutes. He then notified headquarters, which began preparing affidavits for a search warrant while he returned to the apartment building. When two men left the building in a previously identified Cadillac, the police stopped the car. Inside were respondents Carter and Johns. As the police opened the door of the car to let Johns out, they observed a black, zippered pouch and a handgun, later determined to be loaded, on the vehicle's floor. Carter and Johns were arrested, and a later police search of the vehicle the next day discovered pagers, a scale, and 47 grams of cocaine in plastic sandwich bag

1) What is economics

2) What is microeconomics?

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

4) Is economics value free? Name 2 value decisions might economics make about what is

important? e.g. XX is preferred to XX

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

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

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

8) What characterizes a command economy (select all that apply)

9) Name three functions of money

10) What is a market?