1. Define Opportunity Cost. What is your opportunity cost for taking this class?
  2. Define positive economics and normative economics. Explain if each of the following statement is positive economics or normative economics:
  • Minimum wage should be $15.00 an hour
  • The average compensation package of a sample of 10 Fortune 500 companies was estimated to be $13.5 million
  • Drafts for professional sports like NBA, NFL and MLB is a market solution
  • Compared to a History Major an Accounting Major is expected to make significantly more
  • With appropriate examples, explain change in quantity demanded and change in demand. (Bonus point for graphical explanation).
  • Refer to the following graph. Define and identify demand price, supply price, consumer’s surplus and producer’s surplus. Note: for full credit, you must define each term and then identify the point or area on the graph.


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