Helium balloons are fun. You can buy a 10-balloon bouquet for $5. But the helium resource supply is limited. Should we be using this scarce resource to produce helium balloons, or should we conserve it for more important uses?
a. Make the argument in favor of helium conservation.
b. Make the argument against helium conservation.
2. a. What is the difference between macroeconomics and microeconomics?
3. Explain why economists use models to describe economic behavior.
4. One of the most important assumptions that economists make is ceteris paribus. Explain why this assumption is so important.
5. Read the following conversation and explain who made normative economic statements and who made positive economic statements.
Avery: My tax bill is too high
Brian: Mine is, too. The government should cut taxes.
Carla: Cutting taxes will generate a bigger budget deficit.
Dan: If the government cuts taxes, then the economy will overheat and there will be inflation.
Eric: Inflation is bad.
Fred: Inflation means that goods will be more expensive.
Gary: If the government matches a tax cut with spending cuts, then the size of the deficit will not change.
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