Review Questions

1.
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What is the distinction between positive and normative economics?
2.
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What is an economic model? Discuss whether or not models must be realistic to be useful.
3.
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What does it mean if someone "fails to stay within the assumptions of a model?" Discuss the benefits and drawbacks of the practice of failing to stay within the assumptions of a model.
4.
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The demand for labor is a derived demand. What does this mean?
5.
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What is the economic distinction between efficiency and inefficiency? Dave and Betsy work in a widget-producing factory. It is a well known fact that Betsy's widgets are ten times better than Dave's, and she produces each widget in half the time. Is Betsy necessarily more efficient than Dave?

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