1. "[An economist] is someone who knows the price of everything and the value of nothing." (Adapted from George Bernard Shaw.) Discuss.
2. Coffee beans cost only a few cents when imported. But to buy a coffee at a coffee bar costs far more. What does this tell you about value added?
3. Try to explain to someone who had never thought about measuring the value of economic activity why the output, income, and expenditure ways of measuring national pro- duction should give the same answer. It helps to think of a simple economy producing only two or three different things.