1. Do you mow your own lawn or do your own cleaning (if you do not have a lawn)? Use the concept of trade-offs to explain why you make the choice you made. Why might your choice be different than someone like Bill Gates or Oprah Winfrey? Are their trades-offs different from yours? Explain.
2. Briefly describe an example of a financial decision from your business, volunteer work you do, or your own household. List some of the opportunity costs incurred. Identify whether these costs were monetary or non-monetary.
3. Discuss the following statement from the standpoints of both efficiency and equity: "Everyone in society should be guaranteed the best healthcare possible."
4. Classify the following statements as positive or normative. Explain.
a. When a worker is laid-off, they ought to receive unemployment benefits until they find a job.
b. Markets are usually a good way to organize economic activity.
c. India has a comparative advantage over the U. S. in producing textiles.
d. The U.S. should import all of its textiles from India.