1. (a) What is the fundamental reason behind the study of Economics? Can you state this in one word? (b) Do we really need to study Economics? Why, or why not?

2. (a) In Economics, what is meant by Opportunity Cost? (b) What are your opportunity costs of taking this Economics course? Provide two examples.

3. Gas prices in the U.S. had gone up substantially in the recent past. They are still on the higher side compared to earlier prices. Analyze this phenomenon from purely a Demand-Supply perspective, holding all other factors Ceteris Paribus.

4. "The government should provide more and more public goods/services, so that we can live more comfortably without having to unnecessarily spend our money buying those goods/services." Analyze this statement critically from an economic perspective.