1. Explain the difference between microeconomics and macroeconomics. [2 Marks] 2. What is the definition of "pricing policy" in economics? [3 Marks] 3. Describe the influence of politics on economic policy. Give example [4 Marks] 4. Determine whether the following is a positive economic statement: "The pricing policies of monopolies should be strictly supervised." Give your viewpoints, discuss as far as possible. [5 Marks] 5. Given an event (you are open to pick one of our own of what business issues are or were trending) explain the factors affecting supply or demand, use the basic model to analyze the effect on equilibrium price and quantity, and further, analyze the significance of price elasticity on equilibrium price and quantity. [6 Marks] 6. Over the past 12 weeks, we have examined and discussed many of the current economic issues trending out. All the issues that were critical, few of them turn out to be very hawkish related to financial world and few bringing change in current economic trends. We in class have had discussion in favor or against. What is the most significant topic those were of your interest or that has particularly stood out to you? Pick one and write a paper, giving a relevant heading and covering the following: [10 Marks] a. What impact it has on the current business environment. b. As per your understanding of the topics discussed, create a position statement for yourself and another representing a controversial view. What is evolving good or bad? c. Refute claims that oppose your arguments using sound financial principles and research. d. Create a compelling summary designed to sway an audience (anyone reading your paper) in favor of your debate position