2. Discuss whether each statement below would be classified as normative or positive. Why? (2 Points)

a) Unemployed workers must wait too long before being rehired.

b) Doctors earn, on an average more that the governor of Florida.

3. Below are 2 statements. Indicate if each one pertains to microeconomics or macroeconomics(2 Points)

a)The U.S. economy grew at an annual rate of 2.5% last year

b) The price of gasoline is determined by demand and supply.

4.Which of the following media headlines anticipate a recession and which anticipate an expansion? (2 Points)

a) U.S. Jobless claims increase.

b) Wall Street forecasts rising production.

For each of the following, state whether economists would consider it a resource and, if they would identify each of the four types of resources the item is: (Examples of resources are Land, Labor, Capital & Entrepreneurship.) 2 Points

a) Petroleum

b) The time that an FBI agent spends on a case

c) The office building in which the FBI agent worked.

d) Elon Musk