QUESTION 1What do economists mean when they say that “there is no free lunch”? Give anotherexample to which this statement applies.QUESTION 2Is the problem of coordination common to all economies? Explain how the problem is metin a market economy and how coordination was dealt with in a command economy.QUESTION 3Imagine a society that produces military goods and consumer goods, which we’ll call”guns” and “butter”. Draw a production possibilities frontier for guns and butter. Explainthe concepts of scarcity, choice, opportunity cost.QUESTION 4Given the products below and the events that affect them, by using diagram indicate whathappens to demand or supply, and the equilibrium price and quantity in a competitivemarket. Identify the determinant of demand or supply that causes the shift.a) Digital cameras. There are improvements in the technology that increase theeconomic efficiency of production.b) Automobiles. Consumer incomes rise as the economy moves out of recession.c) Beef. Chicken prices fall because of a decline in the cost of feeding chickens.d) Fast-food meals. The government imposes a significant tax on fast-food meals.

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