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Chapter 2: Q. 24 (page 44)
Use this information to answer the following 4 questions: Marie has a weekly budget of \(24, which she likes to spend on magazines and pies.
If the price of a magazine is \)4 each, what is the maximum number of magazines she could buy in a week?
She can purchase 6 units of magazines.
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Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
During the Second World War, Germany鈥檚
factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany鈥檚 production possibilities curve?
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?
What are four responses to the claim that people
should not behave in the way described in this chapter?
Is the economic model of decision-making
intended as a literal description of how individuals,
firms and the governments actually make decisions?
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