Chapter 2: Q 6 (page 43)
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or
normative statement?
Short Answer
It is a normative statement.
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Chapter 2: Q 6 (page 43)
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or
normative statement?
It is a normative statement.
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Use this information to answer the following 4 questions: Marie has a weekly budget of \(24, which she likes to spend on magazines and pies.
If the price of a pie is \)12, what is the maximum number of pies she could buy in a week?
What does a production possibilities frontier
illustrate?
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’s
factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?
What is Marie’s opportunity cost of purchasing a
pie?
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