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.
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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Get started for freeUse 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?
What is Marie’s opportunity cost of purchasing a
pie?
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?
Explain why individuals make choices that are
directly on the budget constraint, rather than inside the
budget constraint or outside it.
It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
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