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- Because of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the available supply of time, goods, andresources is greater than human wants.c. every desire is fulfilled.d. there are no limits on the economy’s ability tosatisfy unlimited wants.Provide two microeconomic statements and two macroeconomic statements. Classifyyourstatements as positive or normative.2. Which of the following is a normative statement? a. An increase in taxes raises the price of a product b. Vaccination is a method of fighting Covid -19 c. Government should Impose taxes on the cigarette. d. Studying more hours leads to an increase in your GPA.
- Problem 3Suppose the following data reflect the production possibilities for providing healthcare and education:Units per YearHealth Care 400 370 330 270 190 100 0Education 0 20 40 50 60 70 80(a) Graph the production possibilities curve.(b) If maximum health care is provided, how much education will be provided?(c) What is the opportunity cost of increasing health care from 270 to 330 units?Because of scarcity,a.it is impossible to satisfy every desire and choices must be made.bthe available supply of time,goods and resources is greater than human wants.c. every desire is fulfilled.d.ther are no limits on the economy's ability to satisfy unlimited wants.There are 30 students in an economics class. Is the opportunitycost of attending the class the same for each of the30 students? Why or why not?
- In what ways is economics a science and why do economists makeassumptions? What is the importance of the circular-flow diagram? On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the topwith a net worth of US$177 billion. Does he face scarcity, or does scarcity onlyaffect those with more limited incomes and lower net worth?Analyze the positive versus normative argument sin the following case. What statement of positive economics are used to support requiring air bags? What normative reasoning is used?What methodological conaiden ation in Econ omics will be useful far decision- making or policy making? A. Welfare Econmics B. Narmative Ecanomics C. Positive Economics D. None of the above
