true or falseEconomic models must mirror reality or they are of no value.When economists make normative statements, they are more likely to be acting as scientists.If a country's worker can produce 5 hamburgers per hour and 10 bags of fries per hour, then absent trade with other countries,the price for 1 bag of fries is 2 hamburgers.If trade benefits one country, it's trading partner must be worse off due to the price of trade.If an advanced country has an absolute advantage in the production of everything(relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self sufficient.

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Answered: true or false Economic models must…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter1: The Economic Approach

Section: Chapter Questions

Problem 11CQ

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true or false

Economic models must mirror reality or they are of no value.
When economists make normative statements, they are more likely to be acting as scientists.
If a country's worker can produce 5 hamburgers per hour and 10 bags of fries per hour, then absent trade with other countries,the price for 1 bag of fries is 2 hamburgers.
If trade benefits one country, it's trading partner must be worse off due to the price of trade.
If an advanced country has an absolute advantage in the production of everything(relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self sufficient.

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