Which of the following are examples of positive economics? O A. Tonly. I. A free market in kidneys would end the shortage of kidneys. O B. II & II. II. People should not sell organs for profit. OC. 1 & IV. III. The United States should not trade with countries with human rights abuses. O D. They are all normative statements. IV. Workers pay the majority of corporate taxes in the form of lower wages.
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- 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?a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?16. Explain positive and normative statement with examples for each?
- Suppose that an economy produces only 2 goods, beer and pizza. Show a typical production possibilities frontier for this country and use it to define and explain the opportunity cost concept and the concept of increasing opportunity costs. If a technology was invented that made the production of beer much more efficient but had no effect on the production of pizza how would the production possibilities frontier change (show it). While all points on the production possibilities curves maximize production, which point maximizes satisfaction? 1. With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product. 1. What condition must be met in order to conclude that an economy is maximizing social well-being? Do the equilibriums given by individual markets necessarily lead to the maximization of social well-being (that is, if demand is equal to supply, can you conclude that…b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?a. Explain why scarcity leads to tradeoffs. b. What is the difference between positive and normative analysis? Which of the following statements would entail positive analysis, and which normative analysis? i. Internet auction companies will erode the profits of local automobile dealerships. ii. The government should impose special taxes on sales of merchandise made over the Internet. c. Why is the circular flow model important?
- 1. Define positive and normative economics. 2. Is the following positive statements or normative statements? The government should send families $1000 per child even if they do not pay taxes. Rich people are healthier than poor people? Growth in Barbados is slower than growth in Bermuda? The Caribbean should pursue a free trade agreement with the USA? Income taxes are hurting the poor and should be eliminated? 3. a. What is market equilibrium? b. What can cause market disequilibrium? 4 . Under a country's production possibilities frontier when is an economic outcome said to be (a) efficient and (b) inefficient?vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.
- Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure3. Is each of the following statements positive or normative? If the statement is positive, write a normative statement about the same topic. If the statement is normative, write a positive statement about the same topic. a.) For-profit prisons have led to a higher incarceration rate in the United States. b.) The Washington Commanders should have chosen a cooler mascot. c.) The use of human subjects in experiments should be subject to less oversight. d.) If the U.S. privatized Social Security, it would reduce government deficits in the long run. e.) Students should not be required to take exams.