As the environment changes, the assumptions on which the goals were based, and ultimately the goals themselves, can become relevant Select one: O True O False
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Solved in 2 steps
- Explain why scarcity leads to tradeoffs.What is scarcity? Can you think of two causes of scarcity?Which one of the following concepts is illustrated by a production possibilities frontier? Select one: A. monetary exchange B. consumption C. profit D. investment O E. the tradeoff between producing one good versus another
- Why is the economic concept of scarcity a crucial onefor businesspeople to understand?Only questions 2 a-d It’s either positive or normativePls Don't Copy , I want Unique Solution What does a production possibilities frontier represent? Explain how you would use it to make decisions. What other information would you need to incorporate and what decision rule would you use?
- The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutantsAnalyze 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 is the name for something that changes the trade-offs that people facewhen making a decision?
- 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.Provide two microeconomic statements and two macroeconomic statements. Classifyyourstatements as positive or normative.What is normative statement, explain with an example?