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- Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?Identify the scarcity definition of economics from the following. a. None of these O b. ways to reduce wants to remove the problem of scarcity. O c. the choices we make because of shortage of resources. O d. the distribution of surplus goods to those in need.During the Second World War, Germanys factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germanys production possibilities curve?
- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utility—maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.called plaging a Jame Chicken They eash drive thair car down Hhe center of the voand in opporite direcfions Each chocses ei ther SwerveIf botth swerve, no boy wins stags and one Swerves, Hhe ove O Suppose Etie and Joshug "stag" br loses any thing.If one or one who stags wins $2 Awo dollans) from the one who severves. If both stay, they wrack the cans and need ear to rapair earh Car. normal farm. O Represent the goone in a O Find all flarh Epui librica Jos hug imit leanned that E ddie has a mickmome " Fnst Eltie'! a buays make his dairinm af ter as he, is quick and can obierung his opponents fecision' o Represent the gane in an extencive furm. A Find the vaamnable autrome of this game using backwrand in Juctin.
- Which of the following is one of the four economic principles of individual decision making? O Rational people make decisions based on average costs and benefits. O Rational people respond to incentives in predictable ways. The cost of something is the amount of money you pay to get it. O Both b and care correct. O a, b, and c are all correct.people are rational QUESTION 7 Ben says that "an increase in the tax on beer will raise its price." Holly arques that "taxes should be increased on beer because college students drink to0 much." We can conclude that: O A. Both statements are O C. Ben's statement is normative, but Holly's is positive D. Holly's statement is normative, but Ben's is positive O B. Both statements are positive normativeThe 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 fewerpollutants
- 2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.3:51 A A . .l 63% O Applied Economics Mo... , 2 Scanned with Camscanner What I Can Do Identify keywords from a given economics word. 1. ECONOMICS 2. ECONOMICS as SOCIAL SCIENCE n.. afn-tnan | cuc. Annlied Fronomirs Ouarter 1: Module 1 Pae Scanned wth Ca e
