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Chapter 2: Q. 6 (page 43)
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or
normative statement?
It is a normative statement.
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During the Second World War, Germany鈥檚
factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany鈥檚 production possibilities curve?
What is comparative advantage?
Draw Marie鈥檚 budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint?
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for example, but do they have special expertise to judge whether or not the policy should be undertaken?
Suppose Alphonso鈥檚 town raised the price of bus tickets to \(1 per trip (while the price of burgers stayed at \)2 and
his budget remained $10 per week.) Draw Alphonso鈥檚 new budget constraint. What happens to the opportunity cost
of bus tickets?
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