1. Identify each of the following statements as either positive (P) or normative (N)a. The federal government's budget this year is the largest in history.b. The national debt is at a manageable level and therefore is nothing to worry about.c. The price of gasoline is higher than it needs to be.d. Rising Canadian exports are creating many new jobs in the country.2. Identify which of the following topics would likely appear in a microeconomics course andwhich in a macroeconomics course.a. The price of iPodsb. Unemployment ratesc. The presence of monopoliesd. The rate of economic growth3.a. If society produces 1000 units of butter, how many guns can itproduce?6. If society is at "b" on the PPC, what is the cost of 1000 more unitsof butter?400c. Is opportunity costgreater for movefrom "c" to "d"compared to a movefrom "b" to "c"?3001502000Quantity of butter per period10003000eanng MeGreyenan LamQuantity of guns per period

Positive statements are fact-based statements which can be tested whether it is true or false.…

Answered: 1. Identify each of the following…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5A. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics: a. "Nestle Ghana posted a 18% increase in sales" b. “GRIDCO plans to slash more jobs" "Ghana's Output Grew by 5.8%" с. d. “Housing starts soared 10% in September" "Ghana to Breach key Deficit Target it helped to create" е. Explain each issue why it is a microeconomic issue Justina owns the Just's Sobolo Store. She charges sobolo. You, the economist calculated the elasticity of demand for be 2.5. If she wants to increase 5.B GHS10 per bottle for her handmade sobolo in her town to her total revenue, what advice will you give her and why? Be able to explain your answer.
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3. Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of (a) Scarcity. (b) Why to produce. (c) Macroeconomics. (d) Microeconomics. (e) Social interest versus self-interest 4. Economics is the social science that studies (a) The real reasons people buy goods and services. (b) The psychology of individuals and businesses. (c) Whether a nation has enough natural resources. (d) How people make choices to cope with scarcity. (e) How choices made in the social interest could eliminate scarcity 5. Use of the least-cost production technique for a given output is characteristics of (a) Economic efficiency (b) Technical efficiency (c) Production possibility (d) The transformation curve (e) Production 6. A production possibilities frontier shows (a) the various combinations of output a nation can produce a certain time, given its available resources and technology. (b) the limits to future growth of a nation. (c) how money…
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Determine if the following statement is normative or positive: Americans should have access to food, regardless of income. a. Normative b. Positive c. Both d. Neither
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