> Question 3 Choose whether each statement is true or false. 1. Economic models must mirror reality or they are of no value. [Select] 2. When economists make normative statements, they are more likely to be acting as scientists. [Select] 3. If a country's workers can produce 5 hamburgers per hour or 10 bags of fries per hour, then absent trade with other countries, the price of 1 bag of fries is 2 hamburgers. [Select] 4. If trade benefits one country, its trading partner must be worse off as a result of trade. [Select 5. If an advanced country has an absolute advantage in the production of everything (relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self-sufficient. [Select] Question 4 Q Search G PRE DELL W 10 pts prt sc C-0 20 pts
> Question 3 Choose whether each statement is true or false. 1. Economic models must mirror reality or they are of no value. [Select] 2. When economists make normative statements, they are more likely to be acting as scientists. [Select] 3. If a country's workers can produce 5 hamburgers per hour or 10 bags of fries per hour, then absent trade with other countries, the price of 1 bag of fries is 2 hamburgers. [Select] 4. If trade benefits one country, its trading partner must be worse off as a result of trade. [Select 5. If an advanced country has an absolute advantage in the production of everything (relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self-sufficient. [Select] Question 4 Q Search G PRE DELL W 10 pts prt sc C-0 20 pts
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
True or False?
![>
Question 3
Choose whether each statement is true or false.
1. Economic models must mirror reality or they are of no value.
[Select]
2. When economists make normative statements, they are more likely to be acting as
scientists. [Select]
3. If a country's workers can produce 5 hamburgers per hour or 10 bags of fries per hour,
then absent trade with other countries, the price of 1 bag of fries is 2 hamburgers.
[Select]
4. If trade benefits one country, its trading partner must be worse off as a result of trade.
[Select
5. If an advanced country has an absolute advantage in the production of everything (relative
to certain less developed countries), the advanced country will benefit if it eliminates trade
with less developed countries and becomes self-sufficient. [Select]
Question 4
Q Search
G
PRE
DELL
W
10 pts
prt sc
C-0
20 pts](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F60649053-8e52-44d3-bd59-ae3ee573edfb%2Fa77a59a0-1fe6-44e2-850b-e32e2ce71f7b%2F4qmgwvbf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:>
Question 3
Choose whether each statement is true or false.
1. Economic models must mirror reality or they are of no value.
[Select]
2. When economists make normative statements, they are more likely to be acting as
scientists. [Select]
3. If a country's workers can produce 5 hamburgers per hour or 10 bags of fries per hour,
then absent trade with other countries, the price of 1 bag of fries is 2 hamburgers.
[Select]
4. If trade benefits one country, its trading partner must be worse off as a result of trade.
[Select
5. If an advanced country has an absolute advantage in the production of everything (relative
to certain less developed countries), the advanced country will benefit if it eliminates trade
with less developed countries and becomes self-sufficient. [Select]
Question 4
Q Search
G
PRE
DELL
W
10 pts
prt sc
C-0
20 pts
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