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> 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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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> 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
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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