QUESTION 3An economy produces only two goods, pizzas and cakes. If the opportunity cost of pizzas in terms of cakes is equal to 1/2, thena.in order to produce one more pizza, the economy needs to give up on half a cakeb.in order to produce one more pizza, the economy needs to give up on two cakesС.in order to produce one more cake, the economy needs to give up on half a pizzad.none of the above is correctO aQUESTION 4One way to characterize the difference between positive statements and normative statements is as follows:Positive statements tend to reflect optimism about the economy and its future, whereas normative statements tend to reflect pessimism about thea.economy and its future.b.Positive statements offer descriptions of the way things are, whereas normative statements offer opinions on how things ought to be.Positive statements involve advice on policy matters, whereas normative statements are supported by scientific theory and observation.с.d.Economists outside of government tend to make normative statements, whereas government-employed economists tend to make positive statements.O aa all answers.

Opportunity cost is the cost of the best alternative. It shows the units of the loss in order to get…

An economy produces only two goods, pizzas and cakes. If the opportunity cost of pizzas in terms of cakes is equal to 1/2, the a. in order to produce one more pizza, the economy needs to give up on half a cake in order to produce one more pizza, the economy needs to give up on two cakes b. in order to produce one more cake, the economy needs to give up on half a pizza none of the above is correct C. d.

An economy produces only two goods, pizzas and cakes. If the opportunity cost of pizzas in terms of cakes is equal to 1/2, the a. in order to produce one more pizza, the economy needs to give up on half a cake in order to produce one more pizza, the economy needs to give up on two cakes b. in order to produce one more cake, the economy needs to give up on half a pizza none of the above is correct C. d.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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