1. Positive economics: A. is the same as normative economics. B. is based on opinion polls...
1. Positive economics:
A. is the same as normative economics.
B. is based on opinion polls
C. describes opinions and perspectives on how the world should work
D. describes how the world does work
2. To achieve gains from trade, each nation should specialize in the production of a good or service if:
A. its production possibility frontier is farther from the origin than that of any other country.
B. the country can make that good or service while forgoing the production of fewer alternative products than any other country
C. the country can make that good or service using fewer resources than any other country
D. its production possibility frontier is closer to the origin than that of any other country
Homework Answers
a) "D"
Positive economics is based on the facts and figures in the world, they shown how the world actually works.
b) "B"
the country can make that good or service while forgoing the production of fewer alternative products than any other country, i.e. if the nation has a comparative advantage in the market.
Add Answer to:
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