Distinguish between Micro and Macroeconomics

Question 04: Positive or Normative statements? Indicate whether each of the following statements is a positive or normative economic statement: Statement from our Illinois Senators websites… Dick Durbin's website: America now owes over $14 trillion to our creditors. Referring to the above statement Durbin states: This is simply unsustainable. Tammy Duckworth's website: The Family and Medical Leave Act, known as FMLA, [gives] some new parents the opportunity to take up to 12 weeks of unpaid leave. Duckworth later states: we should pass common-sense legislation to make the workplace more accommodating for working parents.   Question 5 options:   A)  in order: positive, positive, normative, normative   B)  in order: normative, positive, normative, positive   C)  in order: positive, normative, positive, normative   D)  in order: normative, normative, positive, positive

Which of the following explains the difference between microeconomics and macroeconomics? (A) microeconomics studies the impact of government taxes on the national unemployment rate (B) macroeconomics studies the impact of government regulation and taxes on the price of individual commodities and services while microeconomics does not (C) use different sets of tools and ideas (D) microeconomics studies the decisions of individuals and firms and macroeconomics studies the entire economy

Can you confirm that I am correct with these positive and normative statements: Positive statement: When oil production slows in Texas, employment and tax revenues decline, and budget cuts at the state and local levels often follow. (Craymer has estimated that the state loses $85 million per year for every $1 decrease in oil prices.) Normative statement:If Russia agrees to production cuts and COVID-19 goes dormant in the hot summer months, as some experts expect, Texas’ coffers will have time to recover before lawmakers convene in 2021 to write a new budget. Or would this be a normative statement:Experts said Texas is better positioned to handle an oil price collapse today thanks to a diversified economy. The last collapse in oil prices, in 2014, also forced the industry to cut costs and otherwise become more efficient. But University of Texas at Austin energy resources professor Michael Webber said COVID-19 throws an unprecedented economic variable into the mix.

If the production possibilities frontier can be expressed as 4X2 + Y2 =16, then the point X=√3 (square root of 3, Y=2 is located a)   inside the production possibilities frontier b) 0utside the production possibilities frontier c) in the wrong quadrant to be on the graph d) on the production possibilities frontier View comments (1)

Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): Show these data graphically. Upon what specific assumptions is this production possibilities curve based?

If it is not possible to increase the output of one good without decreasing the output of the other, when there are only two goods, thenthis situation would describe a point on a production possibilities frontier for the producer.the outcome can be described as efficient.there is no unemployment of resources.All of these outcomes are correct.

Consider the production possibilities frontier below. Assume that an economy is producing the mix of outputs represented by point A. What would have to happen in order for this economy to produce at point B? Output 2 Technological progress A recession Output 1 Giving up some output 1 to produce more output 2 A decrease in taxes

The production possibilities curve can best be described as representing the economics principle of a) Scarcity b) Rational vs irrational behavior c) Supply and demand d) Law of unintended consequences

How could a society manage to end up consuming a bundle of goods that is beyond its production possibility frontier？ And, in doing so, how does it shift what it produces? Please include a graph that helps to illustrate your answer.