In economics, normative statements are about Select one: O a. the way things are. O b. the way things ought to be. O c. marginal benefits, not marginal costs. O d. marginal costs, not marginal benefits.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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In economics, normative statements are about
Select one:
O a. the way things are.
O b. the way things ought to be.
Oc. marginal benefits, not marginal costs.
O d. marginal costs, not marginal benefits.
The production possibilities frontier bows outward because
Select one:
O a. opportunity costs are decreasing as the production of a good increases.
O b. resources are of uniform quality.
Oc. opportunity costs are increasing as the production of a good increases.
O d. opportunity costs are fixed as the production of a good increases.
Transcribed Image Text:In economics, normative statements are about Select one: O a. the way things are. O b. the way things ought to be. Oc. marginal benefits, not marginal costs. O d. marginal costs, not marginal benefits. The production possibilities frontier bows outward because Select one: O a. opportunity costs are decreasing as the production of a good increases. O b. resources are of uniform quality. Oc. opportunity costs are increasing as the production of a good increases. O d. opportunity costs are fixed as the production of a good increases.
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