In economics, normative statements are aboutSelect 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 becauseSelect 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.

Meaning of Economics: Economics refers to different economic activities in the environment; these…

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.

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

Section: Chapter Questions

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Question

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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