Assignment 1

Assignment 1 - Emilie Gein Econ 1101 Assignment 1 1. An...

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Emilie Gein Econ 1101 Assignment 1 1. An increase in the price of bread means people will buy less bread- positive because describes what will occur 2. Tariffs on Japanese cars should be increased to protect America jobs- normative because describes what should be done in economy. 3. EPA tightening of particulate-matter standard will cost industry $30 billion- positive because describes what will occur. 4. City of Mpls should provide rent-controlled housing for low-income families- normative because describes what should do to get what we want. 5. The principle of increasing opportunity costs states that as a country chooses to produce more of good X the opportunity cost of X increases. So you must sacrifice more units of Y for each unit of X as the total amount of X increases, giving the PPF a curved graph. 6. A production combination is technologically efficient if any other production combination that produces more of one good will have to produce less of another good. Any points along the PPF line is technologically efficient.
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Assignment 1 - Emilie Gein Econ 1101 Assignment 1 1. An...

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