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Unformatted text preview: expensive. Because of this, the US will be able to purchase goods from the EU for less. B) If the EU and the US continue to trade, EU goods will be cheaper to sell than the US goods and the US goods will cost more money. 10. True. Past events are easier to predict because you can create a model that shows the outcome. This information allows you to plot out the actual numbers on a graph to show both the demand and production curve. This implies that economists use the past to forecast the future. 11. Positive statements state whether or not something is true or false. Normative statements state an opinion about something in the world. It is important to know the difference between the two so that we know what is an opinion and what is a true statement....
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This note was uploaded on 06/10/2010 for the course BU 204 BU 204-16 taught by Professor Biasca during the Spring '10 term at Kaplan University.
- Spring '10