Economics
Learning Goal: I’m working on an economics question and need support to help me learn.
you have two questions please answer these questions carefully.
Please check the rubric.
1). Which of the following statements is positive and which is normative?
1. The United States should cut its imports.
2. China is the largest trading partner of the United States.
3. If the price of gasoline rises, people will drive less.
2). In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets.
1. Calculate Sue’s opportunity cost of producing a jacket in terms of caps.
2. Calculate Sue’s opportunity cost of producing a cap in terms of jackets.
3. Calculate Tessa’s opportunity cost of producing a cap in terms of jackets.
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