:/webcourses.ucf.edu/courses/1272058/quizzes/1679689/take Question 23 4 pts If w

Question

:/webcourses.ucf.edu/courses/1272058/quizzes/1679689/take Question 23 4 pts If we are producing at a point inside the production possibilties frontier then there are unemployed resources. True False D Question 24 4 pts If Congress votes to increase the minimum wage then unemployment is likely to rise. This is an example of a normative statement. True False D Question 25 4 pts John takes 60 minutes to cut the grass and 20 minutes to wash dishes. Sue takes 30 minutes to cut the grass and 10 minutes to wash dishes. There are no gains from specialization in this case. True False MacBook

Explanation / Answer

Answer 23)

Points on Production Possibility Frontier is Production achieved using all the inputs utlised efficiently. Points below the PPF shows unutilised resources and above PPF shows impossibile production levels using available resources

Hence Answer is True

Answer 24)

Normative statements are subjective statements they are based on judgements and less on facts

Here the impact of minimum wages on unemployement is unpredictable, hence normative therefore here answer should be True

Answer 25)

Sun is Superior to John in both activities hence in Comparative advantage both parties should benefit.

In this case only John will benefit hence no Comaparative advantage is possible. No gains from specialisation

True

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