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- Answer the following questions: 1) What is the production possibilities frontier? 2) Why do economists use models? 3) How does a society benefit from the production of capital goods? 4) What is the opportunity cost to the society of investing in the capital? 5) Why do economists consider the bowed production possibilities curve to be more realistic? 6) How can societies achieve economic growth?Explain idea of convergence or catching-up effect in detail?Hello experts, I have posted this question many times in chegg, but every time people answering this question to use ai tool like chatgpt, please dont use gpt and other ai tool. Question: When we assume that what is true for the part is also true for the whole, we are committing (A) the post hoc fallacy (B) failure to hold other things constant (C) the fallacy of composition (D) normative fallacy Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 37 dislikes for you and more from my friends accounts also.
- What is the need for integrating both the main branches of economics i.e Micro economics and macro economics?In The Wealth of Nations (1776), Adam Smith wrote, “The most decisive mark of the prosperity of any country is the increase in the number of its inhabitants.” How would Smith’s view have to be revised today? How would you explain the change to Smith?Differentiate macroeconomics from microeconomics by citing instances in the various economic activities.
- true or false Economic models must mirror reality or they are of no value. When economists make normative statements, they are more likely to be acting as scientists. If a country's worker can produce 5 hamburgers per hour and 10 bags of fries per hour, then absent trade with other countries,the price for 1 bag of fries is 2 hamburgers. If trade benefits one country, it's trading partner must be worse off due to the price of trade. If an advanced country has an absolute advantage in the production of everything(relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self sufficient.Marx claimed that “ society is fundamentally determined by the material conditions or by the relationships which people have with each other with respect to production. Discuss how he supported this claim vis- a - vis the different stages in the evolution of economic systemsLet Utopia be a very small country that produces Cheese and Bread only. Its production possibilities frontier is provided in the table above. Suppose that a new technology affects Cheese production by making it possible to produce more cheese with a given amount of milk.How will this innovation in cheese industry affects the Production Possibilities Frontier. Explain your answer.