casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?

21. It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods

and services than a nation is capable of. Why is allocative inefficiency also wasteful?

22. What assumptions about the economy must be true for the invisible hand to work? To what extent are

those assumptions valid in the real world?

23. Do economists have any particular expertise at making normative arguments? In other words, they have

expertise at making positive statements (i.e., what willhappen) about some economic policy, for example,

but do they have special expertise to judge whether or not the policy shouldbe undertaken?

Problems

Use this information to answer the following 4 questions: Jade has a weekly budget of $24, which she likes to

spend on magazines and pies.
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