more healthcare with the same amount of resources. How would this affect the production possibilities

curve and, in particular, how would it affect the opportunity cost of education?

3. Could a nation be producing in a way that is allocatively efficient, but productively inefficient?

4. What are the similarities between a consumer’s budget constraint and society’s production possibilities

frontier, not just graphically but analytically?

5. Individuals may not act in the rational, calculating way described by the economic model of decision

making, measuring utility and costs at the margin, but can you make a case that they behave

approximately that way?

6. Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or

normative statement?

7. Would a research study on the effects of soft drink consumption on children’s cognitive development be a

positive or normative statement?

Review Questions
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