13 Mar Why would division of labor without trade not work? 2. ?Can you think of any examples of free goods, that is, goods or services that are not scarce? 3. ?A balanced federal bud
Can anyone assist me with these questions?
Assignments must be submitted as a Microsoft Word document and must be in the MLA format. Post question first before supplying your response. Students will answer each critical thinking questions with a minimum of 200 words.
Critical Thinking Questions:
- Why would division of labor without trade not
work?
2. Can you think of any examples of free goods, that
is, goods or services that are not scarce?
3. A balanced federal budget and a balance of trade
are secondary goals of macroeconomics, while growth
in the standard of living (for example) is a primary goal.
Why do you think that is so?
4. 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?
5. Do economists have any particular expertise at
making normative arguments? In other words, they have
expertise at making positive statements (i.e., what will
happen) about some economic policy, for example, but
do they have special expertise to judge whether or not
the policy should be undertaken?
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