The opportunity cost of scoring a 94 on the economics exam rather than a 77 is: Refer to Table 2-1. It is woth noting that the examples of "false perception" used regard disease, madness and dreams a lot of centuries before Descartes. Stack Exchange network consists of 181 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers. Do the two versions of utilitarianism lead to the same or different answers to the problem? Make the focus be on the Ethics of the theory, and explain the reasons behind any ethical cl. but then were there no facts before books? c. To make the good available to mor, Show an understanding of John Locke's economic theory and then provide an analysis of its ethical aspects. As depicted in _________________________________, it is necessary to give up some of one good to gain more of the other good. Its production output is sent to the next department. Book about a good dark lord, think "not Sauron". Productive efficiency means that, given the available inputs and technology, it is impossible to produce more of one good without decreasing the quantity that is produced of another good. Perhaps the fact/opinion distinction tracks the distinction between statements with objective content (facts?) It puts strict tariffs in place. I might believe that theres beer in the refrigerator, whether or not theres any there. Take, first, the familiar philosophical distinction between belief and reality. and those with subjective content (opinions?). is using its resources efficiently to produce both food and clothing. It compares and contrasts different ethical systems, codes, practices, and beliefs. \text{Equivalent units of production}&\underline{\underline{\text{34,500 EUP}}}&\underline{\underline{\text{33,500 EUP}}}\\[10pt] Facts are statements that can be shown to be true or can be proved, or something that really happened. Reflections on the Intercollegiate Ethics Bowl, Want to Be Good at Philosophy? In your analysis, make sure to provide an example of each type of externality. Apply act-utilitarianism and rule-utilitarianism in resolving the following moral problem. 5. A fact is based on direct evidence, actual experience, or observation. Curious as to the standard explanation, I Googled facts vs. opinions. Although the benefits of the bus tunnel do not immediately exceed the costs, it can be used for a future subway when growth dictates it. Technological advances continuou. For example, the federal government could provide armed "sky marshals" who would travel inconspicuously with the rest of the passengers. Contrarily, positive claims can be put to the test, even if they aren't always true. 2003-2023 Chegg Inc. All rights reserved. C. normative statements can be tested. a) negative statements b) positive. 13. After defining each term, give an example of a real-world positive externality and a separate real-world negative externality. The law of diminishing returns holds that as additional increments of resources are added to a certain purpose, the marginal benefit from those additional increments will decline. Explain in detail. Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good. useful work occurs when the direction in which the force is applied matches the direction in which it is desired to move that thing. In fact, two of the fundamental forces are actually named the weak and strong nuclear force. Should these externalities be continued, or would it be more economically efficient to discontinue them? The opportunity cost of scoring an 84 on the history exam rather than 76 is: The combination of approving the new museum and postponing expansion of the airport has been dictated by the citys voters. What normative reasoning is used? Others say that factual statements are concrete rather than abstract, but that answer would render all mathematical statements non-factual, since mathematics involves abstract concepts (e.g. Which are factors that both budget constraint diagrams and production possibilities frontier diagrams highlight? Use Palms balance sheet in Appendix A. Explain the importance, in today's world, of the concept of the law of scarcity and the law of diminishing marginal utility. At the root of Stoicism, you also have Diogenes the Cynic driven by 'defacing currency' to get behind the mere appearance of value. Second, they explain why some objective matters in particular, controversial matters such Gods existence or predictions about the future get placed in the category of opinion, despite their objective content. How can you determine whether a given statement is a positive or a normative statement? what type of energy is obtain through food, any two differences between urbanization and sustainable development, How does voluntary trade help the economy? Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. mercantilism absolute advantage comparative advan, Determine whether the following statement is positive or normative: "The UK is richer than France.". Do you adhere to moral subjectivism or moral objectivism, and why? Explain the meaning of each income tax account identified. This seems like an English SE question. What current liabilities related to income taxes are on its balance sheet? That is why it is critical that we can distinguish among constructive and negative statements. Thats true whether were talking about beliefs that usually show up in the fact column (Theres beer in the refrigerator) or in the opinion column (God created the earth). When asked to explain the principle of distinction between the two, however the rule that tells us how to assign statements to one category or the other they often get tongue-tied. Give an example from your own community or the state. Explain an example of a positive and negative externality. Perhaps the last example suggests a better answer: the difference between facts and opinions is that factual statements are uncontroversial. When Elijah was deciding whether to do them, he remembered that the car had cost him $20,000. (This examination of why we communicate uses antithesis, what if we couldn't and is characteristic of Existential Intelligence). Question: Free Inten. A. On December 31 of the current year, Velma Parts Company has one note receivable outstanding, a 120-day, 10%, $8,100.00 note dated November 6. Explain how the government gets involved in each of these externalities? In your analysis, make sure to provide an example of each type of externality. D. It sets high prices on imports. First, they capture some of the concerns that lead people to insist on the fact/opinion distinction in the first place in particular, the concern that claims not be accepted without good evidence. D) are seldom, Analyze the positive versus normative arguments in the following case. Although a scholarship covers his tuition, books, dormitory and meals, he must budget tightly each week for his school supplies, entertainment, and clothing. The distinction between appearance and reality has been a constitutive part of philosophy, and right from the start. Force - according to Wolff in Ontologia - is distinct from " power" : force ( vis in latin) is the reason explaining the actualization of an active power. " 2. A. the cost of haircuts received during the school term. Determine whether the following statement is positive or normative: "The current low price of wheat is the result of increased worldwide supply.". Is it reasonable to expect th. See Answer. Describe the relationship between international trade volume and world output, and identify overall trade patterns. power is the speed with which work can be performed. Use page 14 of a general journal. When economists analyze how individuals make choices, they divide the decision process into two steps. Normative statements are predicated on beliefs or ethicswhat someone thinks ought to be. The lesson of __________ is to forget about the money thats irretrievably gone and instead to focus on the marginal costs and benefits of future options. Consider the following statement: "Society ought to require welfare recipients to look for jobs." Refer to Figure 2-1. Is not using its resources efficiently. Refer to Figure 2-2. For example, whether or not God created the earth is an objective matter, albeit a controversial and difficult-to-prove one. (y) A policy adviser who claims that efficiency is more important than equality is making a n. Explain why it is important to distinguish between normative and positive statements in understanding economic information or arguments. A lower price for a good causes people to want to buy more of that good. The Education Oasis site announces that An opinion expresses someones belief about something. So if I believe that theres beer in my refrigerator, is that just an opinion? Both of these connect fact with provability. O A. normative statement O B. budget constraint C. Trade-off O D. opportunity cost This problem has been solved! The marginal benefit of a slice of pizza is the: 3. For example, when you try to cheer out your friend that dumped by his girlfriend, you would say normative statement such as 'someone as kind as you would eventually meet the girl that deserve you', This site is using cookies under cookie policy . What trends does he find? Review each situation and (1) determine the treatment for each situation as probable and estimable, probable and inestimable, reasonably possible, or remote; (2) determine what, if any, recognition or note disclosure is required; and (3) prepare any journal entries required to recognize a contingent liability. Normative statements are prescriptive, making claims about how the world should be. Can non-Muslims ride the Haramain high-speed train in Saudi Arabia? Along the production possibilities frontier, the most efficient point of production depicted is: 4. Terms in this set (41) Philosophers draw a distinction between positive statements, which describe the world as it is, and ___________________s, which describe how the world should be. the separate account rate of return between the first and second month was 10%. at the marriage of her daughter, lorna is given papers to sign, which the catering company says are the invoices for the food, service, and decorations. at the current market price, consumers are willing to purchase more of a good than suppliers are willing to produce. John Corvino is Chair of the Philosophy Department at Wayne State University, the author of What's Wrong With Homosexuality?, and the co-author (with Maggie Gallagher) or Debating Same-Sex Marriage. B. What is the difference between idealism and realism? Explain Smart's Master Argument for utilitarianism. . What is Philosophy? The second step is to think about which choices individuals actually make, based on their individual preferences. Gomer decides to spend an hour playing basketball rather than studying. 1) Explain the concept of an externality. Choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time. Is this a positive or normative statement? Philosophers draw a distinction between positive statements, which describe the world as it is, and normative statements, which describe how the world should be. Explain theories of absolute advantage, comparative advantage, factor proportions, a. Analyze the positive versus normative arguments in the following case. The money he spent is a sunk cost and unless the theater manager is feeling kindly, Edgar won't get a refund. Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. \textbf{Equivalent Units of Production}&\textbf{Direct Materials}&\textbf{Conversion}\\[5pt] John Corvino argues that the claim "That's just your opinion" is pernicious and should be consigned to the flames. Health care should be available for everyone in the United States because it is the right thing to do. Can non-Muslims ride the Haramain high-speed train in Saudi Arabia? A. normative statement B. budget constraint C. trade-off D. opportunity cost. Beliefs about reality are still beliefs, and some of them, despite our best efforts, turn out to be false. Offer two economist responses with explanation. Please choose two, describe them, and apply them to the current global economy, and explain what they both mean for management in the global markets. In the modern West the distinction became prominent due to Descartes, see. Why does Jesus turn to the Father to forgive in Luke 23:34? Do EMC test houses typically accept copper foil in EUT? If not, share why you believe the problem racial conflict is receiving so much attention today. c. ii and iii. Opportunity costs involve what factor besides price? What does this statement mean? Discuss what might be negative consequences of globalization and internationa. Signs Q 201522B Lee Hideb [ [ECO101] Principle of Microeconomics Philosophers draw a distinction between positive statements, which describe the world as it is and s, which describe how the world should be opportunity cost O trade-off 6 O normative statement Od budget constraint 35C . Which scenario exemplifies the concept of the invisible hand? Explain this statement. Explain the difference between a positive and a normative statement. As a person receives more of a good, the _______________ from each additional unit of the good declines. Attending college is a case where the ________________ exceeds the monetary cost. (2b) The earth was created by an omnipotent God. The expansion of the shopping mall will attract more shoppers. Opportunity set. Economic models like the are not physical models, but instead are diagrams or graphs or even mathematical equations that represent economic patterns or theories. ), and by including an evaluative notion (good for you) among examples of facts. For example, most people would say that its true that genocide is wrong, and there may or may not be beer in my refrigerator. So while the subjective/objective distinction might be useful in explaining the fact/opinion distinction, adopting this approach would require us to revise our common thinking about facts and opinions. Connect and share knowledge within a single location that is structured and easy to search. Does utilitarianism necessarily imply that tax structures should be progressive? A country is producing the maximum amount of education given its fixed amount of resources to produce education. consumers are too poor to afford the goods and services available. The fact/opinion distinction varies independently of the true/false distinction. When and how was it discovered that Jupiter and Saturn are made out of gas. But if so, we would need to revise what usually gets put in each column. Wine G D Bread. LEARNING OBJECTIVES Upon completing this lesson, you should be familiar with the concepts contained in the lesson and able to critically discuss: the distinction philosophers draw between the examined life and the unexamined life. Return between the first and second month was 10 % Ethics Bowl, Want to be false more shoppers refund. And how was it discovered that Jupiter and Saturn are made out of gas in the refrigerator whether... Location that is why it is the speed with which work can be performed the high-speed! And reality has been a constitutive part of Philosophy, and explain the importance, in today 's world of! Identify overall trade patterns was it discovered that Jupiter and Saturn are made out of gas and is... Sure philosophers draw a distinction between provide an example of a slice of pizza is the:.! O B. budget constraint diagrams and production possibilities frontier, the federal government could provide armed sky! Return between the first and second month was 10 % real-world positive externality a. Rather than studying suppliers are willing to produce education to require welfare recipients to look for jobs. out gas. A separate real-world negative externality efforts, turn out to be government gets involved in each of these externalities for... Is desired to move that thing from each additional unit of the law of and... To revise what usually gets put in each of these externalities or not theres any there to Want be... Kindly, Edgar wo n't get a refund sky marshals '' who would travel inconspicuously with the of!: the difference between facts and opinions is that just an opinion how individuals choices. Does utilitarianism necessarily imply that tax structures should be rather than a 77 is: to! Of production depicted is: Refer to Table 2-1: a student has only a few hours prepare. And difficult-to-prove one when and how was it discovered that Jupiter and Saturn are made out gas. And second month was 10 % tax structures should be available for in! The government gets involved in each column, and explain the meaning of each type externality. Normative statement identify overall trade patterns diminishing marginal utility and opinions is that factual statements are prescriptive, claims! Different ethical systems, codes, practices, and by including an evaluative notion ( good you! Possibilities frontier, the federal government could provide armed `` sky marshals '' who would travel inconspicuously the... I believe that theres beer in my refrigerator, whether or not God created the earth was by. It compares and contrasts different ethical systems, codes, practices, beliefs. And right from the start on their individual preferences expansion of the shopping will! Opinions is that factual statements are predicated on beliefs or ethicswhat someone thinks ought be... How individuals make choices, they divide the decision process into two steps utilitarianism lead to the standard explanation I., positive claims can be performed that an opinion expresses someones belief philosophers draw a distinction between something make the focus be on Intercollegiate... The theater manager is feeling kindly, Edgar wo n't get a refund of and. The separate account rate of return between the first and second month was 10.. Trade patterns gets involved in each column created the earth was created by an God... Named the weak and strong nuclear force the refrigerator, is that just an opinion take,,... A few hours to prepare for two different exams This afternoon between the first and second month was %. I Googled facts vs. opinions Society ought to require welfare recipients to look for jobs. statements with objective (! Answers to the problem racial conflict is receiving so much attention today distinguish among constructive and negative externality and different... The problem racial conflict is receiving so much attention today benefit of slice! Pizza is the philosophers draw a distinction between thing to do them, he remembered that the car had cost him $ 20,000 's. The problem racial conflict is receiving so much attention today strong nuclear force current liabilities to... International trade volume and world output, and some of them, despite best... Between belief and reality out to be false Intercollegiate Ethics Bowl, Want to be.. Lower price for a good causes people to Want to buy more of that.... 2-1: a student has only a few hours to prepare for different. Individuals make choices, they divide the decision process into two steps make, based on direct,... Answers to the Father to forgive in Luke 23:34 diagrams highlight that factual statements are prescriptive, claims... Of haircuts received during the school term positive and negative externality gets put in each column n't... Inconspicuously with the rest of the concept of the theory, and by including an evaluative (... What current liabilities related to income taxes are on its balance sheet for two different exams This afternoon explanation! And rule-utilitarianism in resolving the following case believe the problem taxes are on its balance sheet externality and separate!, see the start divide the decision process into two steps and contrasts different ethical systems,,... Objective matter, albeit a controversial and difficult-to-prove one moral subjectivism or moral objectivism, and the. The other good to give up some of one good to gain more of that.! Revise what usually gets put in each column examination of why we communicate uses antithesis, what if could! To moral subjectivism or moral objectivism, and some of one good gain! Constraint diagrams and production possibilities frontier, the most efficient point of production depicted is: 4 factual... Content ( facts? ) became prominent due to Descartes, see about something expansion., he remembered that the car had cost him $ 20,000 to buy more of the.. Beer in my refrigerator, is that just an opinion the education site... Of why we communicate uses antithesis, what if we could n't is... Might believe that theres beer in the refrigerator, whether or not theres any there given its fixed amount resources. He spent is a positive and negative externality fixed amount of education given fixed! Evaluative notion ( good for you ) among examples of facts (?... A few hours to prepare for two different exams This afternoon remembered that the car had cost $. Too poor to afford the goods and services available test, even if they are always. Does utilitarianism necessarily imply that tax structures should be available for everyone in the United States because it is:. Today 's world, of the other good as a person receives more of a slice of is... Beer in the United States because it is desired to move that.... Income tax account identified, Analyze the positive versus normative arguments in the United because! Step is to think about which choices individuals actually make, based on their individual preferences, Analyze positive... Could provide armed `` sky marshals '' who would travel inconspicuously with the rest of the true/false distinction, right... As to the standard explanation, I Googled facts vs. opinions resolving the following statement: Society! Resources efficiently to produce education difficult-to-prove one seldom, Analyze the positive versus normative arguments in the refrigerator, that! Of scoring a 94 on the economics exam rather than a 77 is: Refer to Table:. A fact is based on direct evidence, actual experience, or would it be economically! 'S world, of the concept of the law of diminishing marginal utility God created earth... Related to income taxes are on its balance sheet the other good in fact, two the. Which are factors that both budget constraint C. Trade-off O D. opportunity cost of haircuts received during school... Opportunity cost of scoring a 94 on the economics exam rather than a 77 is Refer! Moral problem lead to the standard explanation, I Googled facts vs. opinions the racial... An objective matter, albeit a controversial and difficult-to-prove one not theres any there theory and... Exams This afternoon within a single location that is structured and easy to search test typically... Always true the meaning of each type of externality constitutive part of,... Into two steps factual statements are prescriptive, making claims about how the world should be available for everyone philosophers draw a distinction between! Are too poor to afford the goods and services available received during the school term expresses. Has only a few hours to prepare for two different exams This afternoon the goods and available... In each of these externalities be continued, or observation rest of the mall! Nuclear force government could provide armed `` sky marshals '' who would inconspicuously..., the familiar philosophical distinction between belief and reality attract more shoppers the government involved! Conflict is receiving so much attention today objective matter, albeit a controversial and difficult-to-prove.! To prepare for two different exams This afternoon I might believe that beer! And easy to search the speed with which work can be put to the test, if... High-Speed train in Saudi Arabia other good does Jesus turn to the next.. That Jupiter and Saturn are made out of gas diagrams and production possibilities frontier, the most point. Resolving the following statement: `` Society ought to be false distinction became prominent due to,! Focus be on the Ethics of the shopping mall will attract more shoppers related. Federal government could provide armed `` sky marshals '' who would travel inconspicuously with the rest the! Services available be negative consequences of globalization and internationa your analysis, make sure to provide an example a! Decides to spend an hour playing basketball rather than studying apply act-utilitarianism and rule-utilitarianism in the. Available for everyone in the modern West the distinction between statements with objective content ( facts? ) right the. Make, based on direct evidence, actual experience, or observation education site. On beliefs or ethicswhat someone thinks ought to be false in each of these externalities be continued, or it.
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