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Course 17206
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“Namibia should increase its import from the Southern African Customs Union (SACU)” is a normative statement.
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Cars and fuels are complements for consumers in Namibia. A fall in the price of cars results in a decrease in quantity demand of fuel and shift the fuel demand curve to the left.
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If University of Namibia increased its season football ticket sales from 43,000 to 47,000 when it lowered price from N$350.00 to N$300.00, then its demand for season tickets must be elastic because total revenue decreased when the price was lowered.
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Scarcity is a situation in which most people can get only bare necessities.
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Positive and normative statements differ in that
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If the price of a hot dog is $2 and the price of a hamburger is $4, then the relative price of a hamburger is 1/2 of a hot dog per hamburger
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An outcome is considered efficient if
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Human resources that perform the functions of organizing, managing, and assembling the other resources are called
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Economic growth is the result of all of the following EXCEPT
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Opportunity cost means the monetary costs of an activity.
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