inefficient

normative

unattainable

efficient

Large government deficits cause an economy to grow more slowly.

People work harder if the wage is higher

The unemployment rate should be lower

Printing too much money causes inflation.

macroeconomic

microeconomic

statements of description that can be tested

statements of prescription that involve value judgments

40 units of eggs

20 units of eggs

30 units of eggs

50 units of eggs

the opportunity cost of 20 additional units of eggs is 10 units of bacon.

the opportunity cost of 20 additional units of eggs is 20 units of bacon.

the opportunity cost of 20 additional units of eggs is 30 units of bacon

20 additional units of eggs can be produced with no impact on bacon production.