A. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if a disease kills half of the economy’s cows? B. Use a production...

A. Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if a disease kills half of the economy’s cows?

B. Use a production possibilities frontier to describe the idea of
efficiency.

C. What are the two subfields of economics? Explain what each subfield studies.

D. What is the difference between a positive and a normative statement? Give an example of each.