Sunk cost

a) The cost that has already been created and non-recoverable values

b) 1) sunk cost
2) sunk cost
3) sunk cost because you paid money for your study that you want to change

Positive vs. Normative statement

a) Society faces a short-term trade-off between inflation and unemployment -POSITIVE

b) A reduction in the rate of growth of money will reduce the rate of inflation -POSITIVE

c) The Reserve Bank should reduce the rate of growth of money - NORMATIVE

d) Society ought to require people on social security benefits to look for jobs -
NORMATIVE

e) Lower tax rates encourage more work and more saving - POSITIVE

PPF

DON’T UNDERSTAND