Instructions: Answer each question with a minimum of 150 word count. Place answers underneath each question for easier breakdown.Use APA Format with in-text citations and a reference page, cover page/title page is not needed. Must use the course material I provided for in-text citation and a reference, along with outside scholarly sources. ABSOLUTELY NO PLAGIARISM, ORIGINAL WORK ONLY. Let me know if you have any questions or concerns.
Here is the reference: Sexton, R. (2013). Exploring Economics (6th ed.). Mason: South-Western CENGAGE Learning.
1. Using the concepts of trade-offs, absolute advantage, and comparative advantage analyze the following questions:
Should Bill Gates clean his home or hire a housekeeper?
Should you clean your home or hire a housekeeper?
Is Mr. Gates’ trade-off different from yours?
2. Discuss the following statement from the standpoint of TANSTAAFL: “Everyone in society should be guaranteed the best healthcare possible.”
Use the concepts of equity and efficiency to support your argument.
3. Classify the following statements as positive or normative. Explain.
a. Price controls should be in place to keep the price of gasoline under $3 per gallon.
b. Markets are usually a good way to allocate scarce resources.
c. The current healthcare market in the United States is inefficient.
d. The U.S. should guarantee everyone “free” healthcare.