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[經濟 Econ] HKDSE Economics Question Review (2020-07-27)



HKDSE Economics Question Review (2020-07-27)

[隱藏]
1. Is imagination positive or normative? Explain briefly.

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Solution:


A statement is positive if it describes facts, i.e. causal judgment, or normative if it describes opinions, I.e. value judgment.



Imagination is a result of socializations such as norms and red tapes, thus entailing preference. Hence, it is an outcome of value judgment and thus normative.

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2. Given a cruve of absolute return, I.e. total product TP. State when will the law of diminishing marginal return apply on this CURVE.



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Solution:


TP is a growth function, thus following logistic properties, i.e. LDMR will be onset when TP curve become concave. A concave function is defined as having negative second derivative about the domain of the curve.

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