Answer the following questions (3-4 sentences each)

Learning Goal: I’m working on a business discussion question and need a sample draft to help me learn.

Death by Bureaucrat (see the article attached)

1. What is scarce about this article?

2. What is Type I and Type II errors?

3. Explain how Type I and Type II errors is an example of opportunity cost. 4

4. Explain how the FDA approving safe and effective drugs for patient use is an example of thinking at the margin.

5. Taking into consideration that there are costs for Type I and Type II errors, what do you think should be the right mixture Explain.