Which of the following is an example of a normative, as opposed to positive, statement?
a. The growth rate of the economy last year was higher than any other year in the last decade.
b. The federal government reduced spending in the last quarter of the fiscal year.
c. The Federal Reserve Bank adjusted interest rates in response to the lower-than-expected growth rate of the economy.
d. The federal government should decrease unemployment benefits to stimulate the economy out of the recession.
d
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In the Bertrand model with homogeneous products,
A) the firm that sets the lower price will capture all of the market. B) the Nash equilibrium is the competitive outcome. C) both firms set price equal to marginal cost. D) all of the above E) the outcome is inconclusive.
The peak oil hypothesis says that the annual world production of oil
a. will not peak for several hundred years. b. peaked in the past two decades and is now rapidly declining. c. will peak in the coming decades and then decline. d. is now peaking and a major decline is imminent.
The term "capital," as used in macroeconomics, refers to
What will be an ideal response?
Refer to the information provided in Figure 13.4 below to answer the question(s) that follow. 
Figure 13.4Refer to Figure 13.4. At its production point, the ________ for this firm is $11.
A. marginal revenue B. profit-maximizing price C. marginal cost D. average total cost