Which of the following represents a normative statement?
a. A decrease in price leads to an increase in quantity demanded
b. The study of economics is more important than the study of history.
c. People will buy less butter at $1.50 per pound then they will at $1.00 per pound.
d. As an economy develops, the nation's birth rate tends to fall.
b
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Game theory is not useful in understanding perfect competition because in a perfectly competitive market:
A. there are too many firms to be able to model their behavior accurately using game theory. B. the payoffs to firms' choices are unknown. C. each firm only cares about its own profit, so there is no interdependence. D. no single firm can influence the market price, so firms' decisions are not interdependent.
____________ were the most common form of specie used in the colonies
a. Coins issued by the English mint b. Coins issued by the Spanish mint c. Coins issued by New England's mint d. Coins issued by privately-owned colonial mints
Sources of water runoff include
a. farms b. highways c. publicly owned treatment works d. all of the above e. (a) and (b)only
Refer to Figure 84. The marginal cost of the third microwave oven is A) $133.33. B) $150. C) $350 D) indeterminate from this information.