Assuming that Chinese food and Thai food are substitutes, if P. F. Chang's Chinese Restaurant reduces its prices:
a. the sales of the nearby Bahn Thai restaurant will increase
b. demand for meals at P. F. Chang's will increase.
c. the demand for meals at the Bahn Thai restaurant will decrease.
d. the quantity of food demanded from P. F. Chang's will decrease.
c
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Once the copyright on a book expires,
A) only the first publisher to reissue the book can claim copyright of that author's words. B) any publisher can now claim copyright of that author's words. C) no publisher can claim copyright of that author's words, but the book can be reissued by any publisher. D) no publisher can claim copyright of that author's words because the book can never be reissued.
General equilibrium analysis is the study of
A) how an equilibrium is determined in all markets simultaneously. B) how an equilibrium is determined in all closely related markets. C) the effects of a change in a market, and all spillover effects in all related markets. D) Any of the above.
The convergence theory suggests:
A. that poorer countries will grow faster than rich ones. B. all countries eventually will experience the same rate of growth. C. countries may have the same rate of growth but differing levels of income. D. All of these are true.
At the end of World War II many European countries were rebuilding and so were eager to buy capital goods and had rising incomes. We would expect that the rebuilding increased aggregate demand in
a. both the United States and Europe. b. the United States but not Europe. c. Europe, but not the United States. d. neither the United States, nor Europe.