In 1966, the Catholic Church eliminated the centuries-old requirement that members abstain from eating meat on Fridays. Catholics customarily ate fish on Friday. Following the removal of this requirement, it was found that the
A. demand curve for fish shifted to the right.
B. demand curve for fish shifted to the left.
C. demand for meat decreased.
D. price of fish increased.
Answer: B
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A political equilibrium can never be reached without voters, firms, politicians and ________
A) bureaucrats B) public costs C) indifference curves D) market prices
From the mid-1960s to the present, what would a graph of U.S. productivity rates against time reveal?
(a) A stable upward trend in the amount of output per paid hour (b) An unstable but upward trend (c) A U-shape (d) A downward trend
Under the leadership of Federal Reserve Chairman, _______________, the double-digit inflation of the 1970s and early 1980s was finally reduced using policies advocated by monetarists
a. Milton Friedman b. Alan Greenspan c. Paul Volcker d. Alfred Kahn
Refer to the graph above. If the price of the product decreases from $6 to $5 because of a decrease in demand (not shown), total revenue would:
A. increase by $300. B. decrease. C. increase by $100. D. stay the same.