This is a question about "economic" efficiency: Prior to the 1960s, Catholic masses were officially conducted throughout the world only in the Latin language
Since the Vatican II reforms, Catholic masses are now generally conducted in the language spoken and understood by the local parishioners. What can an economist conclude? A) Catholic church authorities didn't like Latin anymore.
B) Catholic church authorities once thought the use of Latin was efficient; during Vatican II the authorities in power decided it was inefficient.
C) Catholic church parishoners didn't like Latin anymore.
D) Nothing, because decisions related to religion are non-economic.
B
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The above figure gives your budget line between CDs and magazines. Which combination of CDs and magazines are affordable?
A) combination a B) combinations a, b, c, and d C) combination c only D) combinations b, c, and d
The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year. The price of cotton in Georgestan is
A) 30 cents per pound. B) 40 cents per pound. C) 60 cents per pound. D) 50 cents per pound.
Expansionary fiscal policy involves
A) decreasing the money supply and increasing interest rates. B) increasing taxes or decreasing government purchases. C) increasing the money supply and decreasing interest rates. D) increasing government purchases or decreasing taxes.
A firm would be maximizing profit if MR > MC and TR > TC
Indicate whether the statement is true or false