In 1966, the Catholic Church eliminated the centuries-old requirement that members abstain from eating meat on Fridays. Catholics customarily ate fish on Friday. Given this, economics would predict thatÂ
A. the price of both meat and fish would rise.
B. the price of fish would increase and the price of meat would fall.
C. the price of fish would decrease and the price of meat would rise.
D. the price of both meat and fish would fall.
Answer: C
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Nonunion wages should be modeled as
A) sticky, because they imitate union wages rather closely. B) sticky, because their contracts cannot contain COLA clauses. C) perfectly flexible, because wage contracts are illegal outside of unions. D) perfectly flexible, because workers willing to take the risks of full wage flexibility are precisely those workers who have rejected unionization.
The largest component of output growth in the U.S. is
a. labor productivity growth. b. capital growth c. labor growth. d. knowledge growth. e. None of the above.