During the 1990s positive technological change in the production of chicken caused the price of chicken to fall. Holding everything else constant, how would this affect the market for pork (a substitute for chicken)?
A) The demand for pork would decrease and the equilibrium price of pork would decrease.
B) The demand for pork would decrease and the equilibrium price of pork would increase.
C) The demand for pork would increase because consumers could afford to buy more chicken and pork.
D) The supply of pork would increase and the equilibrium price of pork would decrease.
Question 2
Why did the United States abandon the gold standard in the 1930s?
A) The government wanted to move away from a floating exchange rate system to a fixed exchange rate system.
B) The Treasury Department in the United States found it was cheaper to print paper money instead of gold coins.
C) The government wanted to rapidly expand the money supply in response to the Great Depression.
D) New sources of gold were discovered, so the price of gold plummeted, dramatically reducing the value of the dollar.
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