As McDonald's expanded globally, it was able to achieve:
A) economies of scope.
B) economies of scale.
C) diseconomies of scale.
D) none of the above.
B
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As applied to voter behavior, the "rational ignorance" hypothesis claims
A) voters will have no incentive to be informed of political issues. B) voters will stop gathering information once the marginal costs exceed the marginal benefits. C) voters only vote on the basis of their instinctual or gut feelings. D) voters are selfish.
Other things being equal, suppose that the demand for wheat in constant quality units increases. The increase in demand will cause
A) a surplus of wheat. B) a higher equilibrium price and higher equilibrium quantity of wheat. C) fall in the market clearing price of corn, a substitute for wheat. D) a higher equilibrium quantity, but a lower equilibrium price of wheat.
Spending VCU4 on real-world goods and services causes the nation's:
a. Demand for real goods and services to rise and monetary base to rise. b. Demand for real goods and services to remain the same and M2 money supply to remain the same. c. Demand for real goods and services to remain the same and M2 money multiplier to rise. d. Demand for real goods and services to rise and monetary base to remain the same.
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 70 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.