To be useful, a resource must be renewable
Indicate whether the statement is true or false
F
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Which of the following exemplifies an opportunistic behavior by a franchisor arising out of incompleteness or ambiguity in a contract?
a. Providing inferior service in an attempt to cut operating costs. b. Terminating a well-operated franchisee and converting the establishment into a profitable company-owned outlet. c. Fixing exorbitant prices for products having relatively elastic demand. d. Terminating a franchisee who had been using the company brand name to endorse products that the agreement says it cannot.
When an economy is in long run equilibrium,
a. it will be impossible to sustain the current rate of output in the future. b. the interest rate will decline. c. the foreign exchange value of the dollar will tend to appreciate. d. the actual and natural rates of unemployment will be equal.
The multiplier effect refers to the fact that a change in spending (aggregate demand) will
a. increase the money supply. b. cause prices to rise by some multiple of the initial increase in spending. c. cause nominal output to rise by some multiple of the initial increase in spending. d. reduce prices by some multiple of the increase in spending.
The median voter theorem states that majority-rule political systems will produce policies that are most preferable for the median voter
a. True b. False Indicate whether the statement is true or false