When entering the Chinese market, McDonalds had to confront:
A) mainly technical issues.
B) mainly political issues.
C) mainly cultural issues.
D) all of the above.
D
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
When a demand curve is perfectly elastic:
A) marginal revenue = average revenue = price. B) marginal revenue > average revenue = price. C) marginal revenue < average revenue = price. D) marginal revenue > average revenue > price.
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Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. As they groom more dogs, the opportunity cost of bathing additional dogs:
A. falls. B. rises. C. remains constant. D. depends on the prices being charged.
If the dollar is undervalued against the peso, it implies that:
A) quantity of dollar supplied in exchange of pesos equals the quantity of dollars demanded in exchange of pesos in the foreign exchange market. B) quantity supplied of dollar in exchange of pesos exceeds the quantity of dollars demanded in exchange of pesos in the foreign exchange market. C) the exchange rate between the dollar and the peso is flexible. D) quantity supplied of dollar in exchange of pesos is less than the quantity of dollars demanded in exchange of pesos in the foreign exchange market.