Burger Bonanza, a major national burger chain, recently decided to spend $4 million on an advertising campaign featuring a world famous actor to promote its new Bomber Burger. What two benefits are conveyed by the brand name Burger Bonanza?
information about quality
an incentive to maintain high quality
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To say that demand is inelastic means that
A) people do not like the good very much. B) quantity demanded not very responsive to price changes. C) relatively small changes in price lead to relatively large changes in quantity demanded. D) relatively small changes in quantity demanded lead to relatively small changes in price.
Ceteris paribus, an increase in the supply of a good causes which of the following?
a. Lowers the equilibrium price, and reduces the quantity bought and sold. b. Raises the equilibrium price, and raises the quantity bought and sold. c. Raises the equilibrium price, and increases the quantity bought and sold. d. Lowers the equilibrium price, and increases the quantity bought and sold. e. Equilibrium price and equilibrium quantity change are indeterminate.
Which of the following could reduce economic efficiency?
a. laws that encourage lawsuits b. policies that redistribute income c. policies that impose significant restrictions on international trade d. All of the above are correct
Expansionary fiscal policy is ineffective if
A) there are idle resources in the economy. B) the MPC is less than 0.60. C) the government has a budget surplus. D) there is complete crowding out. E) a and d