Briefly state several reasons for the decline in sales for McDonald's in 2001-2002
What will be an ideal response?
Consumer tastes and preferences changed as more individuals became concerned about the high-fat content of most fast foods. There were a number of lawsuits launched against the fast food industry with respect to health issues of their customers. The fast food industry was under competitive pressure from the emergence of "quick casual" restaurants.
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Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, C to B, and A to C, which of the following concepts are violated?
a. Transitivity b. Median Voter Theorem c. Arrow's Impossibility Theorem d. None of the above concepts are violated
If an economy produces 50 oranges sold at $1 each and 100 bananas at $0.50 each, using GDP as the measure of output:
A. oranges are weighted as being 2 times more important than bananas. B. bananas are weighted as being 1/2 as important as oranges. C. bananas are weighted as being 2 times more important than oranges. D. oranges are weighted as being 1/2 as important as bananas.
A favorable supply shock would
A. shift the production function down and increase marginal products at every level of employment. B. shift the production function down and decrease marginal products at every level of employment. C. shift the production function up and increase marginal products at every level of employment. D. shift the production function up and decrease marginal products at every level of employment.
Because education is less costly to obtain for highly productive individuals who are also likely to be highly productive in the work place, education ________ in the job market.
A. does not work as a market signal B. is a strong market signal C. is a weak market signal D. is the only market signal