It has been said that many of the patrons in McDonald's restaurants in foreign locations are American tourists. A likely reason why many Americans dine at McDonald's while vacationing abroad is
a. they can't get enough McDonald's food when they are at home.
b. they know and trust the quality associated with the McDonald's brand name.
c. the food at local restaurants is of inferior quality.
d. that Americans, by their nature, are not very adventurous.
b
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Which of the following is NOT an event that causes BOTH the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve to shift?
A) a change in an economy's endowments of the factors of production B) a change in an economy's labor supply C) a temporary change in the price of a key input D) technological changes
If the monthly unemployment rate increase mentioned in the Application was a temporary aberration, the best economic decision by the committee would be to
A) not change monetary policy. B) increase the money supply to stimulate the economy. C) decrease the money supply to stimulate the economy. D) decrease the money supply to slow the economy down.
In December 2010, Kansas had a severe ice storm that caused electrical blackouts. The Fictitious Portable Generator firm of Lawrence had several portable generators that could be used by homeowners to provide electricity
Which of the following would be the fair-rules way to provide them? A) The government confiscates the generators owned by Fictitious and distributes them. B) Fictitious is forced by the state to rent the generators at half the normal rate. C) The state sets up a lottery to determine who rents the available generators at the normal rate. D) Fictitious rents generators at the equilibrium market price. E) Fictitious follows government commands about who gets to use the generators.
Rent controls are
A) when rents are set above the market clearing level to aid landlords. B) used to provide incentives to contractors to build new apartments. C) used to generate revenue for the local government. D) when rents are set below the market clearing level.