As of 2016, the European Union was composed of ______ countries.
A) 12
B) 15
C) 28
D) 22
Ans: C) 28
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A fixed or rigid price level implies
A) that income is fixed. B) real GDP is greater than nominal GDP. C) nominal GDP is less than real GDP. D) real GDP equals nominal GDP.
Which of the following is not a cause of market failure?
A) Incomplete information B) Externalities C) Individuals acting according to their own self-interest D) Public goods
A proprietorship is
A) two or more individuals in business together. B) a corporation that is taxed like an individual. C) a business owned by one individual who makes all of the decisions. D) a government-owned franchise.
The McDonald's restaurants in Russia grow their own potatoes to guarantee that they are grown correctly. Growing potatoes is very different from running a fast-food restaurant. One could say of McDonald's decision to grow its own potatoes for the Russian franchise that
a. the bounded rationality criterion outweighs the need for quality control b. the bounded rationality criterion is outweighed by the need for quality control c. both bounded rationality and the need for quality control are factors that make it rational for McDonald's to grow its own potatoes d. growing potatoes is irrational e. there must not be many potato suppliers in Russia