(Consider This) In 2000, McDonald's introduced its McSalad Shaker, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of:
A. consumer sovereignty.
B. technological change.
C. downsloping demand.
D. specialization.
Answer: A
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Past expenses are irrelevant to supply decisions, because
A) expenses incurred in the past never affect the opportunities available in the present. B) it is essential to avoid bankruptcy. C) no one remembers the past. D) supply decisions depend on opportunities that will have to be forgone, not opportunities already forgone.
The effect of a change in price on the quantity bought while keeping the consumer on the same indifference curve, is called the
A) price effect. B) income effect. C) substitution effect. D) real effect.
Evaluate the following two statements: "He is income rich but he is not very wealthy" "He is income poor but he is wealthy"
What will be an ideal response?
The time gap between a nation's decision to implement a corrective economic policy and the actual results of the policy is known as the:
A) inside lag. B) inside lapse. C) outside lag. D) outside lapse.