The decrease in demand faced by McDonalds during 2001-2002 can be attributed to:
A) decrease in consumer preference for high-fat content food.
B) increase in lawsuits.
C) increase in competitive pressures.
D) all of the above.
D
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In the long run, unemployment will be at the natural rate. This implies that
A. there is a one-to-one relationship between unemployment and inflation and consequently, the Phillips curve is vertical. B. there is no relationship between unemployment and inflation and consequently, the Phillips curve is vertical. C. there is a positive relationship between unemployment and inflation and consequently, the Phillips curve is upward-sloping. D. there is a negative relationship between unemployment and inflation and consequently, the Phillips curve is downward-sloping.
Sarah buys little stuffed animals for $5 each. They come in different varieties. If the producer stops making (retires) a certain variety, a stuffed animal of that variety will be worth $100; otherwise it is worth $0. There is 25% chance that any variety will be retired. For the purchase of an individual animal, what is the value to Sarah of knowing ahead of time whether or not that variety will
be retired? What will be an ideal response?