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here is what i need to verify my MidTerm Grade if anyone can help me before I turn it in would help

1. In 1996 McDonald's introduced its Arch Deluxe hamburger, 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.


Use the following to answer question 2:

Assume an economy that is producing only one product. Output and price data for a three-year period are as follows. Answer the next question(s) on the basis of these data.




2. Refer to the above data. If year 2 is chosen as the base year, in years 1 and 3 the price index values, respectively, are:
A) 4 and 6.
B) 6 and 4.
C) 120 and 100.
D) 100 and 150.


3. A price index can rise from one year to the next even though:
A) some individual prices in the economy fall.
B) nominal GDP falls.
C) real GDP falls.
D) all of the above occur.

2007-06-28 04:29:45 · 1 answers · asked by icycrissy27blue 5 in Social Science Economics

1 answers

1 A)consumer sovereignty.
2 - No data to refer to
3 D)all of the above occur.

2007-06-28 06:10:45 · answer #1 · answered by JuanB 7 · 0 0

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