Economics question-college level-ASAP?
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.
Answer:
1 A)consumer sovereignty.
2 - No data to refer to
3 D)all of the above occur.
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