McDonald's Introduced the Big Mac in 1968, and It Turned

question 36

Multiple Choice

McDonald's introduced the Big Mac in 1968, and it turned out to be a hit. However, the Arch Deluxe, introduced in 1996, was not. The success or failure of a product in the market system is determined by

• A) capitalism and entrepreneurship.
• B) specialization and exchange.
• C) consumer sovereignty and dollar votes.
• D) capital goods and roundabout production.

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Definitions:

Labor Underutilization

A situation where the workforce is not being used to its fullest potential, including phenomena such as underemployment and unemployment.

Unemployed

Unemployed refers to individuals who are capable of working and actively seeking employment but are unable to find a job, a key measure in determining the health of an economy.

Discouraged Workers

Individuals not actively seeking employment due to believing there are no jobs available for them or there are no jobs for which they would qualify.

Labor-Force Participation Rates

The share of the labor force within the working-age bracket that is either working or actively searching for work.