Complementary goods are goods
a. that are consumed jointly
b. that are consumed one in place of the other
c. for which demand increases when the price of its complementary goods increases
d. for which demand decreases when the price of its complementary goods decreases
e. that are inversely related
A
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Before 1970 the United States generally had a trade ________ and since 1970 the United States has generally run a trade ________.
A. deficit; surplus B. surplus; surplus C. surplus; deficit D. deficit; deficit
Supply-demand analysis shows that a tax collected from sellers is always fully shifted to buyers
a. True b. False Indicate whether the statement is true or false
In a market economy, which of the following is most important if one is going to achieve high earnings?
a. performing an important social function, like teaching. b. willingness to do hard physical work. c. having a membership in a labor union. d. providing goods and/or services that others value highly
On average over the last century, the U.S. population has grown three times as fast as the U.S. real GDP.
Answer the following statement true (T) or false (F)