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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Social welfare functions require that a society has at least three people living in it.
A. True B. False C. Uncertain
Currency devaluations hurt consumers because they make imports ________ expensive
a. Less b. More c. All of the above d. None of the above
As the price of milk increases, producers are normally willing to supply greater quantities. This is known as the law of
a. demand b. gravity c. variable proportions d. profitability e. supply
Workers in Adam Smith's famous pin factory example, who were proficient in pin production, then faced the problem of
a. too many different tasks. b. becoming bored with their jobs. c. having to exchange pins for other goods and services. d. not having enough pins to purchase other goods and services.