Two goods that are complementary are:
a. wrapping paper and scotch tape.
b. letter and fax.
c. beef and chicken.
d. bicycle and motorcycle.
e. Coke and Pepsi.
a
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Refer to Price Ceiling. After the price ceiling is imposed, consumers' surplus is equal to
The following questions refer to the accompanying diagram which shows the effects of a price ceiling. The initial price and quantity are P0 and Q0, respectively, and the price ceiling is imposed at the price P1. Assume that none of the potential deadweight loss can be avoided.
a. area A.
b. area A + B.
c. area A + B + D.
d. area A + B + C + D + E + F + G.
If you go into a bank which faces a 10% required reserve ratio and borrow $1,000, the bank will ____ your checking account at the bank
a. add $1,000 to b. subtract $1,000 from c. add $5,000 to d. subtract $5,000 from
James earns income of $90,000 per year. His average tax rate is 40percent. James paid $5,500 in taxes on the first $40,000 he earned. What was the marginal tax rate on the rest of his income?
a. 6.1 percent b. 44 percent c. 55 percent d. 61 percent
(Table: Consumer Price Index) Refer to the CPI values in the table for the years 2005 to 2010. In which year(s) did the country experience deflation?
What will be an ideal response?