Suppose that when the price of hamburgers decreases, the Ruiz family increases their purchases of ketchup. To the Ruiz family
A) hamburgers and ketchup and substitutes.
B) hamburgers and ketchup are normal goods.
C) hamburgers are normal goods and ketchup is an inferior good.
D) hamburgers and ketchup are complements.
D
You might also like to view...
Federal government outlays include ________
A) transfer payments, grants to states, interest payments on the national debt and income tax revenues B) grants to states, interest payments on the national debt, income tax revenues and government purchases C) interest payments on the national debt, income tax revenues, government purchases and transfer payments D) government purchases, transfer payments, grants to states and interest payments on the national debt
Consumption:
A. is the largest component of the U.S. GDP. B. is the value of total goods purchased by government. C. includes the price of new homes. D. is what households spend on food.
A Chinese purchase of an American Boeing aircraft is recorded in the U.S. balance of payments as a:
A. positive entry in the financial and capital account. B. positive entry in the current account. C. negative entry in the financial and capital account. D. negative entry in the current account.
When total revenue is at a maximum
A. average revenue is zero. B. marginal revenue is zero. C. price is at a maximum. D. quantity sold is at a maximum.