Which of the following would most likely be considered complements?
A. rental cars and taxis
B. butter and margarine
C. tennis rackets and tennis balls
D. plastic wrap and aluminum foil
Answer: C
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A government may view with favor its country's importing more than it exports provided that the
a. exports are to the countries from which it imports b. imports are luxuries that have little effect on the economy c. imports are capital goods such as machinery that will be used to create future exports d. balance of payments still nets out to zero e. countries exporting to it are willing to increase their tariffs to restore balance
If a manufacturer has a U-shaped long-run average total cost curve, then
a. it cannot correctly calculate the position of its fixed cost curve b. there is an output level such that producing one more unit increases average total cost c. there must be a large range of production over which the firm experiences constant returns to scale d. no two quantities of output can have the same average total cost e. there does not exist an output level such that producing one more unit decreases average total cost
The marginal tax rates on the richest Americans when Ronald Reagan was elected and when he left office were
a. 28 percent and 50 percent, respectively. b. 70 percent and 40 percent, respectively. c. 40 percent and 70 percent, respectively. d. 50 percent and 28 percent, respectively.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.