Barbara, the consummate hostess, proudly announced as she served dessert, "A port is often the perfect end to a meal, sipped with a piece of my scrumptious chocolate cake." Evidently, Barbara views port and chocolate cake as
A) luxury items. B) complementary goods.
C) necessities. D) substitutes for other desserts.
B
You might also like to view...
Fixing up old houses requires plumbing and carpentry. Jack (who is a jack of all trades but is a master of none) is a decent carpenter and a decent plumber, but is not particularly good at either
He can fix up two houses in a year if he does all of the carpentry and plumbing himself. His wage is $50,000 per year. a. What is Jack's average total cost of fixing up two old houses? b. George is an excellent plumber and Harriet is an excellent carpenter. George can do all of the plumbing and Harriet can do all of the carpentry to fix up five houses per year. Each earns a wage of $50,000 per year. If George and Harriet work together and fix up five old houses each year, what is their average cost? c. What does this problem tell you about one of the sources of economies of scale?
The seller of an option has the ________ to buy or sell the underlying asset while the purchaser of an option has the ________ to buy or sell the asset
A) obligation; right B) right; obligation C) obligation; obligation D) right; right
When isoquants get progressively further apart there is
a. increasing returns to scale b. decreasing returns to scale c. constant returns to scale
Environmentalists, politicians, and economists have different perspectives on what constitutes appropriate environmental policy. Which of the following statements was probably made by an economist?
a. "We take the position that there are rights involved here, rights to be protected from threats to your health, regardless of the costs involved." b. "Protecting the environment is so important that standards cannot be too high, and continuing improvements must be made regardless of cost." c. "Pollution is a moral issue that cannot be reduced to dollars and cents." d. "Clean air and water are things we can buy-if the price is right."