Which of the following pairs of goods are probably complements?
A. Electricity and natural gas.
B. Ketchup and French fries.
C. Steak and chicken.
D. Butter and margarine.
Answer: B
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For a single-price monopolist that is maximizing profit, the price is
A) less than marginal revenue. B) equal to marginal revenue. C) equal to marginal cost. D) greater than marginal cost.
The wealth or real balances effect indicates that
A. An increase in the price level will increase the demand for money, increase interest rates, and reduce consumption and investment spending. B. A lower price level will decrease the real value of many financial assets and therefore cause a decline in spending. C. A higher price level will increase the real value of many financial assets and therefore cause a decline in spending. D. A higher price level will decrease the real value of many financial assets and therefore cause a decline in spending.
State industries are notoriously poor "incubator" for the development of profit-focused, entrepreneurial persons who may leave the firm to set up their own businesses. This statement is an argument in favor of:
A. free immigration and emigration. B. privatizing state industries. C. central planning. D. free trade.
A nation benefits from international trade if it:
a. exports more than it imports. b. imports more than it exports. c. imports goods for which it is a low opportunity cost producer. d. exports goods for which it is a low opportunity cost producer.