Which of the following are complementary goods?
A. trucks and sedans
B. sport utility vehicles and gasoline
C. white wine and red wine
D. butter and margarine
Answer: B
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People generally purchase less of a commodity as its price increases. This implies that the relationship between quantity purchased and the price of the commodity must have a
a. slope always equal to one. b. positive slope. c. zero slope. d. negative slope.
Which of the following would be expected if the tariff on foreign-produced shoes were decreased?
a. The domestic price of shoes would fall. b. The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise. c. The number of unemployed workers in the domestic shoe industry would decline. d. The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.