As Incomes in Alberta Fall People Are Drinking Less Craft

question 141

Multiple Choice

As incomes in Alberta fall people are drinking less craft beer and more beer produced by international brewers. Thus, an economist would consider beer produced by international brewers to be a(n)

• A)normal good.
• B)inferior good.
• C)complementary good.
• D)substitute good.

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Definitions:

Consideration Transferred

The total amount of cash, assets, or other resources given up by an acquiring entity to obtain control of another business in a business combination.

Fair Value

The monetary amount anticipated for the disposal of an asset or the fee for shifting a liability in a coordinated marketplace interaction on the appraisal day.

Bargain Purchase

The acquisition of an asset or company at a price significantly below its fair market value.

AASB 3

The Australian Accounting Standards Board's standard on Business Combinations, which provides the guidelines for accounting for the acquisition of businesses.