Which of the following underground economy activities would be considered a black market?
A. Harry makes Sally dinner while she changes the oil in his car.
B. Carrie waits tables at the local restaurant for salary and tips, but only reports her salary as income.
C. Celeste sells counterfeit designer bags at a roadside stand.
D. Ben provides child care in his home for cash payments and does not report the income.
Answer: C
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The key endogenous variable in endogenous growth theory is ________
A) the level of technology B) the productivity of research and development C) the growth rate of output D) the level of per capita income
Alexander Hamilton argued for a "National Bank" that would
a. provide the increased money supply necessary to accommodate increased business activity. b. lend money to the U.S. Treasury. c. serve as fiscal agent for the U.S. government. d. serve as a tax collection agency for the U.S. government. e. All of the above.
A kinked demand curve is most likely to occur when other firms
a. follow any change in price by a rival firm. b. engage in collusive practices. c. follow a downward change in price but not an upward change by a rival firm. d. ignore any change in price by a rival firm.
Marginal physical product is
a. the increase in input usage resulting from an increase in revenue. b. the same as marginal revenue product. c. equal to average physical product when a monopoly firm is in equilibrium. d. the increase in output stemming from a one-unit increase in input.