The underground economy can be described as
A) production of intermediate goods and services.
B) economic production that includes mining.
C) economic activity that is hidden from the government to avoid taxes or because the activity is illegal.
D) production of infrastructure that spurs growth in the rest of the economy.
Answer: C
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The diamond-water paradox of value can be explained by
A) distinguishing between total utility and marginal utility. B) water's high level of utility relative to diamonds. C) water's low price relative to diamonds. D) the fact that utility cannot be measured.
Long-term chronic unemployment that results even when the economy is producing at a normal rate is called ________ unemployment.
A. global B. cyclical C. structural D. frictional
When the dollar value of the euro is high:
A. travel in the U.S. is less expensive for Europeans. B. travel in the U.S. is more expensive for Europeans. C. the dollar has appreciated. D. travel in Europe is less expensive for Americans.
Refer to the information in Figure 16.5 below to answer the question(s) that follow.
?Figure 16.5Figure 16.5 shows the marginal benefits of emitting pollution for the only two chemical companies in an industry, Alpha Chemicals and Beta Chemicals. Before any tax on pollution emissions is imposed, each company views pollution as being free.Refer to Figure 16.5. Before any tax on pollution is imposed, the total amount of pollution being emitted in this industry is ________ tons.
A. 50 B. 100 C. 150 D. 200