Which of the following would be considered part of the underground economy?
a. tips reported to the IRS by a waitress
b. a barber giving a person a haircut in exchange for a meal
c. income earned through selling shares of stock
d. the portion of a professional athlete's salary that is economic rent
e. donations received by a local church in their collection plate on Sunday morning
B
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If firms and workers have rational expectations, including knowledge of the policy being used by the Federal Reserve, the short-run Phillips curve will be
A) vertical. B) flatter in the long run than it is in the short run. C) negatively sloped. D) positively sloped.
Refer to Table 1-2. Using marginal analysis, by how many hours should Thuy Anh extend her flower shop's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
On the graph above, an increase in government spending, with no change in taxes, is likely to move the economy from point 1 to point ________
A) 8 B) 6 C) 3 D) 5
The price elasticity of demand is a measure of:
A. the change in price of a good that results from a change in its quantity demanded. B. the demand for a good. C. how consumers respond to excess demand. D. the change in quantity demanded of a good that results from a change in its price.