If the underground economy is sizable, then GDP will:
a. accurately reflect this subterranean activity.
b. overstate the economy's performance.
c. understate the economy's performance.
d. fluctuate unpredictably.
c
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The U.S. federal income tax is classified as a
A. Regressive tax only. B. Regressive or flat tax, but not a progressive tax. C. Progressive tax only. D. Flat tax only.
Give an example of a sunk cost and describe how sunk costs should affect future actions.
What will be an ideal response?
Given that there are significant economies of scale involved in making flat screen television sets, the cost of manufacturing a flat screen television set most likely will:
A. rise as the industry matures. B. fall as the industry matures. C. rise whether the industry matures or not. D. remain the same as the industry matures.
The labor force is the
What will be an ideal response?