GDP ignores transactions that take place in the underground economy.
Answer the following statement true (T) or false (F)
True
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When government outlays are less than tax revenues, the government has
A) a budget with a negative debt. B) a budget deficit. C) a budget with a positive balance. D) an illegal budget because outlays must exceed tax revenues. E) a budget surplus.
Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
Mutual interdependence means that
A) all firms are price takers. B) each firm sets its own price based on its anticipated reaction by its competitors. C) all firms collaborate to establish one price. D) all firms are free to enter or leave the market.
Deciding to go to a ballgame rather than do your homework is an example of a(n)
a. production possibility b. a bad idea c. trade-off d. person about to lose their college scholarship