The difference between black market and gray market activities is:
A. while neither are included in GDP, black market items are illegal and gray market items are not.
B. while neither are include in GDP, gray market items are illegal and black market items are not.
C. black market items are very rare and difficult to find, and gray market items are more commonplace, like babysitting.
D. black market items are typically expensive items, and gray market items are not.
A. while neither are included in GDP, black market items are illegal and gray market items are not.
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As presented in the textbook, gross domestic product is the sum of annual
A) business profits (both incorporated and unincorporated) plus all tax receipts of federal, state, and local governments. B) consumption, saving, and investment. C) expenditures for new final goods by consumers, investors, government. D) total sales of all business firms. E) wages and salaries paid or received.
One way to measure national debt over time is debt relative to:
a. the cash flow of the banking system. b. the economy's production and income. c. credit sales of consumer durables over a year. d. national home sales in large cities.
In which of the following sets of circumstances can we confidently expect inflation?
A. Aggregate supply and aggregate demand both increase. B. Aggregate supply and aggregate demand both decrease. C. Aggregate supply decreases and aggregate demand increases. D. Aggregate supply increases and aggregate demand decreases.
The US Federal government is probably the ________ in the world.
A. riskiest lender. B. riskiest borrower. C. safest borrower. D. safest lender.