An underground economy:
a. is a market where transaction occurs under the ground.
b. is a market where the buyers and sellers make transactions without the government’s approval.
c. is a market where the buyers and sellers make transactions with the government’s approval.
d. is a market that is international in scope and fully authorized to conduct business.
b. is a market where the buyers and sellers make transactions without the government’s approval.
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Tris owns the only auto repair shop on Lonely Island. Tris is a single-price monopoly, so Tris operates on the ________ part of the ________ curve
A) elastic; supply B) inelastic; supply C) inelastic; demand D) elastic; demand
Tax laws do not give preferential treatment to some kinds of retirement saving
a. True b. False Indicate whether the statement is true or false
Monopolies that exist because economies of scale create a barrier to entry are called:
A. government monopolies. B. natural monopolies. C. normal monopolies. D. price-discriminating monopolies.
Measured unemployment may be lower than actual unemployment because:
A. measured unemployment does not include the frictionally unemployed. B. some individuals may want a job but have become discouraged and stopped looking for one. C. some individuals claim to be unemployed when they are not looking very seriously for a job. D. measured unemployment does not include teenage unemployment.