Which of the following most likely includes unreported income from illegal sources?
a. underground economy
b. nonmarket transactions
c. externalities
d. leisure
a. underground economy
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A bowed out PPF reflects which of the following ideas?
i. Increasing opportunity cost ii. Resources are not equally productive in all activities. iii. Prices of goods increase over time. A) i only B) i and ii C) i and iii D) ii and iii E) i, ii, and iii
Which of the following is a non-price determinant of supply?
A) the price of related goods consumers may buy B) technological advances in production C) consumers' incomes D) the number of consumers
In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of
A) microeconomics. B) macroeconomics. C) positive economics. D) normative economics.
In order to promote growth, the poorest countries-in contrast to the middle-level and rich countries-need most to:
A. improve their infrastructure. B. invest in human capital. C. increase their capital stock. D. improve their legal and political environments.