The many goods and services that are sold below the radar, outside of official records take place in the:
A. illegal economy.
B. soft market.
C. underground economy.
D. None of these statements is true.
Answer: C
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________ unemployment is NOT associated with economic fluctuations
A) Frictional B) Cyclical C) Structural D) both A and C
Suppose Italy currently lends 1.5 billion euros to other nations and borrows 1 billion euros from other nations. Italy is definitely a
A) net borrower. B) net lender. C) creditor nation. D) debtor nation.
Refer to Figure 11-11. The minimum efficient scale of output is reached at what rate of output?
A) 10,000 workers B) 10,000 picture frames C) 20,000 picture frames D) 5,000 picture frames
When production in an economy grows more quickly than the population in that economy, which of the following must be occurring?
A) Real GDP is falling. B) Incomes are growing at a slower rate than the population. C) Real GDP per capita is rising. D) Living standards are falling.