The underground economy refers to
a. all market activity that goes unreported to the government
b. all market activity that is not subject to government taxation
c. all illegal activity
d. transactions between U.S. citizens and foreign nationals
e. rent-seeking activities on the part of private citizens
A
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Higher rates of employment and substantial per capital output gains seem to occur when the real economic growth rate
a. is less than 1 percent. b. is less than 2 percent. c. exceeds 3 percent. d. is between 1.5 and 2 percent.
Entry into a monopolistic competitive industry
A) is easy. B) is hard. C) requires governmental approval. D) requires collusion.
If a 10 percent decrease in the price of a good leads to a 20 percent increase in the quantity demanded, then what is the price elasticity of demand?
A. 10 B. 2 C. 0.5 D. 20
Identify the three components of aggregate expenditure aside from consumption, and briefly identify factors that influence them.
What will be an ideal response?