Activities that go unreported to the government in order to avoid paying taxes or because the activity is illegal are known collectively as the
a. non-profit sector
b. federal sector
c. illegal economy
d. special-interest category
e. underground economy
E
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When the Fed buys U.S. government securities from a bank, that bank's excess reserves and required reserves increase but total reserves decrease
a. True b. False Indicate whether the statement is true or false
Schumpeter's hypothesis states that
a. monopolists are always trying to raise prices b. competition does not always generate the lowest prices c. when government fosters competition, prices fall d. price-takers create the highest prices e. efficiency is highest under conditions of perfect competition
Economists favor a negative income tax because they believe
a. that it will create more jobs for economists to monitor the program. b. the current welfare programs have excessively high work incentives, which result in less total work. c. it is more efficient than the existing welfare system because NIT provides better work incentives. d. All of the above are true.
The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If seller 3 exits the market (goes out of business), then the weekly market quantity of hamburgers supplied at a price of $4 will be
A. 13 B. 10 C. 6 D. 9