Excluding criminal activities, the underground economy in the United States is equivalent in value to approximately what percentage of the GDP?
a. 10 to 15 percent
b. 20 to 25 percent
c. 30 to 35 percent
d. not determinable
a. 10 to 15 percent
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If a natural monopoly is regulated using the marginal cost pricing rule, how will that affect prices, outputs, profits, and the distribution of surpluses? What are the pros and cons to this method of regulation?
What will be an ideal response?
The implicit rental rate for capital includes the
A) total value of a piece of capital equipment. B) interest income forgone by purchasing the piece of capital equipment. C) firm's normal profit. D) amount paid for the use of a piece of capital equipment owned by someone else.
U.S. cotton production
a. remained concentrated in Georgia and South Carolina until after 1860. b. was unable to compete with wool production in the antebellum textile industry. c. accounted for more than half of the dollar value of US exports between 1800 and 1850. d. faced declining world demand for most of the antebellum period.
Among the following pairs, which is likely to have the greatest price elasticity of demand? Why?
a. cars or Toyotas b. electricity usage during a month or during a year c. cable television or an apartment rental