All of the following count as unreported income except
A. International trade in cocaine.
B. A waiter's tips that are not reported to the IRS.
C. The $5 you pay your friend to help you study for a test.
D. The money you pay a private tutor who works for Tutors Inc.
Answer: D
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Is a single-price monopoly efficient?
A) Yes, because it creates a deadweight loss. B) No, because it creates a deadweight loss. C) Yes, because consumers gain and producers lose some of their surpluses. D) Yes, because consumers lose and producers gain some of their surpluses. E) Yes, because it produces the quantity at which MR = MC.
If the nominal interest rate is 0.6 percent and the rate of inflation is 2.9 percent in a given year, then what is the corresponding real rate of return?
A) 3.5 percent B) 2.3 percent C) -3.5 percent D) None of the above.
Saccharin and aspartame are both low-calorie substitutes for sugar. If saccharin is found to cause cancer,
a. the price of aspartame will increase. b. the price of sugar will decrease. c. the price of saccharin will increase. d. the demand curves for aspartame and sugar will shift leftward. e. aspartame and sugar will be complements.
Last quarter Newton computers produced 3,000 computers. Two thousand of these computers were sold to households, 750 were sold to businesses, and 250 were added to Newton's inventory. How many of the computers should have been included in last quarter's GDP?