Which of the following is true about underground economies?
a. Underground economies represent a greater percentage of GDP in developing countries than in developed countries.
b. Higher taxation and labor regulation are reasons why we see more underground activities
c. The underground economy includes legal activities that are concealed for the purpose of tax evasion.
d. all of the above
d
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A country's budget constraint states that
A) the value of exports must be equal to the value of imports. B) real income in the exporting country must be equal to real income in the importing country. C) unless a country engages in trade, the value of exports cannot exceed the value of goods produced. D) a country will engage in trade only if the value of imports exceed the value of exports. E) a country will engage in trade only if the value of exports exceeds the value of imports.
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
Figure 18.2Refer to Figure 18.2. After trade and specialization begin, the maximum amount of spears that Macadamia can consume is:
A. 40. B. 100. C. 120. D. 160.
Suppose a perfectly competitive firm faces the following cost and revenue conditions: ATC = $25.50; AVC = $20.50; MC = $25.50; MR = $28.50. The firm should
A) decrease output. B) increase output. C) shut down. D) continue to produce its current output.