All economic activity in the underground economy represents the production of illegal goods and services

Indicate whether the statement is true or false


FALSE

Economics

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In what ways is the government debt a burden on future generations?

What will be an ideal response?

Economics

If consumers value the product-specific services for a new smartphone at $25, if retailers offer the product-specific services for the smartphone, the market ________ will ________.

A) demand; not shift B) demand; shift to the left C) supply; shift to the right D) demand; shift to the right

Economics

Allocative efficiency means achieving the optimal or most desired point on the production possibilities curve.

Answer the following statement true (T) or false (F)

Economics

Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:

A. poverty, depletion of nonrenewable resources, and congestion. B. crime, pollution, and economic inequality. C. unemployment, availability of goods and services, and better education. D. better education, health and life expectancy.

Economics