The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:
a. money laundering.
b. the underground economy.
c. disposable personal income.
d. indirect national income.
e. unreported capital consumption.
b
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Difficulties in determining the cyclical pattern in real wage rates from aggregate data are primarily caused by biases due to
A) substitution behavior. B) substantial differences across different business cycles. C) variations in the composition of the labor force over the business cycle. D) changing policy responses to business cycles.
When market price is higher than equilibrium price, quantity demanded is ______ quantity supplied.
Fill in the blank(s) with the appropriate word(s).
Which economist defined the characteristics of an ideal voting system in his book Social Choice and Individual Values?
A. Jonathan Morduch B. Dean Karlan C. Kenneth Arrow D. Gary Becker
When net taxes increase and government purchases decrease, _____
Fill in the blank(s) with the appropriate word(s).