What is the underground economy?
(A) Costs of such things as personal safety, vacations, and sick pay.
(B) The goods and services people make or do themselves.
(C) The amount spent for environmental cleanup and similar products.
(D) Products and income that are not reported as income to the government.
Ans: (D) Products and income that are not reported as income to the government.
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Colorado State University allocates 10,000 tickets for each home game to students at no cost. Students are required to stand in line and prove they are a full time student to receive a free ticket
How is the scarce resource in this example allocated? A) first-come, first-served B) market price C) contest D) lottery
Suppose Chevrolet produced 90,000 Camaros in the United States in 2012 and during 2012 sold 69,000 to U.S. customers and exported 14,000 to foreign buyers. How many Camaros would the BEA count as investment spending by Chevrolet in 2012?
A) 7,000 B) 21,000 C) 76,000 D) 90,000
If the U.S. economy had grown faster than it actually did from 2009 to 2010, the unemployment rate would have been higher
a. True b. False Indicate whether the statement is true or false
When Rick uses a common resource and diminishes other people's enjoyment of it, he creates
a. a free rider problem. b. an externality. c. a nonrenewable resource. d. general knowledge.