In an "underground economy," the production of goods and services
A) is usually too insignificant to be included in GDP.
B) is not measured but is included in GDP.
C) is measured and included in GDP.
D) is not measured or included in GDP.
D
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
According to this Application, clear property rights are important for economic growth, because without a clear title to property
A) no utilities will be available for the property. B) the property cannot be used as collateral for loans. C) people will not reside on the property. D) the property has no value.
You lend $5,000 to a friend for one year at a nominal interest rate of 10%. Inflation during that year is 5%. As a result, you will receive ________ at the end of the year, but that money has a purchasing power of ________
A) $5,050; $5,025 B) $5,100; $5,050 C) $6,000; $5,500 D) $5,500; $5,250
Which of the following is a macroeconomic question?
A) What determines the unemployment rate? B) How is the production quantity of digital cameras determined? C) What factors determine the price of iPhones? D) What determines the wages and benefits of flight attendants?