In general, the development of underground economic activity ________ economic efficiency
A) hinders
B) has no effect
C) aides
D) hard to tell, sometime hinders, sometimes aides
E) spikes
A
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Economists consider an economy to be at "full employment" when
A) the unemployment rate equals the natural rate of unemployment. B) there is no structural unemployment. C) there is no frictional unemployment. D) there is only a small amount of cyclical unemployment.
GDP is used in an attempt to
A) calculate the profitability of a country. B) measure the economic performance of a country. C) determine the overall well-being of a country. D) figure out the prices of all goods and services exchanged in the legal economy. E) guide entrepreneurs toward more profitable investment decisions.
The rules of accounting generally require that ________ costs be used for purposes of keeping a company's financial records and for paying taxes. These costs are sometimes called ________ costs
A) explicit; accounting B) total; economic C) real; explicit D) economic; legal
Firms that engage in price discrimination
A. will earn less profit than those that do not discriminate. B. will earn more profit than those that do not discriminate. C. are biased against certain buyers in the market. D. will always produce less output than firms that do not discriminate.