Which of the following is NOT an element of the underground economy?
A. Cash-only under-the-table businesses
B. Off-the-books babysitting
C. Commissioned salespeople
D. Illegal drug deals
Answer: C
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Which of the following is FALSE?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, raise prices on both the products c. After acquiring a complementary product, raise prices on both the products d. All of the above
Lipitor, a heart medication with few substitutes, should have an own-price elasticity of demand that is:
a. Relative elastic b. Relatively inelastic c. Perfectly inelastic d. Perfectly elastic
If the money supply in an economy is $300, the price level is $4, and real GDP is $1,500, what is the nominal value of output?
a. $1,200 b. $4,500 c. $6,000 d. $180,000 e. $500
To understand most of today's economic activity in the U.S. economy, we should look at which of the following models?
a. perfect competition and pure monopoly b. perfect competition and oligopoly c. oligopoly and monopolistic competition d. monopolistic competition and monopoly