Which of the following activities would be calculated as part of GDP accounts?
A. Drug trafficking.
B. Money laundry.
C. Illegal prostitution.
D. Purchasing plastic surgery.
Answer: D
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Black markets can occur when price ceilings are imposed in a market. Which of the following explains why sellers participate in a black market?
A) Sellers are able to sell the product for a higher than legal price. B) There are more buyers in the black market than in the legal market. C) The demand is perfectly elastic in a black market. D) The demand is perfectly inelastic in a black market. E) The surplus in the legal market means that many sellers can sell their product in the black market.
The problem of the commons is the absence of incentives to prevent overuse and depletion of the common resource
Indicate whether the statement is true or false
According to the passive approach, discretionary fiscal or monetary policy can reduce the costs of an unstable economy
a. True b. False Indicate whether the statement is true or false
The size of the spending multiplier depends on the level of real GDP
a. True b. False Indicate whether the statement is true or false