The unregulated portion of the economy involving goods and services that are produced and exchanged without monetary transactions is known as
a. the underground economy.
b. the secret economy.
c. the capital consumption.
d. transfer payments.
a. the underground economy.
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In the above figure, what is the equilibrium level of real consumption spending?
A) $3.0 trillion B) $0.0 trillion C) $1.0 trillion D) $2.0 trillion
In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to marginal cost
a. True b. False Indicate whether the statement is true or false
An externality is
A. a third-party benefit or cost that is associated with the production of a good. B. transaction costs. C. government intervention in the markets. D. when external forces such as war or flood affect the market.
Long-run market supply curves are upward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.