Studies estimate the size of the informal economy in the United States at about ________ percent of GDP.
A. 2
B. 10
C. 20
D. 33
Answer: B
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Leisure time is ignored when calculating GDP because leisure time
A) does not affect our standard of living. B) has been declining over time. C) is not an economic good. D) is not bought in a market. E) is not productive.
Refer to Figure 6-4. The inelastic segment of the demand curve
A) is coincident with the horizontal axis. B) lies below the midpoint of the curve. C) lies above the midpoint of the curve. D) is coincident with the vertical axis.
Everything else held constant, an increase in marginal tax rates would likely have the effect of ________ the demand for municipal bonds, and ________ the demand for U.S. government bonds
A) increasing; increasing B) increasing; decreasing C) decreasing; increasing D) decreasing; decreasing
Which of the following is an aggregate?
A) the number of shoes in one man's closet B) the bushels of apples one farmer sells C) the price of a particular textbook D) the total production of all goods and services