The output of our economy is represented by the letter _____ in the equation of exchange.
A. M
B. V
C. P
D. Q
D. Q
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The difference between exports and imports in GDP is called
A) import tariffs. B) net exports. C) net imports. D) gross imports.
Refer to the scenario above. The opportunity cost of producing good Y equals:
A) gain in Good Y / gain in Good X. B) loss in Good X / gain in Good Y. C) loss in Good X / loss in Good Y. D) gain in Good X / gain in Good Y.
Refer to the graph shown. At an output of a, the monopolist should:
A. reduce output to increase profits. B. not change output since profits are maximized. C. increase price to increase profits. D. increase output to increase profits.
Give two examples of activities, one legal and one illegal, that would be part of the underground economy. Explain why each example is considered an underground activity. Avoid giving examples from the text.
What will be an ideal response?