The underground economy can be described as
A) production of intermediate goods and services.
B) economic production that includes mining.
C) economic activity that is hidden from the government to avoid taxes or because the activity is illegal.
D) production of infrastructure that spurs growth in the rest of the economy.
Answer: C
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Hyperinflation is defined as periods of
A) inflation over 25 percent per year B) negative price changes. C) low inflation. D) inflation over 50 percent per month. E) inflation under 10 percent per year.
Suppose a frost destroys the tomato crop in California but farmers see an increase in their revenues. Which of the following best explains this?
A) Tomatoes are necessities. B) The demand for tomatoes is price inelastic. C) The decrease in supply led to huge price increases. D) The cross-price elasticity between tomatoes and most other substitute vegetables is very low.