Which of the following transactions would take place in the "underground economy"?
A) Matt bought an iPad for $499 but decided to sell it on eBay instead of keeping it.
B) Elizabeth tells her mother she's going to work but really goes to see a movie.
C) Paul buys 15 gallons of gasoline for $3.29 a gallon, not realizing that $1.50 per gallon of that price goes to the government as tax revenue.
D) John makes chain-link belts and necklaces and sells them at a local flea market for cash to avoid paying taxes.
D
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The aggregate demand and aggregate supply graph has
a. the price level on the horizontal axis. The price level can be measured by the GDP deflator. b. the price level on the horizontal axis. The price level can be measured by real GDP. c. the price level on the vertical axis. The price level can be measured by the GDP deflator. d. the price level on the vertical axis. The price level can be measured by GDP.
Oligopolistic industries are characterized by a few dominant firms.
Answer the following statement true (T) or false (F)