The existence of the underground economy causes gross domestic product (GDP) statistics to _____
a. understate the true volume of economic activity
b. overstate the aggregate price level in the economy
c. overstate the standard of living
d. overstate the profit of firms
e. understate government spending in an economy
a
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Scarcity means that
A) what we can produce with our resources is greater than our material wants. B) resources are unlimited. C) wants are greater than what we can produce with our resources. D) governments must make up for shortages in resources. E) choices made in self-interest cannot be the same as those made in the social interest.
When was the first Bank of the United States formed by the Federalists?
(A) In the first quarter of the nineteenth century (B) During the American Revolution (C) In the late eighteenth century (D) After the Civil War