Which of the following is likely to be an unreported economic activity?
A) the brokerage fees paid to a broker at Merrill Lynch
B) the purchase of shares of stock in Walgreen's Pharmacy
C) a $250,000 bonus paid to the CEO of a company
D) tips paid to a taxi driver
E) the minimum wage paid to a teenager working at a McDonald's
D
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A bond that provides no interest payments but instead is issued at a value that is lower than its face value is called:
a. a no-interest bond. b. a load-free bond. c. a no-load bond. d. a zero-coupon bond. e. a coupon bond.
Which of the following statements about the elasticity of demand for a monopolist is TRUE?
A) Since a monopolist produces a good with no close substitutes, the price elasticity of demand for the good is zero. B) A monopolist produces a good with demand that is perfectly inelastic because people can not do without the good. C) Since every good has some substitute, even if imperfect, the demand for a good produced by a monopolist will not have zero price elasticity. D) Since the demand curve of a monopolist is downward sloping, the demand for the good must be inelastic.