The purpose of the ________ was to discourage imports and encourage exports, and thus keep the price of food high.

If a union negotiates a wage above the market equilibrium, each firm hiring union members faces

a. a perfectly inelastic supply curve for labor b. a perfectly elastic supply curve for labor c. a perfectly inelastic demand curve for labor d. a perfectly elastic demand curve for labor e. perfectly inelastic supply and demand curves for labor

The unreported or illegal production of goods and services in the economy that is not counted in GDP is termed:

a. money laundering. b. the underground economy. c. disposable personal income. d. indirect national income. e. unreported capital consumption.