The U.S. economy in 2009 was characterized by an excess level of output. This corresponds to a recessionary gap

All economic activity in the underground economy represents the production of illegal goods and services

Indicate whether the statement is true or false

A common misperception about consumer demand is that

a. demand depends on many other variables. b. price is a major determinant of quantity. c. it is a fixed amount. d. quantity cannot be determined in advance. e. All of the above are correct.