Which is true concerning U-2?
i. It does not count marginally attached workers as unemployed.
ii. It counts as unemployed workers who were laid off.
iii. It is smaller than U-3.
A) i only B) i and iii C) i and ii D) i, ii and iii E) ii and iii
D
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Which of the following statements about the underground economy is true?
A) Most transactions that occur in the underground economy are included in the calculation of GDP. B) Excluding underground economy production from measured GDP causes errors in GDP growth estimates in the long run. C) Income that is earned but not reported as income for tax purposes is included in the calculation of GDP. D) The underground economy in developing countries amounts to less than 10% of measured GDP.
If social returns to the production of a good are greater than private returns, then we can conclude that relative to the social optimum, the good will be
A) overproduced and underpriced. B) underproduced and overpriced. C) overproduced and overpriced. D) underproduced and underpriced.