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Author Question: The underground economy refers to A) the formal sector of the economy in developing countries. ... (Read 106 times)

Diane

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on: Jun 29, 2018
The underground economy refers to
 
  A) the formal sector of the economy in developing countries.
  B) the production of goods and services used by the government for covert spy operations.
  C) the sector of the economy that earns profits that are higher than average.
  D) the buying and selling of goods that is concealed from the government.

Question 2

Calculate the price elasticity of demand for gasoline implied by what most studies have found.
 
  What will be an ideal response?


dajones82

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

The price elasticity of demand equals the percentage change in the quantity demanded, 1 or 2 percent, divided by the percentage change in price, 10 percent. Doing the division shows that most studies have found that the price elasticity of demand equals 0.1 or 0.2 .


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