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Author Question: The demand for wheat from farm A is perfectly elastic because wheat from farm A is A) a perfect ... (Read 161 times)

dbose

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on: Jun 29, 2018
The demand for wheat from farm A is perfectly elastic because wheat from farm A is
 
  A) a perfect complement for wheat from farm B.
  B) a normal good.
  C) a perfect substitute for wheat from farm B.
  D) an inferior good.

Question 2

Explain how underground economic activity affects measurement of GDP.
 
  What will be an ideal response?


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macagn

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

C

Answer to Question 2

The underground economy is transactions hidden from the government, either because they are illegal or to avoid taxes. Because the underground economy is hidden from the government, it is not included in GDP and so GDP is smaller than it otherwise would be.


dbose

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

Perkypinki

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Reply 3 on: Yesterday
Excellent

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