1) Which of the following are included in the underground economy?

payments that are reported to the government

both legal and illegal sources of reported income

both legal and illegal sources of unreported income

only illegal sources of unreported income

2) Which of the following is NOT included in GDP?

the fees for accounting services

the payments for a dentist's services

the allowance paid to your teenager which is NOT claimed as income

the replacement of brake pads on your two-year-old vehicle

3) Which of the following groups of people would be included in the official unemployment rate?

discouraged workers

workers temporarily laid off

underemployed workers

part-time workers

4) How do economists define aggregate demand?

as the total spending by consumers, business firms, and governments on final goods and services

as the total spending by consumers, business firms, and governments in one year

as the total spending by all consumers, business firms, governments, and foreigners in Canada

as the total amount that all consumers, business firms, governments, and foreigners wish to spend on all final goods and services at various price levels