The Shadow Economy Is Also Called

question 1

Multiple Choice

The shadow economy is also called

• A)the underclass.
• B)the informal economy.
• C)the lower tier.
• D)the peripheral labor force.
• E)the internal labor market.

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Definitions:

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Inflation Rate

The escalation in the average price level of goods and services within an economy over a given period.

Base Year

A specific year against which economic growth is measured, serving as a standard point of reference for real value comparisons.

GDP Deflator

A measure of the price level calculated as the ratio of nominal GDP to real GDP times 100