What is black economy, economics, Microeconomics

Defining black economy,

If you pay your cleaner or builder in cash or for some reason neglect to tell the taxman which you were paid for a service rendered, you participate in the black or underground economy. Such kind of transaction transactions do not normally demonstrate up in the figures for GDP, so the black economy may mean which a country is much richer where the official data suggest. In the United States & the UK, the black economy includes an estimated 5-10% to GDP, in Italy, it may add 30%. In Russia, the late 1990s estimates of the black economy ranged as high as 50% of GDP.
Posted Date: 2/4/2012 12:09:17 AM | Location : United States







Related Discussions:- What is black economy, economics, Assignment Help, Ask Question on What is black economy, economics, Get Answer, Expert's Help, What is black economy, economics Discussions

Write discussion on What is black economy, economics
Your posts are moderated
Related Questions
prove that marginal utility of x=the price of commodity x.

What are the economic implications of income inequality? How can economic theory be helpful to analyze the causes and impact of income inequality? What are the concerns and how the

As a consumer increases the consumption of any one commodity, marginal utility of the variable commodity must eventually decline."Illustrate the statement. Illustrate law of dem

1.  Clorox lowers the price of its GreenWorks TM bathroom cleaner.  All other things remaining the same, choose how you think this will impact the market price of Pine-Sol. (Circl

What is the explanation for SAC to be tangent to LAC?(In other words, why must both be tangent to each other)?

#questAbout four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for genera

1.  The marginal benefit (demand) curve for pollution for an industry is P=100-4*Q, where Q is emissions in tons.  The current emissions tax (price) for pollution is $40/ton.  Regu

Consider a family saving function for the population of all families in the United States: sav = β 0 + β 1 inc + β 2 hhsize + β 3 educ + β 4 age + u where hhsize is househol

Q. Explain about Gross Domestic Product? Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes

\-6 6\ Why\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\