What is a black market?
What will be an ideal response?
A black market is a market in which buying and selling take place at prices that violate government price regulations.
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A monopsonist is a firm which
A. is a "sole-buyer" in an input market. B. is a price taker in the labor market. C. faces a horizontal demand curve for labor. D. faces a downward sloping demand curve for its output.
A tariff on imported goods produced by an unlimited industry could benefit the members of the domestic union since the tariff would most likely
A) lower the price of the output that workers purchase. B) lower the domestic production of the good and increase wages. C) increase the demand for domestic, union-made goods. D) decrease the cost of the imported goods.
The Internet has created a new category in the book selling market, namely, the "barely used" book. How does the availability of barely used books affect the market for new books?
A) The demand curve for new books shifts to the right. B) The demand curve for new books shifts to the left. C) The supply curve for new books shifts to the right. D) The supply curve for new books shifts to the left.
Assume that the dollar price of a basket of goods in the U.S. is $3 and the dollar price of a basket of goods in China is $5. On the other hand, the yuan price of the basket in the U.S. is 20 yuan
Given this information, the yuan price of the Chinese basket is: A) 30.50 yuan. B) 33.33 yuan C) 105.50 yuan D) 26.50 yuan.