A black market is also known as a(n) ________ economy
A) open
B) closed
C) underground
D) emerging
C
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If the price of an ounce of gold is 200 ZARs in South Africa and $75 in Canada, what will be the South African Rand (ZAR) per Canadian dollar (C$) exchange rate?
a. C$1 = 4.25 ZAR b. C$1 = 1.75 ZAR c. C$1 = 2 ZAR d. C$1 = 2.67 ZAR e. C$1 = 4 ZAR
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will receive a share of the settlement if the plaintiff wins. Under this contract,
A) production efficiency cannot be achieved.
B) the client bears all of the risk.
C) the lawyer bears all of the risk.
D) the risk is shared.
A maximum price, set by the government, that sellers may charge for a good is known as
A. a price floor. B. a price ceiling. C. a price rationing mechanism. D. a subsidy.
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the:
A. labor-demand curve in that market to shift left. B. labor-supply curve in that market to shift right. C. labor-demand curve in that market to shift right. D. labor-supply curve in that market to shift left.