A situation where illegal trading at market prices takes place is known in economics as a
A. smuggler's market.
B. pirate market.
C. command market.
D. black market.
Answer: D
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In year 2008, 1334 million lbs of milk was produced and sold in U.S. This is
A) the decision of the U.S. department of agriculture. B) quantity determined by the interactions in the market. C) the maximum amount the producers could produce. D) what consumers needed.
A bond is essentially:
A. a stock. B. a loan. C. an equity. D. a derivative.
In a perfectly competitive market
A. demand facing the industry is perfectly elastic. B. a firm must lower price to attract more customers. C. the additional revenue from selling one more unit of output is less than price. D. all of the above E. none of the above
Institutionally-focused economists argue:
A. the equation of exchange is incorrect. B. the equation of exchange should be read from left to right. C. the equation of exchange should be read from right to left. D. both the quantity theory and the equation of exchange are incorrect.