A black market is
a. a market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices.
b. a market where goods and services can be obtained at lower prices.
c. a government-mandated market where controls are placed on prices.
d. a market where exchanges are made using bartering.
A
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Refer to Edgeworth Box Economy. Analysis of an Edgeworth box economy shows that a competitive equilibrium
a. must be Pareto optimal. b. can be located anywhere along the contract curve. c. may lie anywhere within the region of mutual advantage. d. must lie to the southeast of the endowment point.
With technological developments, more resources are discovered which change production sets for countries and make world trade more and more beneficial
Indicate whether the statement is true or false
If currency depreciates,
A. net exports rise and the aggregate demand curve shifts inward. B. net exports rise and the aggregate demand curve shifts outward. C. net exports fall and the aggregate demand curve shifts inward. D. net exports fall and the aggregate demand curve shifts outward.
If Congress fails to pass a budget before the fiscal year starts, then federal agencies may continue to operate only if Congress has passed a:
a. deficit reduction plan. b. continuing resolution. c. conference resolution. d. balanced budget amendment.