Homework Answers
GDP that generally includes the final goods and services that produces within a domestic boundar
But if we talk about the black market then it is not included in the GDP
In simple terms it is a type of market in which there is selling of either legal or illegal goods at illegal prices and terms
The government do not controls this market
It is not sure that the goods are sold at sale
The example of black trading market goods can be gold biscuits, horns of Rhinoceros, Elephants tusks etc
which is clearly described by option B
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What is a black market? * Partner Offers O A market in which the amount of...
1-1. What is competition? A competitive market refers to a market in which there are so...
1-1. What is competition? A competitive market refers to a market in which there are so many buyers and sellers that each has impact on the market place There are other forms of markets: market, Oligopolistic market I-2. What is the Law of Demand? It states, when the price of a good goes up(down). people always buy of it, other things being equal 1-3. Shifts in Demand A good for which an increase in income leads to an increase in...
Market failure is a situation in which the market does not provide the ideal or optimal...
Market failure is a situation in which the market does not provide the ideal or optimal amount of a particular good. Othere are too many buyers but not enough sellers. there is a question over the quality of a product for sale. O prices are too high for "average" people to buy necessities.
34) A legal maximum price at which a good can be sold is a price: A)...
34) A legal maximum price at which a good can be sold is a price: A) stabilization. B) floor. C) support. D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. B) producers and consumers camy an equal amount of the tax burden. C) producers carry all of the tax burden. D) consumers carry the majority of the tax burden. 36) Which is an example involving an external benefit? A) air...
A news story from 2017 about the oil market stated, "crude oil prices fell ... in...
A news story from 2017 about the oil market stated, "crude oil prices fell ... in part [due to] renewed concerns about the global supply glut." Source: Paul Ebeling, "Crude Oil Prices Falling, Traders Worry About Global Supply Glut," livetradingnews.com, March 27, 2017. a. In referring to a "global glut," the article describes the result of a significant A. increase in demand for, and the supply of, crude oil. B. increase in demand for, relative to the supply of, crude...
Please match the economics term with its one correct definition. Market Surplus Price inelastic Price floor...
Please match the economics term with its one correct definition. Market Surplus Price inelastic Price floor A. A minimal allowable price. B. When quantity supplied exceeds quantity demanded. C. The total amount of goods that buyers want to purchase at a given price. D. How useful a good or service is. E. Any place where buyers and sellers meet. F. A maximum allowable price. G. When the % change of quantity demanded is less than a 1% change in price....
Consider the marginal buyer in a market, the individual who is first to exit the market...
Consider the marginal buyer in a market, the individual who is first to exit the market if the price of the good increases and who is the last and most recent entry to the market when the price of the good fell. What is the value of consumer surplus for the marginal buyer? Why? (3-4 sentences.) Suppose a policymaker wants to impose a tax on a luxury good with the intention that buyers will bear the burden (or incidence) of...
Which statement is TRUE? OA a competitive market is a market in which goods have a...
Which statement is TRUE? OA a competitive market is a market in which goods have a different ask price and bid price OB. The rule of 72 tells you approximately how long it takes for money invested at a given rate of compound interest to double in value OG. A dollar today and a dollar in one year may be considered to be equivalent OD. a competitive market is a market in which a good is bought for a lower...
Please help with these questions Question 41 0.4 pts The market for footballs is perfectly competitive....
Please help with these questions
Question 41 0.4 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs wouldand the equilibrium price would O fall; remain constant O rise; rise fall; fall O rise; fall fall; rise Question 42 0.4 pts Taxes cause the equilibrium price of a good to remain the same. increase. go down only for consumers decrease. go...
Week 2 Case Study: Supply and Demand Overview A market exists whenever buyers and sellers meet...
Week 2 Case Study: Supply and Demand Overview A market exists whenever buyers and sellers meet to exchange goods and services. A mall is a market, a street is a market, your classroom is a market, a garage sale is a market, and even the airplane you ride is a market. Markets are everywhere. Their primary purpose is to get suppliers (producers) and demanders (buyers) together to sell and buy at a price they both agree on. Market demand represents...
1. 2. 3. 4. 5. 6. Submit when finished answering the R button. Due to this being a web course, only scores will...
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Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
1-1. What is competition? A competitive market refers to a market in which there are so many buyers and sellers that each has impact on the market place There are other forms of markets: market, Oligopolistic market I-2. What is the Law of Demand? It states, when the price of a good goes up(down). people always buy of it, other things being equal 1-3. Shifts in Demand A good for which an increase in income leads to an increase in...
Market failure is a situation in which the market does not provide the ideal or optimal amount of a particular good. Othere are too many buyers but not enough sellers. there is a question over the quality of a product for sale. O prices are too high for "average" people to buy necessities.
34) A legal maximum price at which a good can be sold is a price: A) stabilization. B) floor. C) support. D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. B) producers and consumers camy an equal amount of the tax burden. C) producers carry all of the tax burden. D) consumers carry the majority of the tax burden. 36) Which is an example involving an external benefit? A) air...
Please match the economics term with its one correct definition. Market Surplus Price inelastic Price floor A. A minimal allowable price. B. When quantity supplied exceeds quantity demanded. C. The total amount of goods that buyers want to purchase at a given price. D. How useful a good or service is. E. Any place where buyers and sellers meet. F. A maximum allowable price. G. When the % change of quantity demanded is less than a 1% change in price....
Consider the marginal buyer in a market, the individual who is first to exit the market if the price of the good increases and who is the last and most recent entry to the market when the price of the good fell. What is the value of consumer surplus for the marginal buyer? Why? (3-4 sentences.) Suppose a policymaker wants to impose a tax on a luxury good with the intention that buyers will bear the burden (or incidence) of...
Which statement is TRUE? OA a competitive market is a market in which goods have a different ask price and bid price OB. The rule of 72 tells you approximately how long it takes for money invested at a given rate of compound interest to double in value OG. A dollar today and a dollar in one year may be considered to be equivalent OD. a competitive market is a market in which a good is bought for a lower...
Please help with these questions
Question 41 0.4 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs wouldand the equilibrium price would O fall; remain constant O rise; rise fall; fall O rise; fall fall; rise Question 42 0.4 pts Taxes cause the equilibrium price of a good to remain the same. increase. go down only for consumers decrease. go...
1.
2.
3.
4.
5.
6.
Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
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