1. What is a black market, and under what economic condition is it most likely to thrive?

is a black market, and under what economic condition is it most likely to
nations desire a healthy macroeconomy, they typically focus on several
goals:. Three are:3.
two main tools of macroeconomic policy include monetary policy and fiscal
policy. Briefly describe the main
components of each.4.
formal study of economics began when Adam Smith (1723-1790) published his
famous book The Wealth of Nations in 1776.
In the first chapter of The Wealth of Nations, Smith introduces the idea
of the division of labor. Define
“division of labor” and illustrate with an example.5.
Productive Efficiency and Allocative Efficiency.6.
the Law of Diminishing Returns and illustrate with a relevant example.7. When most people want to know the cost of an
item or a service, they look for a price tag. When economists want to determine
cost, they go one step further. They use the idea of opportunity cost. Explain the concept of opportunity cost and
illustrate with an example.8.
the term “sunk costs” and illustrate with an example.9.
factors cause a demand curve to shift. List four different factors.10.
consumer surplus and producer surplus.11.
social surplus and deadweight loss.12.
the world, many countries have passed laws to keep farm prices higher than they
otherwise would be. Why does this widespread practice continue?1.
types of economic events can cause a shift in labor demand, so that a higher or
lower quantity of labor is hired at every salary or wage. List three of these
the nature of individual and business decisions which drive the demand and
supply of financial capital. Specifically, what kinds of factors will shift
demand and supply of financial capital?3.
tend toward equilibrium and, as a result, will tend to eliminate shortages and
surpluses. Why?4.
that a 20% increase in the price of gasoline causes a 5% decrease in the
consumption of gasoline and a 30% drop in the sales of SUVs. What can you say
about elasticities?5.
cross-price elasticity of demand and discuss within the context of
complementary goods and substitute goods.6.
zero elasticity and describe the resultant demand curve.7. What does the
budget constraint framework suggest when price changes? Include a brief explanation of what the
results of price changes will depend on.8. Briefly discuss the
choices typical to households with respect to intertemporal budget constraint.9. Briefly discuss how
a higher rate of return or a higher interest rate affects the choices typical
to households with respect to intertemporal budget constraint.10. Briefly explain how
the total revenue for a profit-seeking firm is determined.11. Briefly explain what
is meant by the term “fixed costs” and provide three examples of
same. What determines a firm’s level of
fixed costs?
12. Briefly explain
what is meant by the term “variable costs” and provide three examples
of same.

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