In a "black market,"
A. suppliers take advantage of buyers.
B. price is illegally below market price.
C. only illegal goods and services are traded.
D. illegal trading at market prices takes place.
Answer: D
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An ethanol producer purchases 10 futures contract of corn for delivery in December for a price of $4/bushel.What is the total gain or total loss to the ethanol producer if the price then increases to $5/bushel?
A. Total gain of $250,000. B. Total loss of $50,000. C. Total gain of $50,000. D. Total loss of $200,000.
A teenager is not able to find a job because the legal minimum wage is higher than the wage that firms are willing to offer. This situation is an example of:
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. efficient unemployment.