Black markets only exist in developing nations. Indicate ...

[ETearle]

Black markets only exist in developing nations.
 
  Indicate whether the statement is true or false

Question 2

What is the timeline for the U.S. federal budget each year? When does a fiscal year begin and end?
 
  What will be an ideal response?

Question 3

In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it cannot benefit by trading with the other country.
 
  Indicate whether the statement is true or false

[medine]

Answer to Question 1

FALSE

Answer to Question 2

Consider the budget for 2015 as an example in answering this question. In February 2014 the president proposes a budget to Congress. Then, from February until October 1, 2014, the Congress debates the budget, amends it, and eventually passes the necessary budget bills. The president then signs or vetoes the budget bills that were presented to him. When the president vetoes bills, the Congress may over-ride the veto or pass other bills acceptable to the president. Fiscal year 2015 begins on October 1, 2014 and runs until September 30, 2015 . During this year the Congress may passand the president may signsupplementary bills. Then, after the fiscal year ends, accounts are prepared and the official amounts of outlays, receipts, and budget deficit or surplus are reported.

Answer to Question 3

FALSE