World Scholars' Cup Exam Questions With 100% Correct Answers

World Scholars' Cup Exam Questions With 100% Correct Answers black market - answera secret market in which goods are sold illegally supply - answera stock of resource from which a person or place can be provided with the necessary amount of that resource demand - answerConsumer willingness and ability to buy products deadweight loss - answerloss of economic efficiency that can occur when equilibrium is not achieved or not achievable Equilibrium - answerA state of balance between supply and demand regulation - answerA rule or directive made and maintained by an authority. perfect competition - answerthe situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are abswnt and the market price of a commodity is beyond the control of individual buyers and sellers. imperfect competition - answerthe situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices monopoly - answerthe exclusive possession or control of the supply or trade in a commodity or service. commodity - answeran article of trade or commerce, especially a product as distinguished from a service. tax - answera mandatory financial charge imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. tariff - answera tax or duty to be paid on a particular class of imports or exports embargo - answeran official ban on trade or other commercial activity with a particular country sanction - answera threatend penalty for disobeying a law or rule arbitrage - answerThe simultaneous purchase and sale of an asset in order to profit from a difference in the price