Please answer all questions in complete sentences and provide 2-3 sentences for each question please.

1. What is a black market, and under what economic condition is it most likely to thrive? 2. When nations desire a healthy macroeconomy, they typically focus on several goals:. Three are: 3. How does microeconomics relate to macroeconomics? 4. Clem Oatley could grow wheat and barley. He could grow 75 bushels of wheat or 125 bushels of barley using the same resources on an acre of his land. The price of wheat is $2.00 per bushel and the price of barley $ 0.80. Show the benefits to Clem from specialization. What should he specialize in? 5. Define Productive Efficiency and Allocationficiency. 6. Explain 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. Define the term "sunk costs" and illustrate with an example