1.) In the past few weeks, NATO nations placed restrictions on the trading of goods and services sold out of Russia. These restrictions will affect the price system in the United States. Discuss what effects that will occur to prices of these commodities and their substitute and complementary goods. Besides petroleum and natural gas, what other commodities that Russia (and Ukraine) export account for a large share of the world market?

2.) In states where marijuana sales are legalized, there are two types of markets. The first is the legal market, which has been taxed by local and state governments. The second is the illegal market that has continued to exist and has increased its sales by selling at lower prices. How is it possible for these two markets to exist at the same time and in the same place? How does a consumer of this drug decide in which market to take part?