Suppose a U.S. dollar exchanges for 2 British pounds, then each pound is worth
A. $.25.
B. $.50.
C. $1.
D. $4.
Answer: B
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Define macroeconomics
What will be an ideal response?
A negative externality is a situation in which
A) there is a spillover of benefits. B) a cost associated with an economic activity is borne by a third party. C) a firm is paying in excess of the total costs of producing a good. D) none of the above.
Best National Bank is subject to a 20 percent required reserve ratio. If this bank received a new checkable deposit of $1,000 . it could make new loans of:
a. $500 b. $800. c. $1,000 d. $5,000.
On a production possibilities curve, the optimal or best combination of output for any society:
A. depends upon the preferences of society. B. is at a point near the bottom of the curve. C. is at the precise midpoint of the curve. D. is at a point near the top of the curve.