If the dollar price of the English pound increases from $1.50 to $1.75, the dollar has
a. appreciated relative to the pound, and English goods have become less expensive to U.S. consumers.
b. depreciated relative to the pound, and English goods have become less expensive to U.S. consumers.
c. appreciated relative to the pound, and English goods have become more expensive to U.S. consumers.
d. depreciated relative to the pound, and English goods have become more expensive to U.S. consumers.
D
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Under a flexible exchange rate system a decline in the value of a currency relative to other currencies is a called a ________ and under a fixed exchange rate system a decrease in the official value of a currency is called a ________.
A. depreciation; devaluation B. appreciation; revaluation C. depreciation; appreciation D. revaluation; appreciation
What determines the demand for labor, the supply of labor, and labor market equilibrium?
What will be an ideal response?
Development economics must have a scope wider than traditional economics because
a. values and attitudes play little role in the pace of development. b. people in developing societies do less utility-maximizing. c. transformation of social institutions is necessary for development. d. all of the above.
Government purchases are included in national product
a. True b. False Indicate whether the statement is true or false