One of the reasons the pound depreciated in 1992 was:
A) because Britain was running out of stock of foreign currency reserves.
B) because Britain started exporting more than it imported
C) because Britain started importing more than it exported.
D) because speculative trading had decreased in foreign exchange markets.
A
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If all resources used in the production of a product are increased by 20% and total output increases by 20%, then the firm must be experiencing
A. diseconomies of scale. B. economies of scale. C. increasing average total costs. D. constant returns to scale.
A demand curve can be thought of as
A. a graphical display of “market potential.” B. a graphical representation of the information in a demand schedule. C. showing how much people want to buy. D. a forecasting tool. E. All of these responses are correct.
The gap in ______________ standards between high-income and low-income countries raises concerns regarding increasing global trade and suggests that restrictions are needed to protect society.
a. environmental b. quality c. living d. employment
In June of 2010, the government had a debt of about $8.6 trillion. Over the next year real GDP grew by about 1.6% and inflation was about 2%. What is the largest deficit the government could have run over this time without raising the debt-to-GDP ratio?
a. about $68.8 billion b. about $137.6 billion c. about $275.2 billion d. about $309.6 billion