If you were going to spend time in Great Britain, you would be paying for goods and services with
A. pounds.
B. dollars.
C. euros.
D. gold.
A. pounds.
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If a monopolist engages in perfect price discrimination,
a. the marginal revenue curve becomes steeper b. the demand curve also becomes the marginal revenue curve c. the demand curve is steeper than the marginal revenue curve d. the demand curve is not as steep as the marginal revenue curve e. there is no way to define its marginal revenue
The public debt neither adds to nor subtracts from national production or consumption, but
a. if the bondholders are only the rich, the rich lose in the long run b. poorer people, because they hold fewer bonds, end up paying less taxes c. no individuals lose because everyone holds debt d. individuals may gain or lose depending on whether they hold debt e. neutrality of the debt means it is a win/win situation for everyone
Suppose the nominal gross domestic product of a nation is $1,000 and the money supply is $500 . According to the equation of exchange, the velocity of money in the nation is: a. 1,000
b. 500. c. 2. d. 500,000.
Which of the following would tend to INCREASE the elasticity of demand for good X?
A. a new product, Y, which can be used in place of X, is introduced. B. the percent of a consumer's income spent on good X declines. C. a new discovery allows firms to produce X at a much lower cost. D. both b and c E. all of the above