In September 1992, Great Britain changed its exchange rate system. How?
A) It abandoned the gold standard in favor of pegging to the U.S. dollar.
B) It joined in with the new euro.
C) It switched from an exchange rate peg to floating.
D) It abandoned the sterling backing for the British pound.
Ans: C) It switched from an exchange rate peg to floating.
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What will be an ideal response?
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Refer to the data. What level of total utility will the utility-maximizing consumer realize?
Answer the question on the basis of the following marginal utility data for products X and Y. Assume that the prices of X and Y are $4 and $2 respectively and that the consumer's income is $18.
A. 96 utils.
B. 108 utils.
C. 72 utils.
D. 142 utils.