A persistent surplus of pounds at a given fixed exchange rate (in dollars per pound) is evidence that the pound is ________ versus the dollar. This surplus can be reduced or eliminated through a ________ of the pound
A) overvalued; revaluation B) overvalued; devaluation
C) undervalued; devaluation D) undervalued; revaluation
B
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Productive efficiency refers to:
A. the use of the least-cost method of production. B. the production of the product mix most wanted by society. C. the full employment of all available resources. D. production at some point inside of the production possibilities curve.
Since rent control outlaws transactions that would make both the consumer and supplier better off, then rent control:
A. causes excess demand and increases total surplus. B. causes inefficiency. C. decreases total surplus. D. Both causes inefficiency and decreases total surplus are correct.
An advantage of a partnership over a proprietorship is
A. that profits are not taxed twice. B. the ability to take advantage of greater specialization. C. limited liability. D. that it is easier to dissolve.
Compared to the world, the rate of U.S. population growth is
A) slower than in the world as a whole. B) about the same as in the world as a whole. C) much faster than in the world as a whole. D) incomparable because U.S. residents are born with a much greater chance of accumulating a lot of human capital. E) incomparable because we do not have accurate world population statistics.