Suppose under a gold standard the price of gold in the United States is $450 per ounce and the price of gold in the United Kingdom is 200£ per ounce. The exchange rate is thus
A. $0.45 per pound.
B. $2.25 per pound.
C. 2.25£ per dollar.
D. 0.54£ per dollar.
Answer: B
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Using the table above, the Current Population Survey classifies the group of individuals obtained by adding groups 5 and 6 as
A) the labor force. B) employed. C) discouraged workers. D) unemployed. E) the working age population.
A restaurant sells a large soft drink at a fixed price of $1.79. A term used by economists to describe the money received from the sale of an additional large soft drink is
A) pure profit. B) marginal revenue. C) gross earnings. D) net benefit.
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