What was the main cause behind the Black Wednesday in the 1990s?
What will be an ideal response?
The Black Wednesday refers to an event during which the pound crashed in value all of a sudden. It occurred because the pound was overvalued against the German mark and this prolonged overvaluation of the pound caused the government to sharply devalue the currency when the government ran out of German mark reserves.
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Which of the following statistics can turn negative?
A. inflation rate B. CPI C. unemployment rate D. GDP
A computer manufacturer wants its competitors to have a barrier to entry so it can have a monopoly. Which of the following actions would accomplish this goal?
a. producing more computers than any other manufacturer b. producing computers at a lower cost than most manufacturers c. buying the only land where the silicone used in new chips is found d. sharing its technological advancements with competitors
The estimated demand for a good is
= 25 - 5P + 0.32M + 12PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If income decreases by $1,000, all else constant, quantity demanded will ________ by ________ units.
A. decrease; 500 units B. decrease; 1200 units C. increase; 500 units D. decrease; 320 units E. increase; 3.2 units
Demand is defined as
A. a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant. B. a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant. C. a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant. D. a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant.