In June 2008, $1 Bought 0

question 297

Multiple Choice

In June 2008, $1 bought 0.5 pounds and in October, $1 bought 0.65 pounds. As a result of this change, between June and October.

• A) there was a rightward shift in the demand curve for dollars.
• B) there was a movement down along the demand curve for dollars.
• C) there was a movement up along the demand curve for dollars.
• D) the dollar depreciated.

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Definitions:

Ratio Data

A type of quantitative data that possesses a natural zero point and allows for meaningful comparisons using division, enabling measurement of both differences and ratios between data points.

Variance

Variance is a statistical measure that represents the degree to which a set of observations differ from each other. It is the expectation of the squared deviation of a random variable from its mean, and it gives insights into the dispersion of a dataset.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values.

Nominal Data

Data categorized into discrete groups or categories without any inherent order or ranking.