The Value of the Australian Dollar (A$) Today Is £0

question 38

Multiple Choice

The value of the Australian dollar (A$) today is £0.62. Yesterday, the value of the Australian dollar was £0.60. The Australian dollar ____ by ____%.

• A) depreciated; 3.33
• B) depreciated; 4.30
• C) appreciated; 3.33
• D) appreciated; 4.30

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Definitions:

Marginal Revenue Curve

A graphical representation that shows how marginal revenue varies with changes in the quantity of output sold.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Monopoly Pricing

The pricing strategies employed by a monopoly, characterized by the ability to set prices higher due to lack of competition.

Colluding

Coordinating actions or decisions secretly, especially between competitors in order to cheat or deceive others.