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If the Dollar/pound Exchange Rate Is $2/£,a Big Mac Costs

question 81

Multiple Choice

If the dollar/pound exchange rate is $2/£,a Big Mac costs $5 in New York City and costs £2 in London,the pound is ________,and U.S.tourists will be ________.


Definitions:

Unionization Rate

The proportion of workers in a specific sector or economy who are members of a labor union.

Retail Trade

The sale of goods and services to consumers for personal or household use, typically conducted through stores, online platforms, or direct sales.

Total Union Membership

The sum of all individuals who are members of labor unions, representing workers in negotiations with employers regarding wages, working conditions, and other employment-related matters.

Economy

The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.

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