When the Value of the British Pound Changes from $1

question 52

Multiple Choice

When the value of the British pound changes from $1.50 to $1.25,then the pound has ________ and the U.S. dollar has ________.

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

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Definitions:

Labor Supply

The total hours that workers in an economy are willing to work at a given wage rate.

Maximize Profits

The process or goal of achieving the highest possible profit margin through the efficient use of resources, pricing strategies, and cost management.

Equilibrium Price

The price point in the market at which the amount of goods being offered for sale matches the amount of goods buyers are willing to purchase.

Football Game

A competitive team sport involving two squads attempting to advance an oval-shaped ball into the opponent's goal area to score points.