Today, You Can Exchange $1 for £0

question 88

Multiple Choice

Today, you can exchange $1 for £0.6211. Last week, £1 was worth $1.6104. How much profit or loss would you now have if you had converted £100 into dollars last week?

• A)loss of ₤1.57
• B)loss of ₤0.39
• C)loss of ₤0.07
• D)profit of ₤0.02
• E)profit of ₤1.59

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Definitions:

Widgets

A generic term often used to refer to an unspecified or hypothetical manufactured product.

Labor

Human input, involving both muscle and mind work, in the output of goods and services.

Production Function

A model that defines the maximum output that can be produced with a given set of inputs under current technology.

Plastic

A wide range of synthetic or semi-synthetic materials that are used in the production of industrial products, packaging, and consumer items.