If the Price of British Pounds in Terms of U

question 66

Multiple Choice

If the price of British pounds in terms of U.S.dollars is $1.80 per pound,then the price of U.S.dollars in terms of British pounds is:

• A) 1.80£ per dollar.
• B) 0.555£ per dollar.
• C) 0.90£ per dollar.
• D) 3.60£ per dollar.

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Definitions:

Opportunity Costs

Missing out on potential gains from various alternatives once a particular option is picked.

Economics Quiz

A set of questions designed to test knowledge and understanding of economic principles and theories.

Marginal Benefit

The additional satisfaction or utility gained from consuming or using one more unit of a good or service.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service, highlighting how costs vary with production levels.