The Value of the British Pound Changed from $1

question 26

Multiple Choice

The value of the British pound changed from $1.40 to $1.15. We can say that the pound has ________ and the dollar has ________.

• A)depreciated; appreciated
• B)appreciated; appreciated
• C)appreciated; depreciated
• D)depreciated; depreciated
• E)None of these choices are correct.

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Definitions:

Price

Price is the amount of money expected, required, or given in payment for something, often determined by the forces of supply and demand in the market.

Apples

A type of fruit that is typically round, with red, green, or yellow skin, and sweet to tangy flesh.

Bananas

An edible, lengthy fruit generated by several species of substantial, flowering herb plants in the Musa genus.

Utility Function

A representation of a consumer's preference structure ranking different bundles of goods by their level of satisfaction or utility.