______ Is Another Name for the Complete Replacement of the Local

question 26

Multiple Choice

______ is another name for the complete replacement of the local currency with the U.S.dollar.

• A)Seignorage
• B)Dollarization
• C)Depreciation
• D)Appreciation

---

Definitions:

Economic Profits

The difference between total revenues and total costs, including both explicit and implicit costs, reflecting the excess return over the firm's opportunity costs.

Demand Curve

A graph showing how the quantity demanded of a good or service varies with its price.

Elastic

A characteristic of a good or service where its demand or supply changes significantly when its price changes.

Average Costs

The total costs of production (fixed and variable) divided by the total quantity of output produced.