If an undervalued currency is allowed to float:
A) its value will depreciate.
B) its quantity supplied in exchange for the other currency will decrease.
C) its quantity demanded in exchange for the other currency will increase.
D) its value will appreciate.
D
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The table above gives the demand schedule for peas. Which of the following statements CORRECTLY describes the price elasticity of demand?
A) The price elasticity of demand is larger at point A than at point B. B) The price elasticity of demand is larger at point D than at point A. C) The price elasticity of demand is constant because the slope is constant. D) The price elasticity of demand increases moving from point A to point B to point C to point D to point E.
Jane is willing to pay $50 for a pair of shoes. The actual price of the shoes is $30. Her consumer surplus on this pair of shoes is
A) $20. B) $50. C) $30. D) $80.