On your first day at work, your boss tells you to call the bank and get the bid and the ask for British pounds. Having just returned from studying in London, you know that the exchange rate should be somewhere around 1.25
You call the number and the lady says "579 and 585." What does that mean? A) She didn't understand your question.
B) The bid is 0.579 and the ask is 0.585.
C) The ask is 0.579 and the bid is 0.585
D) The bid is 1.2579 and the ask is 1.2585.
D
You might also like to view...
The more substitutes available for a product, the
A) larger is its price elasticity of demand. B) smaller is its income elasticity of demand. C) smaller is its price elasticity of demand. D) larger is its income elasticity of demand.
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. What is the opportunity cost of producing coffee in Chile?
a. Half a pound of sugar b. Two-fifth of a pound of sugar c. 2 pounds of sugar d. One-third of a pound of sugar e. 4 pounds of sugar