When the value of the British pound changes from $1.50 to $1.25, then the pound has ________ and the U.S. dollar has ________

Spending more time commuting in exchange for a lower monthly rent refers to a(n):

A) barter. B) trade-off. C) externality. D) monetary exchange.

Suppose exports are less than imports. Given this information, we know with certainty that

A) a trade deficit exists. B) GNP > GDP. C) GNP < GDP. D) the change in business inventories is positive.