The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.A downward movement along the vertical axis would correspond to a(n) ________ of the U.S. dollar.

If the substitution effect is stronger than the income effect, an increase in real interest rates will lead to ________ in aggregate consumption and will lead to ________ in household saving

A) an increase; a decrease B) a decrease; a decrease C) a decrease; an increase D) an increase; an unclear change

In the late 1800s and early 1900s, farmers in the Great Lakes region

a. specialized in grain production. b. specialized in production of fresh fruits and vegetables. c. switched their emphasis from grain production to dairy farming. d. earned high profits by raising cattle for beef production.