If the U.S. dollar appreciates relative to the British pound, then ________.
A. the pound will appreciate relative to the U.S. dollar
B. British goods will be more expensive for Americans
C. the pound will depreciate relative to the U.S. dollar
D. American goods will be less expensive for the British
Answer: C
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The quintessential example for the price of another potential output and the impact of the price of one good on the market for another is
A. corn and soybeans. B. 7up and sprite. C. hotdogs and hotdog buns. D. crude oil and gasoline.
When a party to a transaction lacks relevant information:
A. they always make the deal blindly. B. they will not make the deal without complete information. C. they sometimes seek out information in ways that are not obvious. D. other parties will voluntarily share this information truthfully.