In September 1992, Great Britain changed its exchange rate system. How?
A) It abandoned the gold standard in favor of pegging to the U.S. dollar.
B) It joined in with the new euro.
C) It switched from an exchange rate peg to floating.
D) It abandoned the sterling backing for the British pound.
Ans: C) It switched from an exchange rate peg to floating.
Economics
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A) price level falls. B) nominal interest rate falls. C) price level rises. D) real interest rate rises. E) demand for money decreases.
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If the supply of a good decreases and it causes total revenue to increase, this shows that the good has an
A) inelastic demand. B) elastic demand. C) unit elastic demand. D) inelastic supply. E) elastic supply.
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