Which of the following is the best example of the "traditional process"?
A) commercial bank mergers
B) minimum age limits for the purchase of alcoholic beverages
C) auctioning U.S. Treasury bills
D) colleges and universities give admissions preferences to children of alumni
D
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Suppose that consumers expect that the price of a product will increase in the future. The result is that
A) the current supply of the product decreases. B) the current demand for the product decreases. C) the current demand for the product increases. D) the current supply of the product increases.
In the market for British pounds, if the current exchange rate is above the equilibrium rate,
a. there is an excess supply of pounds and those who hold pounds will be able to sell them and make a profit b. there is an excess supply of pounds and the exchange rate will fall c. there is an excess demand for pounds and suppliers will not be able to supply enough pounds to meet the demand d. there is an excess demand for pounds and the exchange rate will rise e. the quantity of pounds supplied is barely sufficient to meet the quantity demanded