If E$/£ moves from 2 to 3, this is a percentage change of:
a. 50%.
b. 33.3%.
c. -33.3%.
d. -50%.
Ans: a. 50%.
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If the money stock is $900 million and the reserve requirement is 20%, what is the monetary base?
A) $180 million B) $4,500 million C) $720 million D) The monetary base cannot be determined with the information given.
If a firm experiences constant returns to the variable input in the short run:
A) marginal product will be greater than average variable product, but the two will become more equal as output increases. B) marginal product will be less than average variable product, but the two will become more equal as output increases. C) marginal product will be greater than average variable product, and the difference between the two will become larger as output increases. D) marginal product and average variable product will be equal over the range of output in question.