Britain's decision to exit the ERM in September 1992 had what effect?
A) Lower interest rates and a depreciated exchange rate caused the British economy to expand.
B) It subjected Britain to a ruling by the European Courts of Justice.
C) It caused the system to collapse.
D) It had no effect on Britain's economy.
Ans: A) Lower interest rates and a depreciated exchange rate caused the British economy to expand.
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The point of profit maximization for a monopolist is exemplified by
A) TR = TC. B) MR = MC. C) ATCmin. D) MR > MC.
Consider a point on a market demand curve. The point represents
A) a single price and the quantity demanded by an individual buyer. B) a single price and the sum of the quantities demanded by all buyers. C) various prices and various quantities demanded. D) a single price and the quantity demanded by an individual buyer at that price and all other prices. E) a and c