In July 2008, a British pound could buy 2. By October 2008, a pound could buy 1.55. Over the four months, the
A) pound depreciated against the dollar.
B) the real exchange rate did not change.
C) pound appreciated against the dollar.
D) the U.S. inflation rate increased.
Question 2
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is 12, the firm
A) incurs an economic loss, but will not shut down.
B) will not shut down in the short run, but will leave the industry in the long run.
C) will shut down.
D) is breaking even.
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