Refer to Table 18-2. Given the following exchange rates in the ...

[Kthamas]

Refer to Table 18-2. Given the following exchange rates in the above table, what are the exchange rates stated as U.S. dollars per Mexican peso and U.S. dollars per British pound respectively?
 
  A) 0.10 dollars per peso and 5.00 dollars per pound
  B) 0.01 dollars per peso and 0.50 dollars per pound
  C) 0.01 dollars per peso and 0.20 dollars per pound
  D) 0.10 dollars per peso and 2.00 dollars per pound
  E) 1.00 dollars per peso and 20.00 dollars per pound

Question 2

With tickets free and the show to be held in the 1,500-seat Detroit theater, what is free and what is scarce? Explain your answer.
 
  What will be an ideal response?

[amandalm]

Answer to Question 1

D

Answer to Question 2

The seats in the concert are scarcethere are only a limited number (1,500) available. Also scarce is the time the enthusiastic fans spent in line to acquire the tickets. The publicity that Eminem received is not free to him because he paid for the theater, hauling equipment to the theater, and so on.