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No. The absolute value of -7 is 7.
I think your teacher made a mistake on your paper, this is impossible without considering negatives and absolute values.
A penny (not pence, which is plural!) has an absolute value that is smaller than a pound. It is, therefore, impossible to express it as a vulgar fraction.
"Absolute Zero" refers to zero on the kelvin scale for temperature. Absolute Zero, or 0 kelvin ( = -459.67 degrees Fahrenheit = -273.15 degrees Celsius), is the coldest possible temperature. It is probably impossible to achieve this temperature, but you can get very close.
The absolute value defines a number's distance from the origin, so in the case of real numbers, is the non-negative value of a number. They are often used for real world applications in math and science, where negative solutions are impossible, especially in geometry, or where they are simply unhelpful, as seen in the case of absolute deviation, a function that finds the amount numbers vary from an average, absolute value is important because only the numbers' distance from the average is wanted.