The exchange rate is the price of one currency in terms of another currency. An exchange rate specifies how many units of one country's currency are needed to buy one unit of another country's currency. Suppose the following table forecasts exchange rate data for August 14, 2014, in terms of U.S. dollars per unit of foreign currency. Use the information in the table to answer the questions that follow. Cost of One Unit of Foreign Currency Foreign Currency (Dollars) Brazilian real (BRL) 0.4755 Canadian dollar (CAD) 0.8666 Euro (EUR) 1.2151 Japanese yen (JPY) 0.008538 Mexican peso (MXN) 0.0942 United Kingdom pound (GBP) 1.7552 Suppose that on August 14, 2014, a marble statue handmade in Japan is priced at JPY 118,880. The approximate U.S. dollar price of the statue would be If the exchange rate for the U.S. dollar-Mexican peso falls from $0.0942 to $0.07065 per Mexican peso, the U.S. dollar in value, , relative to the Mexican peso. or

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