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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Give an example of how a change in the exchange rate alters the relative price of domestic goods in terms of foreign goods.

To determine

Example of how a change in exchange rate alters the relative price of domestic goods.

Explanation

When the exchange rate is 1.50 dollar equal to 1 pound, where the price of American good is 1.50 dollar and price of England good is 1 pound. That means, 1 American good is equal to the England good. Suppose the exchange rate increases as 3 dollar is equal...

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