TIPS FOR READING AN EXCHANGE RATE CHART: Read down the chart.. For example, n column 1 it says the US Dollar is equal to each of the currencies below it. Therefore $1 = 87 or $1 = 94 €. %3D Exchange Rate Table for Month 1 US Dollar British Pound 1 Chinese Yuan 1 Japanese Yen Y = Euro $1= = 3 1.24 1€ US Dollar 14 0093 1.08 British Pound 81 11 0075 88 Chinese Yuan 6.96 8.76 066 7.68 Japanese Yen 110.8 132.73 15.15 116.41 Euro 98 1.14 13 0086 Exchange Rate Table for Month 2 British Pound1 Chinese Yuan 1 Japanese Yen Y = US Dollar Euro $1 = = 1至= 1€ US Dollar 1.19 12 0152 1.11 British Pound 87 09 0070 92 Chinese Yuan 8.83 7.09 107.78 069 774 Japanese Yen 157.89 15.11 116.5 Euro 94 1.09 12 0082 Part A Directions: Use the two exchange rate tables to answer questions 1-3. 1 Based on the reading and the table above, is the exchange rate of dollars te euros fixed or flexible? Explain your answer 2. A currency appreciates (or gets stronger) if it buys more of a foreign currency than it did before. Did the dollar appreciate against the Chinese Yuan from moath 1 to monh 21 Explain using numbers from the chart above.

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The theory of absolute advantage was given by Adam Smith in the year 1776.