Economics:
Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
Question
Book Icon
Chapter 6, Problem 1E
To determine

(a)

The price of 1 US dollar in terms of euro, given the exchange rate 1 euro = $1.41

Expert Solution
Check Mark

Answer to Problem 1E

$1 = 0.71 euro

Explanation of Solution

1 euro = $1.41

So, $1 = 11.41 Euro

$1 = 0.71 euro

Economics Concept Introduction

Exchange rate − The value of one currency in terms of another currency.

To determine

(b)

The price of 1 US dollar in terms of euro, given the exchange rate 1 Chines Yuan = $0.15

Expert Solution
Check Mark

Answer to Problem 1E

$1 = 6.67 Chinese Yuan

Explanation of Solution

1 Chines Yuan = $0.15

So, $1 = 10.15 Chinese Yuan

$1 = 6.67 Chinese Yuan

Economics Concept Introduction

Exchange rate − The value of one currency in terms of another currency.

To determine

(c)

The price of 1 US dollar in terms of euro, given the exchange rate 1 Israeli shekel = $0.28

Expert Solution
Check Mark

Answer to Problem 1E

$1 = 3.57 Israeli shekel

Explanation of Solution

1 Israeli shekel = $0.28

So, $1 = 10.28 Israeli shekel

$1 = 3.57 Israeli shekel

Economics Concept Introduction

Exchange rate − The value of one currency in terms of another currency.

To determine

(d)

The price of 1 US dollar in terms of euro, given the exchange rate 1 Kuwaiti dinar = $3.60

Expert Solution
Check Mark

Answer to Problem 1E

$1 = 0.28 Kuwaiti dinar

Explanation of Solution

1 Kuwaiti dinar = $3.60

$1 = 13.60 Kuwaiti dinar

$1 = 0.28 Kuwaiti dinar

Economics Concept Introduction

Exchange rate − The value of one currency in terms of another currency.

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