Suppose That the Exchange Rate Between the British Pound and Gold

question 157

Multiple Choice

Suppose that the exchange rate between the British pound and gold was £20 per ounce of Jgold and the exchange rate between the U.S. dollar and gold was $80 per ounce of gold. What is the U.S. dollar exchange rate with respect to the British pound?

• A) $1 exchanges for £4.
• B) $1 exchanges for £0.4.
• C) $1 exchanges for £0.25.
• D) $1 exchanges for 0.25 ounces of gold in Britain.

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Definitions:

Ethnography

A qualitative research method used to study cultures and communities by observing and participating in the daily life of the subjects.

Quantitative Data

Data expressing a certain quantity, amount, or range, usually presented in numbers and statistics, and used for mathematical analysis and objective measurement.

Meanings

The significance or interpretation of a word, sign, symbol, or action to individuals or groups within a particular context.

Ethnography

A qualitative research method aimed at studying cultures and communities through close observation and participation.