Use the Following to Answer Questions: Table: Exchange Rates -(Table: Exchange Rates) Using the Hypothetical Exchange Rate Information in

question 280

Multiple Choice

Use the following to answer questions: Table: Exchange Rates $$\begin{array} { l l l } \hline \text { Year } & \text { Exchange Rates } & \\\hline 2000 & \text { 1 U.S. } \$ = 0.5 \text { British } £ & 0.4 \text { European } € = 100 \\& \text { Japanese ₹ } & \\2004 & \text { 1 U.S. } \$ = 1.0 \text { British } £ & 0.8 \text { European } € = 200 \\& \text { Japanese ₹ }\\\hline\end{array}$$
-(Table: Exchange Rates) Using the hypothetical exchange rate information in the table, which of the following statements is correct?

• A) In 2004, the Japanese yen had become stronger relative to European euros.
• B) In 2004, the American dollar had become weaker relative to British pounds.
• C) In 2004, the price of one Japanese yen had doubled relative to European euros.
• D) In 2004, the price of one Japanese yen had not changed relative to European euros.

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Definitions:

Bill of Rights

A collective name for the first ten amendments to the United States Constitution, guaranteeing such rights as the freedoms of speech, assembly, and worship.

Inelastic Demand

A situation in which the demand for a product does not significantly change in response to a change in price.

Necessity

An essential requirement or need for survival or to maintain a certain standard of living.

Luxury

Goods or services that are considered non-essential but desired for their quality, status, or comfort they provide.