The Following Table Provides Nominal Exchange Rates for the U

question 120

Multiple Choice

The following table provides nominal exchange rates for the U.S. dollar. Based on these data, the nominal exchange rate equals approximately ______ reals per Swiss franc or, equivalently, ______ Swiss francs per real.

• A) 1.053; 0.950
• B) 0.950; 1.053
• C) 0.282; 3.551
• D) 3.551; 0.282

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Definitions:

Variable Resource

Inputs or resources used in production that change in amount with the level of output, such as labor or raw materials.

Unskilled Labor

Labor that requires no specialized skills, education, or training.

Skilled Labor

Workers who possess specialized skills, training, or knowledge that are used in the production of goods or the provision of services.

Wage Rates

The amount of money paid to workers per unit of time, often an hour, reflecting compensation for labor.