In Conversation, Interbank Foreign Exchange Traders Use a Shorthand Abbreviation

question 32

Multiple Choice

In conversation, interbank foreign exchange traders use a shorthand abbreviation in expressing spot currency quotations. Consider a $/£ bid-ask quote of $1.9072-$1.9077. The "big figure", assumed to be known to all traders is _____.

• A)1.9077
• B)1
• C)1.90
• D)77

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Definitions:

Golden Rule

An ethical guideline suggesting that one should treat others as one would like others to treat oneself.

Kant

A philosopher known for his work in ethics, epistemology, and other fields of philosophy; not directly related to a legal or technical term.

Intuitionism

A philosophical theory emphasizing that moral truths are known through intuition, denying that moral properties are reducible to natural properties.

Rational Persons

Individuals who use reason and logic to make decisions, typically in economic theory, assuming that people aim to maximize their self-interest.