If 1 USDollar Exchanges for 7

question 100

Short Answer

If 1 U.S.dollar exchanges for 7.0 Chinese Yuan,how much would it cost in U.S.dollars and cents to purchase a Chinese toy priced at 140 Yuan?

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Definitions:

Quantity Of Resources

The total amount of various inputs, including labor, capital, and natural resources, available for use in the production of goods and services.

Opportunity Cost

The benefit that is missed out on when choosing one alternative over another.

Moving From Point

The action of changing positions or conditions, often used in the context of shifting from one economic state or decision point to another.

Economy's Resources

The total assets including labor, capital, land, and entrepreneurship available for the production of goods and services in an economy.