The Figure Given Below Depicts the Foreign Exchange Market for British

question 3

Multiple Choice

The figure given below depicts the foreign exchange market for British pounds traded for U.S. dollars.Figure 22.2

-If a bushel of corn sells for $2 in the United States and for 4,000 COP (Colombian peso) in Colombia, and if 1 dollar is worth 2,200 COP, then:

• A)the corn is 400 COP more expensive in Colombia.
• B)the corn is 400 COP cheaper in Colombia.
• C)the price of a bushel of corn equals $2 in both the United States and Colombia.
• D)the price of corn is 4,000 COP lower in Colombia than in the United States.
• E)the price of corn is $0.20 lower in the United States than in Colombia.

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