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Article Summary in an Effort to Reform Its Economy,Cuba Is Likely to Likely

question 67

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Article Summary
In an effort to reform its economy,Cuba is likely to eliminate its dual currency system,perhaps as soon as the end of 2015.Presently,Cuba has two official currencies,the peso (CUP) and the convertible peso (CUC) .The CUP is the currency used by most businesses and citizens,and the CUC,which will probably be removed from circulation,was designed to be used primarily in the tourism industry and for foreign trade.The CUC is worth 25 times the CUP,with the CUP being pegged to the U.S.dollar on a one-for-one basis since 1959.Until recently,the two currencies were used in separate markets,but there have been signs of both currencies being used at the same locations.Economists have said that eliminating the dual currency system ignores the primary issue at hand,which is the need of a CUP devaluation.Economist Pavel Vidal has stated that "A real monetary reform implies a significant devaluation of the CUP exchange rate.This would change the financial situation of state companies - some of which would fold - improve competitiveness of the sectors operating within the global economy and promote more transparency in financial accounts."
-Refer to the Article Summary.The convertible peso (CUC) is worth 25 times the peso (CUP) ,yet Cuban officials have for years treated the two currencies as being of equal value.This indicates that the peso (CUP) is ________ compared to the convertible peso (CUC) ,and would need to be ________ for the two currencies to reach the market equilibrium exchange rate.

Definitions:

Lowest Score

The smallest or minimal value in a set of data or scores.

Scores

The numerical expressions of the results, achievements, or performance of individuals, often used in the context of exams, tests, or competitions.

Range

The difference between the highest and lowest values in a dataset, providing a measure of spread or dispersion.

Descriptive Data

Statistical calculations and summaries that describe the main features of a dataset, often through measures of central tendency and variability.