Consider this statement: It takes more than 120 yen to buy 1 U.S. dollar and more than
Question:
It takes more than 120 yen to buy 1 U.S. dollar and more than 1.5 dollars to buy 1 British pound. These values show that the United States must be a much wealthier country than Japan and that the United Kingdom must be wealthier than the United States.
Do you agree with this reasoning? Briefly explain.
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You should disagree because the values of exchange rates are not connected to nat...View the full answer
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