In January, the exchange rate between the South Korean won and the US dollar was KWN 1,100
Question:
In January, the exchange rate between the South Korean won and the US dollar was KWN 1,100 = USD 1. Three months later, the exchange rate was KWN 1,200 = USD 1. This means that ________.
a. The Korean won appreciated relative to the US dollar
b. The Korean won depreciated relative to the US dollar
c. The US dollar depreciated relative to the Korean won
d. Both the Korean won and the US dollar appreciated
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The answer is b The Korean won depreciated relative to the US dollar When the exchange rate is KWN 1...View the full answer
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