Multiple Choice
Suppose the real exchange rate is 3/5 pounds of Chilean beef per pound of Canadian beef, a pound of Canadian beef costs $3, and the nominal exchange rate is 400 Chilean pesos per dollar. What does Chilean beef cost?
A) 960 pesos per pound
B) 1200 pesos per pound
C) 1500 pesos per pound
D) 2000 pesos per pound
Correct Answer:
Verified
Correct Answer:
Verified
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