Multiple Choice
The price of gold is 300 U.S.dollars per ounce in New York and 435 Canadian dollars per ounce in Toronto, Canada.If the law of one price holds for gold, the nominal exchange rate is ______ Canadian dollars per U.S.dollar.
A) 0.333
B) 0.690
C) 1
D) 1.45
Correct Answer:
Verified
Correct Answer:
Verified
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