All Else Being Equal, If the Rate of Growth in Productivity

Multiple Choice

All else being equal, if the rate of growth in productivity in Spain is lower than the rate of growth in productivity in Australia, the euro will:

A) decrease in value relative to the Australian dollar.
B) increase in value relative to the Australian dollar.
C) nominally appreciate against the Australian dollar, but its real value relative to the dollar will remain unchanged.
D) nominally depreciate against the Australian dollar, but its real value relative to the dollar will remain unchanged.