Question : The ____ exchange rate is the price of one unit of foreign currency in terms of domestic currency.
Option 1: artificial
Option 2: nominal
Option 3: fixed
Option 4: real
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Correct Answer: nominal
Solution : The correct option is nominal.
The amount of domestic currency needed to buy one unit of a specific foreign currency is known as the nominal exchange rate. It is the term used to describe a decrease in this variable. It enables us to express prices in a single currency, where NER is crucial for comparing goods and services produced in various nations.
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