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  3. An exchange rate is the price of one country’s money in terms of some other country’s money. It is the relative price of one nat

An exchange rate is the price of one country’s money in terms of some other country’s money. It is the relative price of one nat

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问题    An exchange rate is the price of one country’s money in terms of some other country’s money. It is the relative price of one national currency expressed in terms of another national currency. Like the relative prices of goods, exchange rates can be expressed in one of two equivalent ways. For example, in June 1993, one U. S. dollar traded on the foreign exchange market for about six French francs. One U. S. dollar cost about six French francs to buy, or one U.S. dollar sold for about six French francs. This exchange rate is the relative price of the U.S. dollar in terms of French francs. Alternatively, it would be just as accurate to say that one French franc cost, or would buy, about 17 cents. This would be the relative price of the French franc in terms of the U. S. dollar.
   1) An  (46)  is the price of one country’s money in terms of some other country’s money.
   2) It is the  (47)  price of one national currency  (48)  in terms of another national currency.
   3) In June 1993, one U.S. dollar cost about  (49)  French francs to buy.
   4) In June 1993, one French franc would buy about  (50)  cents.
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答案expressed
解析 由第二句“It is the relative price of one national currency expressed in terms of another national currency.”可以得到答案。
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