Homework Answers
3 years ago i.e. in 2016, money needed to buy 1 US dollar = 70 pence
In 2019, money needed to buy 1 US dollar = 77 pence
(a) If there is no change in the prices in the two countries during this three-year period, assuming that price indices in both countries are normalized to be equal to 1 in 2016, your friend's claim is right i.e. travelling in the US is more expensive in 2019 than it was in 2016.
If we divide the amount of money needed to buy 1 US dollar in 2019 by the amount of money needed to buy 1 US dollar in 2016, dividing we get, 77 pence / 70 pence which is 1.1 pence we get that the 2016 real exchange rate is worth 1.1 pence compared to the US Dollar in 2019. Since, the real exchange rate of the UK currency with the US Dollar was more in 2016 than in 2019, more UK currency is needed to get for example say $100 in 2019 than it was in 2016 and hence travelling in the US is more expensive in 2019.
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