Explain why the following statement is True, False, or Uncertain according to economic principles. Use diagrams...
Explain why the following statement is True, False, or Uncertain according to economic principles. Use diagrams where appropriate.
A4.7. If the $C exchange rate with the $US was 1 and the $C exchange rate with the Euro was 1.50, while the $US exchange rate with the Euro was 1.25, you could make a fortune trading these currencies.
Homework Answers
The given statement is True
Reason - If you buy one $C for 1 USD and trade it for 1.5 Euros and then the value of 1.5 Euros is 1.5/1.25 = 1.2 USD and therefore you initially started with 1 USD and by trading you have 1.2 UD which implies you can make a fortune trading these currencies.
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