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1. A basket of goods costs $645 in the U.S. The exact same goods basket costs 538 in Europe. The exchange rate is .775/$ A.

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1. A basket of goods costs $645 in the U.S. The exact same goods basket costs 538 in Europe. The exchange rate is .775/$ A. What is the over/undervaluation of the USD? (percent) B. What is the over/undervaluation of the ? (percent) 2. Regarding Q1, how much cheaper/more expensive is the European basket than the U.S. basket? (in percentage terms)

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