1. If you can exchange one U.S. dollar for 100 Japanese yen, then 100 yen per dollar is the

a. direct spot rate

b. indirect quote

c. direct forward rate

d. direct quote

e. none of the above

2.The direct quotes for euros and British pounds are $.90 and $1.50, respectively. What is the cross-rate between euros and pounds expressed in units of pounds per euro.

a. 13.50 pounds

b. 0.60 pounds

c. 1.35 pounds

d. 1.66 pounds