11 . Pricing foreign goods The nominal exchange rate is the price of one currency in terms of another currency. A nominal exchange rate specifies how many units of one country's currency are needed to buy one unit of another country's currency. Suppose the following table forecasts nominal exchange rate data for February 1, 2019, in terms of Canadian dollars per unit of foreign currency. Use the information in the table to answer the questions that follow. Cost of One Unit of Foreign Currency Foreign Currency ( Dollars) United States dollar (USD) 1.31 euro (EUR) 1.50 Japanese yen (JPY) 0.012 Mexican peso (MXN) 0.068 United Kingdom pound (GBP) 1.72 Source: "Bank of Canada," https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/