3. Answer the following questions. 1. At the beginning, trading between two parties used the barter system. Unfortunately this type of trading system does not last until today. Provide an explanation, why barter system failed? [10 Marks] 2. Adopting an open economic policy will involve international trade that affect country's currency value. Explain how exchange rates are determined? [10 Marks] The following questions are based on the information provided in Table 2. Table 2 The Exchange Rates of MYR to Other Currencies 0.25 USD 0.30 SDR 1 MYR 0.20 EURO 3500 IDR 27 YEN Based on the information in Table 2, find the value of the following exchange rates. (Note: Provide your answer to the nearest three (3) decimal points] 3. MYR/USD [2 Marks] 4. MYR/YEN [2 Marks] 5. MYR/('000) IDR [2 Marks] 6. USD/YEN [2 Marks] 7. SDR/EURO [2 Marks]