6. Pricing foreign goods The nominal exchange rate is the price of one currency in terms of another currency. A nominal exchange rate specifles how many units of one country's currency are needed to buy one unit of another country's currency. Suppose the following table presents nominal exchange rate data for March 16, 2019, in terms of U.S. 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 (Dollars) 0.3666 0.6493 Foreign Currency Brazilian real (BRL) Canadian dollar (CAD) Euro (EUR) Japanese Yen (JPY Mexican peso (MXN) United Kingdom pound (GBP) 1.3280 0.009748 0.0839 1.8965 Suppose that on March 16, 2019, marble statue handmade in the United Kingdom is priced at GOP 530. The approximate U.S. dollar price of the Foreign Currency Brazilian real (BRL) Canadian dollar (CAD) Euro (EUR) Japanese Yen (JPY) Mexican peso (MXN) United Kingdom pound (GBP) Cost of One Unit of Foreign Currency (Dollars) 0.3666 0.8493 1.3288 0.009748 0.0009 1.8965 Suppose that on March 16, 2019, a martla statue handmade in the United Kingdom is priced at GBP 5:30. The approximate U.S. dollar price of the statue would be If the nominal exchange rate for the U.S. dollar-Mexican peso rises from 50.0899 to 0.10661 per Mexican peso, the Mexican peso value, or relative to the U.S. dollar Grade It Now Save & Continue