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Give explanation in simple words 1. Explain the following: a) Law of One Price- b) Purchasing Power Parity 0) Nominal Effective Exchange Rate d) Real

Give explanation in simple words

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1. Explain the following: a) Law of One Price- b) Purchasing Power Parity 0) Nominal Effective Exchange Rate d) Real Effective Exchange Rate . 2. Will the Law of One Price apply to Gold or to Big Macs? Why? k. 3. For your next foreign vacation, would it be to go to a country_ whose currency is overvalued relative to PPP or one whose currency IS undervalued relative to PPP

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