Question
I need to answer the question, so could you give me an example of the question? I want to compare with your idea to answer
I need to answer the question, so could you give me an example of the question? I want to compare with your idea to answer the question.
What is an example of a foreign currency in the world today, that can be exchanged for U.S. dollars? And describe at least one country where that currency is being used as money now.
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Your posting should describe a specific example (one local product price) of how the currency you've identified is being used today as money in the particular (foreign) country that you are describing.
The UK or British pound is the currency of the UK. It can easily be exchanged for US dollars. The UK pound is the currency of the United Kingdom and all its possessions and territories such as the British Virgin Islands, Guernsey, Pitcairn, St. Helena. The UK is the best example where the pound sterling is the only currency that is used as money. All products are priced in UK pounds. Foreigners wishing to buy British products in the UK will have to convert their money for UK pounds at the going exchange rate. Countries wishing to import from the UK will also have to do the same. For example, if the British price is 100, then people with the US currency as their money will have to acquire the pounds at the spot exchange rate. If the exchange rate is 1 = $1.32, then $132 will have to be converted into 100.
Also, if you compare the prices of several items in the US and UK, 1 liter (1 qt.) of whole fat milk 0.86, 2 letters of Coca-Cola 1.951 liter (1 qt.) of whole fat milk. If you convert this into dollars, milk is $1.13 and 2 letters of Coca-Cola are $2.57. However, actually, 1 liter (1 qt.) It is $0.88, 2 letters of Coca-Cola $1.98 in the US. It was $115 per pound on March 18, 2020. If the pound continues to rise, continuous price increases will reduce the value of money, decrease the purchasing power of the people, and may cause inflation.
Reference
https://www.expatistan.com/cost-of-living
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