If in the long run, the U.S. dollar appreciates against the Japanese yen, then ________.

a). Japan has created money at a faster pace than has the United States, and the price level in Japan has risen

b). it must be the case that the real exchange rate has also appreciated

c). purchasing power parity does not exist between Japan and the United States

d). the United States has created money at a faster pace than has Japan, and the price level in the United States has risen more rapidly than Japan's price level