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If real exchange rate, R(t), is less than 1, it implies? Competitiveness of US multinationals in foreign markets improves or Competitiveness of US multinationals in

If real exchange rate, R(t), is less than 1, it implies?

Competitiveness of US multinationals in foreign markets improves or

Competitiveness of US multinationals in foreign markets declines or

Relative purchasing power of US consumers for foreign-goods improves

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