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If the nominal exchange rate changes from 2 British Pounds per dollar to 3 British Pounds per dollar, _______. a. the dollar has depreciated b.

If the nominal exchange rate changes from 2 British Pounds per dollar to 3 British Pounds per dollar, _______. a. the dollar has depreciated b. the dollar has appreciated c. the dollar could have appreciated or depreciated depending on what happened to relative prices in Great Britain and the United States d. none of the answer choices are correct

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