If wages in France are 12.00 per hour, note that represents Euros,

and the price of paper and shoes in France are

P paper = __3____________ P shoes = ___3_________

If wages in the U.S. are $24.00 per hour and the price of paper and shoes in the US are

P paper = ___$1__________ P shoes = ____$3_______

What would the exchange rate have to be for shoes to be the same price in both nations?

A) 1 = $2

B) 3 = $1

C)1 = $1