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Suppose a price of a pair of shoes is $40 in the United States and 600 pesos in Mexico. What is the nominal exchange rate

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Suppose a price of a pair of shoes is $40 in the United States and 600 pesos in Mexico. What is the nominal exchange rate if purchasing-power parity holds? $1 exchanges for 40 pesos $1 exchanges for 60 pesos $1 exchanges for 15 pesos $1 exchanges for 25 pesos

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