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Suppose that the exchange rate between the U.S. dollar and the Canadian dollar one year ago was $0.70 = 1 Canadian dollar. Today (so one

Suppose that the exchange rate between the U.S. dollar and the Canadian dollar one year ago was $0.70 = 1 Canadian dollar. Today (so one year later) the exchange rate is $0.73 = 1 Canadian dollar.

TRUE or FALSE: The U.S. dollar appreciated against the Canadian dollar between one year ago and today.

True

False

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