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Suppose that the nominal exchange rate is written as Philippine peso per dollar, and the USA is considered the home country. Suppose further that USA

Suppose that the nominal exchange rate is written as Philippine peso per dollar, and the USA is considered the home country. Suppose further that USA CPI level is higher than PHL CPI. The real exchange rate will be

Group of answer choices

cannot be determined

equal to the nominal exchange rate

lower than nominal exchange rates

higher than nominal exchange rates

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