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Which of the following would be evidence against the PPP theory of exchange rates? (a) Convergence of nominal exchange rates to their PPP values is

Which of the following would be evidence against the PPP theory of exchange rates? (a) Convergence of nominal exchange rates to their PPP values is gradual. (b) Nominal exchange rate changes reflect relative inflation rates. (c) Real exchange rates fluctuate over time. (d) Real exchange rates are constant.

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