Most modern economic analysis is normative in nature, but involves questions with positive aspects

Money is:

a. valuable because it is backed by gold. b. any items used in barter. c. an illiquid asset. d. none of these.

Everything else equal, if the Fed decided to fix the euro/dollar exchange rate, what would be the impact on the interest rate in the U.S. if the euro started to appreciate in value and why?

What will be an ideal response?