If the current exchange rate is 0.65 British pounds per dollar, what is the dollar price of one British pound? If the exchange rate changes to 0.70 British pounds per dollar, what is the new dollar value of one British pound?
What will be an ideal response?
At 0.65 pounds per dollar, 1 dollar / 0.65 pounds = $1.54 per pound.
At 0.70 pounds per dollar, 1 dollar / 0.70 pounds = $1.43 per pound.
Economics
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