Question: 3) If the nominal exchange rate between the US dollar and the Canadian dollar is C $ 0.89 to the …

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3) If the nominal exchange rate between the US dollar and the Canadian dollar is C $ 0.89 to the US dollar, how many dollars is required to buy a $ 2.5 CAD product?

Describe and explain the tools used by the central bank to reduce money supply.

Expert Answer

The correct answer is: 2.5 / 0.89 = 2.8089887 = 2.8

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