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Kipish [7]
3 years ago
6

Consider this​ statement: ​"It usually takes more than 120 yen to buy 1 U.S. dollar and more than 1.5 dollars to buy 1 British p

ound. These values show that the United States must be a much wealthier country than Japan and that the United Kingdom must be wealthier than the United​ States." Is this reasoning​ correct?
Business
1 answer:
kolezko [41]3 years ago
3 0

Answer:

The statements here are not correct.

Explanation:

The statements here are not correct. Let take an example of Mc Donald's Big Mac Burger. Let say you need to pay 1 USD to buy 1 Big Mac in USA. For the same Big Mac in Japan, you need to pay 130 JPY for it. So, the exchange rate is now USD/JPY = 130 (in fact exchange rate in purchasing power parity is based on a pool of goods rather than single one).

The exchange rate only reflect to conversion rate between two currencies so that the amounts in both countries can buy identical products.

Weath of countries, in fact, is measured using GPD per capita or national disposible income.

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Answer:

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Explanation:

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Capital refers to the amount of investment an entrepreneur makes in a project. Capital invested determines the resources available.

Labor refers to men employed to produce output. Labor cost refers to the wages paid.

Management refers to carrying out operations effectively so that all factors of production work in synchronization and to ensure that everything is in order.

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