The major difference between absolute purchasing power parity (APPP) and the law of one price (LOOP) is:
a. APPP deals with the equilibrium exchange rate for one good, and LOOP deals with the equilibrium exchange rate for a basket of goods.
b. APPP deals with changes in nominal exchange rates for a basket of goods, and LOOP deals with levels of exchange rates for a particular good.
c. APPP deals with changes in nominal exchange rates for a basket of goods, and LOOP deals with changes of exchange rates for a particular good.
d. APPP deals the equilibrium exchange rate for a basket of goods, and LOOP deals with the equilibrium exchange rate for one particular good.
e. None of the above.
Question 2
The value of a nation's currency is a good reflection of:
a. The nation's wealth.
b. The nation's international competitiveness.
c. The nation's income.
d. None of the above.
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