Normally, exchange rates are expressed as:
a. the number of units of the currency per one ounce of gold.
b. the GDP of one nation as a percentage of the GDP of the other.
c. the price of one unit of foreign currency expressed in terms of the domestic currency.
d. ratios of the value of one nation's wealth compared to the other.
Ans: c. the price of one unit of foreign currency expressed in terms of the domestic currency.
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