Generally, exchange rates are quoted as a single price of a unit of foreign currency rather than a ratio because:
a. the ratio of the units of home currency to units of foreign currency is always equal to one.
b. the denominator is always equal to one.
c. the price is fixed by the government.
d. the rate is adjustable in increments of 25 basis points.
Ans: b. the denominator is always equal to one.
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