If the exchange rate of Euros to American dollars was €1.00 = $1.00 yesterday and today is €1.00 = $1.05, then:
(a) The euro appreciated in value relative to the American dollar.
(b) The euro depreciated relative in value to the American dollar.
(c) All things being equal, imports from the Eurozone to America are more expensive today than they were yesterday.
(d) Both (a) & (c) are correct.
Answer: (d) Both (a) & (c) are correct
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