Suppose that on march 16, 2019, an ornamental bookcase handmade in mexico is priced at mxn 10,940. the approximate u.s. dollar price of the bookcase would be_____.

The exchange rate is the cost of one currency in comparison to another. When nations utilize gold or another established standard, and each currency is valued at a particular quantity of the metal or other standard, the exchange rate is said to be "fixed".

What factors determine exchange rates?

Exchange rates are typically governed in a floating regime by the forces of supply and demand for foreign currency. The US dollar, the euro of the euro region, the Japanese yen, and the British pound sterling have all employed floating exchange rates as their system of choice for many years.

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The correct question is:

The nominal exchange rate is the price of one currency in terms of another currency. A nominal exchange rate specifies how many units of one country's currency are needed to buy one unit of another country's currency.

Suppose the following table presents nominal exchange rate data for March 16, 2019, in terms of U.S. dollars per unit of foreign currency. Use the information in the table to answer the questions that follow.

Foreign Currency

Cost of One Unit of Foreign Currency (dollars)

Brazilian real (BRL) 0.5148

Canadian dollar (CAD) 0.9213

Euro (EUR) 1.3457

Japanese ye (JPY) 0.008226

Mexican peso (MXN) 0.0926

United Kingdom pound (GBP) 1.9695

Suppose that on March 16, 2019, an ornamental bookcase handmade in Mexico is priced at MXN 10,940. The approximate U.S. dollar price of the bookcase would be _______