[填空题]

An exchange rate is the price of one country’s money in terms of some other country’s money. It is the relative price of one national currency expressed in terms of another national currency. Like the relative prices of goods, exchange rates can be expressed in one of two equivalent ways. For example, in June 1993, one U. S. dollar traded on the foreign exchange market for about six French francs. One U. S. dollar cost about six French francs to buy, or one U.S. dollar sold for about six French francs. This exchange rate is the relative price of the U.S. dollar in terms of French francs. Alternatively, it would be just as accurate to say that one French franc cost, or would buy, about 17 cents. This would be the relative price of the French franc in terms of the U. S. dollar.
1) An{{U}} (46) {{/U}}is the price of one country’s money in terms of some other country’s money.
2) It is the{{U}} (47) {{/U}}price of one national currency{{

An exchange rate is the price of one country’s money in terms of some other country’s money. It is the relative price of one national currency expressed in terms of another national currency. Like the relative prices of goods, exchange rates can be expressed in one of two equivalent ways. For example, in June 1993, one U. S. dollar traded on the foreign exchange market for about six French francs. One U. S. dollar cost about six French francs to buy, or one U.S. dollar sold for about six French francs. This exchange rate is the relative price of the U.S. dollar in terms of French francs. Alternatively, it would be just as accurate to say that one French franc cost, or would buy, about 17 cents. This would be the relative price of the French franc in terms of the U. S. dollar.
1) An (46) is the price of one country’s money in terms of some other country’s money.
2) It is the (47) price of one national currency (48) in te

Country Y uses its scarce foreign-exchange reserves to buy scrap iron for recycling into steel. Although the steel thus produced earns more foreign exchange than it costs, that policy is foolish. Country Y’s own territory has vast deposits of iron ore, which can be mined with minimal expenditure of foreign exchange.
Which of the following, if true, provides the strongest support for Country Y’s policy of buying scrap iron abroad（）

Mini-talk One