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Consider the following statements: The amount of domestic currency required to buy one unit of foreign currency is known as ‘nominal exchange rate’. The ratio of foreign to domestic prices measured in the same currency is defined as ‘real exchange rate’. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements: The amount of domestic currency required to buy one unit of foreign currency is known as ‘nominal exchange rate’. The ratio of foreign to domestic prices measured in the same currency is defined as ‘real exchange rate’. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements: The amount of domestic currency required to buy one unit of foreign currency is known as ‘nominal exchange rate’. The ratio of foreign to domestic prices measured in the same currency is defined as ‘real exchange rate’. Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.

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