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Question
Statistics
Posted 6 months ago

The graph of the foreign exchange market for the Nickelstan Nickel (NN) shown here is missing a label on the vertical axis.

If the United States is a trading partner with Nickelstan, which of the following is the correct choice of a label for the vertical axis in this market?

Choose 1 answer:
(A) $perNN\$ \operatorname{per} N N
(B) Price
(C) NNN N per $\$
(D) NNN N
(E) int. rate
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Answer from Sia
Posted 6 months ago
Solution by Steps
step 1
To determine the correct label for the vertical y-axis in a foreign exchange market graph, we need to understand what the y-axis represents. In the context of foreign exchange, the y-axis typically represents the price of one currency in terms of another
step 2
Given that the United States is a trading partner with Nickelstan, the price on the y-axis would be in terms of U.S. dollars. Therefore, the label should reflect the price of Nickelstan Nickel (NN) in dollars
step 3
The correct label for the y-axis that represents the price of NN in terms of dollars is "$ per NN". This is because it shows how many U.S. dollars are needed to purchase one unit of NN
1 Answer
A
Key Concept
Foreign exchange market y-axis label
Explanation
In a foreign exchange market graph, the y-axis represents the price of one currency in terms of another, which in this case is the U.S. dollar per unit of Nickelstan Nickel (NN).$

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