Chapter 8 - The Open Economy: International Trade and Finance

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Macroeconomics

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International transactions
________ necessitate the existence of a market- the foreign exchange market- where currencies can be swapped for one another.
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power parities
Purchasing ________ are commonly calculated by estimating the cost of purchasing broad market baskets comprising a variety of products and services, such as autos and food, as well as housing and telephone calls.
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Exchange rates
________, or the prices at which currencies trade, are determined by this market.