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The Mexican/U.S. exchange rate was 3.1 pesos per dollar on December 31, 1992 and 3.1 pesos per dollar on December 31, 1993. Between those twodates, the U.S. CPI increased 2.5% and the Mexican CPI increased 7.5%. We would therefore say that during 1993, . (Include explanation please)
a.) the dollar appreciated in real terms and the nominal exchange rate did not change
b.) the dollar depreciated in real terms and the nominal exchange rate did not change
c.) the dollar appreciated in nominal terms and the real exchange rate did not change
d.) the dollar depreciated in nominal terms and the real exchange rate did not change
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