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The exchange rate is the opportunity cost at which goods are produced domestically. balance-of-trade ratio of one country to another. price of one country's currency expressed in terms of another country's currency. amount of currency that can be purchased with one ounce of gold.

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Price of one country's currency expressed in terms of another country's currency.

Exchange rates can be either fixed or floating and are used to describe how much one type of money is worth in another country.

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