If one United States dollar could be exchanged for one Australian dollar in 1970, and one United States dollar can now be exchanged for 1.27 Australian dollars, which of the following is true?
A) The United States dollar lost value against the Australian dollar.
B) The Australian dollar gained value against the United States dollar.
C) The Australian dollar lost value against the United States dollar.
D) The United States dollar lost value against the Australian dollar; and the Australian dollar gained value against the United States dollar.
Correct Answer:
Verified
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