Suppose that on January 1 the exchange rate was 15 Mexican pesos per U.S. dollar. On December 31 of that year, a person needed 11 pesos to buy a dollar. Over the course of that year, did the dollar appreciate or depreciate against the peso? Did the change in the exchange rate make U.S. goods and services more or less attractive to Mexican consumers? Explain.

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The Answer of Suppose that on January 1 the exchange rate was 15 Mexican pesos per U.S. dollar. On December 31 of that year, a person needed 11 pesos to buy a dollar. Over the course of that year, did the dollar appreciate or depreciate against the peso? Did the change in the exchange rate make U.S. goods and services more or less attractive to Mexican consumers? Explain.

Suppose That on January 1 the Exchange Rate Was 15