Asked by Jacob Willard on May 07, 2024
Verified
If the Canadian dollar is strengthening against the British pound, then:
A) The pound is appreciating against the dollar.
B) It takes more pounds to purchase one dollar.
C) It takes more dollars to purchase one pound.
D) The dollar is depreciating against the pound.
E) It must also take more dollars to purchase Euros.
Strengthening
Generally refers to the process of becoming stronger or more firm, often used in financial contexts to describe currencies or economies that are improving in value or performance.
British Pound
The official currency of the United Kingdom, also known as GBP, symbolized by £.
- Comprehend the fundamentals of international currency markets and their operations.
Verified Answer
SR
Shatina RuffinMay 09, 2024
Final Answer :
B
Explanation :
When the Canadian dollar strengthens against the British pound, it means that you need more pounds to buy the same amount of Canadian dollars, indicating that the value of the pound is decreasing in relation to the Canadian dollar.
Learning Objectives
- Comprehend the fundamentals of international currency markets and their operations.
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