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Us and the uk produce only one good

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Question: The US and the UK produce only one good, i.e., wheat. Today, the price per bushel on wheat is $3.25 in the US and is £1.35 in the UK. If the US Congress imposes a tariff of $0.50 per bushel on wheat imported from the UK, what would be the fair value of the $/£ exchange rate (units of dollars per pound) according to the law of one price? Provide complete

Reference no: EM132432747

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