NO.PZ2016010802000200
问题如下：
A decrease in the real exchange rate (quoted in terms of domestic currency per unit of foreign currency) is most likely to be associated with an increase in which of the following?
选项：
A.
Foreign price level.
B.
Domestic price level.
C.
Nominal exchange rate.
解释：
B is correct.
The real exchange rate (quoted in terms of domestic currency per unit of foreign currency) is given by:
Real exchange rate(d/f)=Sd/f * (Pf/Pd))
An increase in the domestic price level Pd decreases the real exchange rate because it implies an increase in the relative purchasing power of the domestic currency.
解析： Real exchange rate
Real exchange rate(d/f)=Sd/f * (Pf/Pd))
根据上述公式，较低的Nominal exchange rate，较高的domestic price level，以及较低的 foreign price level会产生较低的Real exchange rate
根据公式，FXreal＝FXnormal×CPI之商，real rate下降为什么normal会上升
