A good's relative price indicates its:
A) value only in its own nation.
B) value compared with the same good sold in another nation, expressed in a common currency.
C) exchange value only.
D) net value after taxes and depreciation.

Question

Quizplus · Accepted Answer

A good's relative price is its value compared with the same good sold in another nation, expressed in a common currency. It is determined by the supply and demand from both domestic and foreign consumers, which affects the exchange rate between currencies and the competitiveness of domestic producers.

A Good's Relative Price Indicates Its