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Answer :
Final answer:
To calculate the nominal exchange rate, use the formula: Nominal Exchange Rate = (Japanese Price Level x Japanese Real GDP per unit of Canadian Real GDP) / Canadian Price Level.
Explanation:
To calculate the nominal exchange rate, we can use the formula: Nominal Exchange Rate = (Japanese Price Level x Japanese Real GDP per unit of Canadian Real GDP) / Canadian Price Level. Plugging in the given values, we have: Nominal Exchange Rate = (97.4 x 104) / 110. Calculating this, we find that the nominal exchange rate is approximately ______ yen per dollar.
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