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Exam question help!!
I am currently taking mock economics exams but there is one question I don't know how to figure out!. 'Country x conducts 60% of its trade with country y and 40% of its trade with country z. The initial value of the trade weighted exchange rate index of country x is 100. What will be its new trade weighted exchange rate index value if its currency falls in value by 20% against the currency of y and rises by 10% against the currency of z? '... The booklet says the answer is 92 but I don't understand why? Can anybody shed some light on this for me please?
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While I may argue the economic properties, this appears to be more a standard word math question.
20 percent of 60 is 12 60 minus 12 is 48 So 48 new number for country Y 10 percent of 40 is 4 40 plus 4 is 44 So 44 new numbr for country Z 48 plus 44 is 92 That is the math behind this. |
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