If the exchange rate for Mexican pesos has changed from 10 pesos to 9 pesos per dollar, _____.

Question

the value of the peso has not changed

the value of the peso has increased

the changed value of the peso cannot be determined

the value of the peso has decreased

Answer 1

If the exchange rate for Mexican pesos has changed from 10 pesos to 9 pesos per dollar, it means that it takes fewer pesos to buy one dollar. This indicates that the peso is now stronger compared to the dollar.

Therefore, the correct answer is:

the value of the peso has increased.