Assume that a dollar exchange for 6 RMB. Suppose you are in China, and you see a laptop priced at 12,000 RMB. The dollar price for the Chinese laptop is approximately

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To translate the given price from RMB to USD, use the exchange rate: 1 USD = 6 RMB. 
Option by option analysis:

Option 1: 2,000
- This is the correct calculation: 12,000 RMB ÷ 6 RMB per USD = 2,000 USD. It directly uses the given exchange rate in a straightforward division.

Option 2: 600
- This would correspond to dividing by 20 instead of by 6, which is not the stated exchange rate. It reflects a misapplication of the rate or a mistaken divisor.

Option 3: 72,000
- This would result from multiplying the RMB price by 6 (12,000 × 6), which reverses the direction of the exchange and is not how you convert RMB to USD.

Option 4: 2,500
- This value suggests a divisor of 4.8 (12,000 ÷ 4.8 ≈ 2,500) or other inconsistent arithmetic, not aligned with the given 6 RMB per 1 USD rate.

Option 5: 72,500
- This is far from the correct scale and would imply multiplying by roughly 6 and adding a large amount, which contradicts simple currency conversion using the stated rate.

Summary: Only by dividing the RMB amount by the number of RMB per USD (6) do you obtain the correct USD price, 2,000. The other options arise from misapplying the rate, misplacing the operation (multiplication instead of division), or using inconsistent arithmetic.

AEM2300/ECON2300 Prelim 2 (April 18th, 7:30 PM - 9:30 PM)

Assume that a dollar exchange for 6 RMB. Suppose you are in China, and you see a laptop priced at 12,000 RMB. The dollar price for the Chinese laptop is approximately

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