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borrowing.","correct":false,"explanation":"This confuses exchange rates with interest rates on loans. An exchange rate measures the price of one currency in terms of another currency."},{"text":"The total value of goods traded between countries.","correct":false,"explanation":"This describes the value of international trade, not an exchange rate. An exchange rate measures the price of one currency in terms of another."},{"text":"The rate of inflation in one country against another.","correct":false,"explanation":"Inflation compares changes in price levels, whereas an exchange rate measures the price of one currency in terms of another currency."}]},{"id":"3e6bd84c-42a8-4448-809b-ff70eed9e739","cardType":"basic","points":2,"front":"Why can exchange-rate movements affect a UK business without it choosing to change anything?","back":"A UK business trading abroad faces changing overseas prices and supply costs.","mcqOptions":[{"text":"A UK business trading abroad faces changing overseas prices and supply costs.","correct":true,"explanation":"Exchange-rate movements automatically alter the pound value of foreign sales and purchases, changing overseas prices or supply costs even when the business takes no action."},{"text":"A UK business trading abroad faces changing employee contracts and working hours.","correct":false,"explanation":"Exchange rates do not directly alter employment contracts or working hours. They affect the overseas prices and supply costs faced by a business trading internationally."},{"text":"A UK business trading abroad faces changing corporation tax rates and legal structures.","correct":false,"explanation":"Corporation tax and legal structure are determined separately from currency movements. Exchange rates affect the overseas prices and supply costs of international trade."},{"text":"A UK business trading abroad faces changing domestic demand and production methods.","correct":false,"explanation":"Domestic demand and production methods are not automatically changed by currency conversion. Exchange-rate movements directly alter overseas prices and foreign supply costs."}]},{"id":"e687f4f4-01d3-4528-ae2b-b17fa281c6ac","cardType":"basic","points":1,"front":"What are the two types of business affected by exchange-rate movements?","back":"Exporters sell abroad; importers buy from abroad.","mcqOptions":[{"text":"Exporters sell abroad; importers buy from abroad.","correct":true,"explanation":"Exporters supply goods or services to overseas customers, while importers purchase goods, services or materials from suppliers located abroad."},{"text":"Importers sell abroad; exporters buy from abroad.","correct":false,"explanation":"This reverses the two definitions. Exporters sell goods or services abroad, while importers buy goods, services or materials from abroad."},{"text":"Wholesalers sell abroad; retailers buy from abroad.","correct":false,"explanation":"Wholesaler and retailer describe positions in a distribution chain, not directions of international trade. Exporters sell abroad, while importers buy from abroad."},{"text":"Producers sell abroad; consumers buy from abroad.","correct":false,"explanation":"Producers and consumers are not necessarily involved in international trade. The relevant types are exporters, which sell abroad, and importers, which buy from abroad."}]},{"id":"ad82c2e0-dc03-4b0d-8485-8ecb5c24db8d","cardType":"basic","points":1,"front":"What does a stronger pound mean?","back":"A stronger pound makes each pound buy more foreign currency.","mcqOptions":[{"text":"A stronger pound makes each pound buy more foreign currency.","correct":true,"explanation":"When sterling strengthens, its value rises relative to other currencies, so each pound can be exchanged for a larger amount of foreign currency."},{"text":"A stronger pound makes each pound buy less foreign currency.","correct":false,"explanation":"This describes a weaker pound. When sterling strengthens, each pound has greater purchasing power and buys more foreign currency."},{"text":"A stronger pound makes each pound buy more British currency.","correct":false,"explanation":"An exchange rate compares different currencies, so exchanging pounds for more pounds is not the relevant effect. A stronger pound buys more foreign currency."},{"text":"A stronger pound makes each pound buy the same foreign currency.","correct":false,"explanation":"This assumes the exchange rate has not moved. A stronger pound has risen in relative value, so each pound buys more foreign currency."}]},{"id":"7dea26e4-f313-4da8-b40b-990e44c8b3ec","cardType":"basic","points":1,"front":"What does a weaker pound mean?","back":"A weaker pound makes each pound buy less foreign currency.","mcqOptions":[{"text":"A weaker pound makes each pound buy less foreign currency.","correct":true,"explanation":"When sterling weakens, its value falls relative to other currencies, so each pound can be exchanged for a smaller amount of foreign currency."},{"text":"A weaker pound makes each pound buy more foreign currency.","correct":false,"explanation":"This describes a stronger pound. When sterling weakens, each pound loses purchasing power and buys less foreign currency."},{"text":"A weaker pound makes each pound buy less British currency.","correct":false,"explanation":"The effect concerns conversion into other currencies, not pounds buying pounds. A weaker pound buys less foreign currency."},{"text":"A weaker pound makes each pound buy the same foreign currency.","correct":false,"explanation":"This assumes there has been no exchange-rate change. A weaker pound has fallen in relative value, so it buys less foreign currency."}]},{"id":"92cc723a-65c2-46b0-99c1-97106a76d32d","cardType":"basic","points":1,"front":"What happens to UK export prices abroad when the pound weakens?","back":"UK exports become cheaper for overseas customers.","mcqOptions":[{"text":"UK exports become cheaper for overseas customers.","correct":true,"explanation":"A weaker pound allows overseas customers to exchange their currency for more pounds, reducing the foreign-currency price of UK exports."},{"text":"UK exports become dearer for overseas customers.","correct":false,"explanation":"This is the usual effect of a stronger pound. When the pound weakens, overseas currency buys more pounds, making UK exports cheaper for foreign customers."},{"text":"UK exports become cheaper for domestic customers.","correct":false,"explanation":"The direct currency benefit applies to customers converting foreign currency to buy UK exports. A weaker pound makes exports cheaper for overseas customers."},{"text":"UK exports become unavailable to overseas customers.","correct":false,"explanation":"A currency depreciation changes relative prices rather than preventing trade. A weaker pound normally makes UK exports cheaper for overseas customers."}]},{"id":"3e521ebc-bffc-4d97-90e1-8a9bf728a544","cardType":"basic","points":2,"front":"How can a weaker pound affect a UK exporter's sales and operations?","back":"Export sales tend to rise, increasing revenue and profit; the business may need higher output.","mcqOptions":[{"text":"Export sales tend to rise, increasing revenue and profit; the business may need higher output.","correct":true,"explanation":"A weaker pound makes UK exports cheaper to foreign buyers, tending to increase demand, sales and revenue and potentially requiring the exporter to raise production."},{"text":"Export sales tend to fall, reducing revenue and profit; the business may need lower output.","correct":false,"explanation":"This applies more naturally when sterling strengthens and exports become dearer. A weaker pound makes exports cheaper abroad, so sales tend to rise and may require higher output."},{"text":"Import sales tend to rise, increasing revenue and profit; the business may need higher output.","correct":false,"explanation":"This substitutes imports for the exporter’s own overseas sales. A weaker pound makes the firm’s exports cheaper abroad, so export sales and required output may rise."},{"text":"Export costs tend to disappear, increasing revenue and profit; the business may need higher output.","correct":false,"explanation":"A weaker pound does not eliminate production or distribution costs. Its main benefit is cheaper foreign-currency prices, which tend to raise export sales and output."}]},{"id":"eed9a14e-88b2-4337-a76f-9a54eaa07795","cardType":"basic","points":2,"front":"How could an exporter benefit from a weaker pound without increasing export sales?","back":"The exporter can keep the overseas price unchanged and receive more pounds per sale, increasing profit per unit.","mcqOptions":[{"text":"The exporter can keep the overseas price unchanged and receive more pounds per sale, increasing profit per unit.","correct":true,"explanation":"With an unchanged foreign-currency price, the overseas payment converts into more sterling after the pound weakens, raising revenue and potential profit on each unit."},{"text":"The exporter can keep the overseas price unchanged and receive fewer pounds per sale, increasing profit per unit.","correct":false,"explanation":"This reverses the currency conversion and is also inconsistent with higher unit profit. A weaker pound converts an unchanged overseas price into more pounds per sale."},{"text":"The exporter can keep the overseas price unchanged and receive more units per sale, increasing profit per unit.","correct":false,"explanation":"Currency movements alter the sterling value received, not the number of units in each sale. The exporter receives more pounds per sale after sterling weakens."},{"text":"The exporter can keep the overseas price unchanged and receive the same pounds per sale, increasing profit per unit.","correct":false,"explanation":"This overlooks the changed conversion rate. If the foreign price remains fixed while sterling weakens, the payment converts into more pounds per sale."}]},{"id":"f4437f37-a79b-4c97-8910-8c2c70aaddfe","cardType":"basic","points":2,"front":"Why does a weaker pound make imports dearer to a UK business?","back":"Imported stock or raw materials cost more pounds for the same quantity.","mcqOptions":[{"text":"Imported stock or raw materials cost more pounds for the same quantity.","correct":true,"explanation":"A weaker pound buys less foreign currency, so the UK business must spend more pounds to pay an unchanged foreign price for the same imports."},{"text":"Imported stock or raw materials cost fewer pounds for the same quantity.","correct":false,"explanation":"This is the effect of a stronger pound. A weaker pound buys less foreign currency, requiring more pounds to purchase the same quantity of imports."},{"text":"Imported stock or raw materials cost more pounds for a larger quantity.","correct":false,"explanation":"Paying more for additional goods does not show that imports have become dearer. A weaker pound means the same quantity costs more pounds."},{"text":"Imported stock or raw materials cost the same pounds for the same quantity.","correct":false,"explanation":"This ignores the changed exchange rate. When the pound weakens, an unchanged foreign-currency price requires more pounds for the same quantity."}]},{"id":"bd4e466e-a1af-4de2-aec9-1710389df6c0","cardType":"basic","points":2,"front":"How can a weaker pound affect a UK importer’s profit?","back":"Costs rise, so profit falls unless the business raises prices; higher prices may lose customers to rivals.","mcqOptions":[{"text":"Costs rise, so profit falls unless the business raises prices; higher prices may lose customers to rivals.","correct":true,"explanation":"A weaker pound raises the sterling cost of imports. If that cost is not fully passed on, profit falls; passing it on risks reducing demand."},{"text":"Costs rise, so profit rises unless the business raises prices; higher prices may lose customers to rivals.","correct":false,"explanation":"This reverses the effect of higher costs on profit. With revenue unchanged, dearer imports reduce profit unless the business raises its selling prices."},{"text":"Costs fall, so profit rises unless the business raises prices; higher prices may lose customers to rivals.","correct":false,"explanation":"This describes the likely benefit of a stronger pound, not a weaker one. A weaker pound makes imports costlier, so costs rise and profit falls."},{"text":"Costs rise, so sales increase unless the business raises prices; higher prices may lose customers to rivals.","correct":false,"explanation":"Higher import costs do not directly increase sales. They reduce profit unless prices rise, while raising prices may instead cause customers to choose rivals."}]},{"id":"c8e56cbe-7b39-4574-a340-6cb4a30ad4ef","cardType":"basic","points":2,"front":"Why can a stronger pound reduce a UK exporter's competitiveness?","back":"UK exports become dearer abroad, so overseas customers may see them as expensive against local rivals.","mcqOptions":[{"text":"UK exports become dearer abroad, so overseas customers may see them as expensive against local rivals.","correct":true,"explanation":"A stronger pound raises the foreign-currency price of UK goods, making them appear expensive compared with locally produced alternatives and weakening their competitiveness."},{"text":"UK exports become cheaper abroad, so overseas customers may see them as better value than local rivals.","correct":false,"explanation":"This is associated with a weaker pound. A stronger pound makes UK exports dearer in foreign currency, so they may appear expensive against local rivals."},{"text":"UK exports become dearer abroad, so overseas customers may see them as cheaper than local rivals.","correct":false,"explanation":"This conclusion contradicts the higher overseas price. A stronger pound can make UK exports look expensive against local rivals, reducing competitiveness."},{"text":"UK exports become cheaper abroad, so overseas customers may see them as expensive against local rivals.","correct":false,"explanation":"This combines the wrong price movement with an inconsistent comparison. A stronger pound makes UK exports dearer abroad and therefore expensive against local rivals."}]},{"id":"d0d2df16-f425-4321-bff7-eb1d64a36f8e","cardType":"basic","points":1,"front":"What usually happens to export sales when the pound strengthens?","back":"Export sales tend to fall.","mcqOptions":[{"text":"Export sales tend to fall.","correct":true,"explanation":"A stronger pound generally makes UK exports more expensive in foreign currencies, reducing overseas demand and causing export sales to fall."},{"text":"Export sales tend to rise.","correct":false,"explanation":"This is the likely response to a weaker pound making exports cheaper. A stronger pound makes exports dearer abroad, so sales tend to fall."},{"text":"Export sales tend to double.","correct":false,"explanation":"There is no reason for strengthening sterling to double sales. Higher foreign-currency prices usually reduce overseas demand, so export sales tend to fall."},{"text":"Export sales tend to stabilise.","correct":false,"explanation":"This overlooks the usual demand response to higher overseas prices. A stronger pound makes UK exports dearer, so export sales tend to fall."}]},{"id":"0714dc39-b067-4aec-84fb-fd3183ee616b","cardType":"basic","points":2,"front":"How might an exporter respond to a stronger pound?","back":"It can cut its overseas price to retain customers, but receives fewer pounds per sale and has a squeezed profit margin.","mcqOptions":[{"text":"It can cut its overseas price to retain customers, but receives fewer pounds per sale and has a squeezed profit margin.","correct":true,"explanation":"Reducing the overseas price can offset the stronger pound for customers, but lowers the sterling revenue earned on each sale and therefore squeezes the profit margin."},{"text":"It can cut its overseas price to retain customers, but receives more pounds per sale and has a squeezed profit margin.","correct":false,"explanation":"Cutting the overseas price does not produce more sterling revenue per unit, and that claim conflicts with a squeezed margin. The exporter receives fewer pounds per sale."},{"text":"It can raise its overseas price to retain customers, but receives fewer pounds per sale and has a squeezed profit margin.","correct":false,"explanation":"Raising an already dearer overseas price is unlikely to retain price-sensitive customers. The exporter can instead cut the price, accepting fewer pounds per sale."},{"text":"It can cut its overseas price to retain customers, but receives fewer goods per sale and has a squeezed profit margin.","correct":false,"explanation":"An exporter receives payment rather than goods from each sale. Cutting the overseas price means receiving fewer pounds per sale, which squeezes the margin."}]},{"id":"ecec90e0-d3bd-4fc7-8a6c-b37af9e4b58f","cardType":"basic","points":2,"front":"How can a stronger pound benefit a UK importer?","back":"Imported stock costs less, so costs fall and profit rises if selling prices stay unchanged.","mcqOptions":[{"text":"Imported stock costs less, so costs fall and profit rises if selling prices stay unchanged.","correct":true,"explanation":"A stronger pound buys more foreign currency, reducing the sterling cost of imports. With unchanged selling prices, the cost saving increases profit."},{"text":"Imported stock costs more, so costs rise and profit falls if selling prices stay unchanged.","correct":false,"explanation":"This is the likely effect of a weaker pound. A stronger pound reduces the sterling cost of imported stock, so costs fall and profit rises."},{"text":"Imported stock costs less, so costs fall and profit falls if selling prices stay unchanged.","correct":false,"explanation":"This reverses the effect of a cost reduction on profit. With revenue and selling prices unchanged, lower import costs cause profit to rise."},{"text":"Imported stock costs more, so costs fall and profit rises if selling prices stay unchanged.","correct":false,"explanation":"This is internally inconsistent because dearer stock would raise, not lower, costs. A stronger pound makes imports cheaper, allowing costs to fall and profit to rise."}]},{"id":"7d765873-04d8-4638-b9cf-e31bb7c46bc9","cardType":"basic","points":2,"front":"How might an importer use the benefit of a stronger pound to increase sales?","back":"It can pass the saving on through a lower selling price to try to win sales from competitors.","mcqOptions":[{"text":"It can pass the saving on through a lower selling price to try to win sales from competitors.","correct":true,"explanation":"Cheaper imports reduce the business’s costs, allowing it to lower its selling price and attract price-sensitive customers from competing businesses."},{"text":"It can pass the saving on through a higher selling price to try to win sales from competitors.","correct":false,"explanation":"A higher price does not pass the cost saving to customers and is unlikely to win price-sensitive sales. The importer can charge a lower selling price."},{"text":"It can pass the saving on through a lower purchase quantity to try to win sales from competitors.","correct":false,"explanation":"Reducing the quantity purchased does not pass a saving to customers. The importer can use lower costs to offer a lower selling price."},{"text":"It can pass the saving on through a higher production cost to try to win sales from competitors.","correct":false,"explanation":"Higher production costs are not a customer benefit and would not pass on the saving. A lower selling price can make the importer more competitive."}]},{"id":"ae4c78b1-7ecf-40ea-acb7-29b12df72d72","cardType":"basic","points":2,"front":"Why can a weaker pound benefit JCB?","back":"JCB is an exporter, so a weaker pound makes its diggers cheaper for overseas buyers and export orders tend to grow.","mcqOptions":[{"text":"JCB is an exporter, so a weaker pound makes its diggers cheaper for overseas buyers and export orders tend to grow.","correct":true,"explanation":"JCB sells diggers abroad, and a weaker pound reduces their price in foreign currencies. This improves price competitiveness and tends to increase export orders."},{"text":"JCB is an exporter, so a weaker pound makes its diggers dearer for overseas buyers and export orders tend to grow.","correct":false,"explanation":"A weaker pound makes UK exports cheaper, not dearer, in foreign currencies. JCB’s improved overseas price competitiveness means export orders tend to grow."},{"text":"JCB is an importer, so a weaker pound makes its diggers cheaper for overseas buyers and export orders tend to grow.","correct":false,"explanation":"This misclassifies JCB’s relevant role: selling diggers overseas makes it an exporter. A weaker pound makes those exports cheaper for foreign buyers."},{"text":"JCB is an exporter, so a weaker pound makes its diggers cheaper for UK buyers and domestic orders tend to grow.","correct":false,"explanation":"The direct exchange-rate advantage applies to overseas buyers paying in foreign currency, not UK buyers. JCB’s diggers become cheaper abroad, encouraging export orders."}]},{"id":"38c9f4b9-a20a-4f5f-9d6c-582bb1a4e793","cardType":"basic","points":2,"front":"Why can a weaker pound harm Currys?","back":"Currys imports electrical stock from Asia, so a weaker pound raises its stock costs.","mcqOptions":[{"text":"Currys imports electrical stock from Asia, so a weaker pound raises its stock costs.","correct":true,"explanation":"A weaker pound buys less foreign currency, so Currys must spend more pounds to purchase the same electrical stock from suppliers in Asia."},{"text":"Currys imports electrical stock from Asia, so a weaker pound reduces its stock costs.","correct":false,"explanation":"This reverses the exchange-rate effect. A weaker pound buys less foreign currency, so Currys pays more, not less, for electrical stock imported from Asia."},{"text":"Currys imports electrical stock from Asia, so a weaker pound raises its UK selling prices automatically.","correct":false,"explanation":"Higher import costs may encourage a price rise, but selling prices do not increase automatically. The direct effect is that a weaker pound raises Currys’ stock costs."},{"text":"Currys imports electrical stock from Asia, so a weaker pound reduces demand for electrical products.","correct":false,"explanation":"This confuses an indirect demand effect with the immediate cost effect. A weaker pound directly makes Currys’ imported electrical stock more expensive to buy."}]},{"id":"8959468e-979e-4be4-bae2-d55d6fff5aca","cardType":"basic","points":2,"front":"What happens to a UK business that both imports materials and exports finished products when the pound weakens?","back":"A business importing materials and exporting finished products experiences higher export sales and higher input costs.","mcqOptions":[{"text":"A business importing materials and exporting finished products experiences higher export sales and higher input costs.","correct":true,"explanation":"A weaker pound makes UK exports cheaper to overseas buyers, supporting export sales, while imported materials require more pounds to purchase, increasing input costs."},{"text":"A business importing materials and exporting finished products experiences lower export sales and lower input costs.","correct":false,"explanation":"This describes the likely effects of a stronger pound. A weaker pound makes exports cheaper abroad but imported materials dearer, causing higher export sales and higher input costs."},{"text":"A business importing materials and exporting finished products experiences higher export sales and lower input costs.","correct":false,"explanation":"The export effect is correct, but the import effect is reversed. A weaker pound makes exports cheaper abroad while raising the pound cost of imported inputs."},{"text":"A business importing materials and exporting finished products experiences lower export sales and higher input costs.","correct":false,"explanation":"Higher input costs are likely, but exports become cheaper rather than dearer to overseas customers. The business therefore tends to experience higher export sales and higher input costs."}]},{"id":"410da91b-5d22-48b6-b710-a1a491f612cf","cardType":"basic","points":3,"front":"What determines whether a business gains overall when it both imports and exports?","back":"The more important effect depends on the proportion of costs imported and the proportion of output sold abroad.","mcqOptions":[{"text":"The more important effect depends on the proportion of costs imported and the proportion of output sold abroad.","correct":true,"explanation":"The overall gain depends on the business’s exposure to both effects. Its imported share of costs determines the cost increase, while its exported share of output determines the sales benefit."},{"text":"The more important effect depends on the proportion of costs fixed and the proportion of output sold in the UK.","correct":false,"explanation":"Fixed costs and domestic sales do not directly measure exchange-rate exposure. The outcome depends on the proportion of costs imported and the proportion of output sold abroad."},{"text":"The more important effect depends on the proportion of costs paid in pounds and the proportion of output kept in stock.","correct":false,"explanation":"Paying domestic costs and holding stock do not capture the two opposing exchange-rate effects. The key proportions are imported costs and output sold to overseas markets."},{"text":"The more important effect depends on the proportion of costs that are variable and the proportion of output sold online.","correct":false,"explanation":"Variable costs and online sales concern cost behaviour and sales channels, not international exposure. The balance depends on imported costs and output sold abroad."}]},{"id":"8b3ca306-c1b9-4a65-9b8e-19d5b8f3e6ae","cardType":"cloze","points":null,"front":"An exchange rate is the [ ].","back":"An exchange rate is the price of one currency in terms of another.","mcqOptions":[{"text":"price of one currency in terms of another","correct":true,"explanation":"An exchange rate states how much of one currency can be exchanged for a unit of another currency, so it expresses one currency’s price in another."},{"text":"total amount of currency held by a country","correct":false,"explanation":"This confuses an exchange rate with a country’s currency reserves or money supply. An exchange rate is the price of one currency in terms of another."},{"text":"rate of interest charged on foreign borrowing","correct":false,"explanation":"Interest rates measure borrowing costs and can influence currencies, but they are not exchange rates. An exchange rate is the price of one currency in terms of another."},{"text":"cost of importing goods from another country","correct":false,"explanation":"Exchange rates affect import costs, but they are not themselves the cost of imported goods. The term means the price of one currency in terms of another."}]},{"id":"f6072142-049e-48a7-a6fc-9f007c5e9c50","cardType":"cloze","points":null,"front":"A stronger pound means each pound buys [ ].","back":"A stronger pound means each pound buys more foreign currency.","mcqOptions":[{"text":"more foreign currency","correct":true,"explanation":"A stronger pound has greater purchasing power against other currencies, so every pound can be exchanged for more units of a foreign currency."},{"text":"less foreign currency","correct":false,"explanation":"This reverses appreciation and depreciation. Buying less foreign currency per pound indicates a weaker pound; a stronger pound buys more foreign currency."},{"text":"the same foreign currency","correct":false,"explanation":"An unchanged quantity would mean the exchange rate had remained stable. When the pound strengthens, each pound buys more foreign currency than before."},{"text":"more UK currency","correct":false,"explanation":"This confuses the currency being exchanged with the currency received. The statement concerns a pound’s overseas purchasing power, so a stronger pound buys more foreign currency."}]},{"id":"e154a00d-a386-4fb8-9e83-08b8b8c5006c","cardType":"cloze","points":null,"front":"A weaker pound means each pound buys [ ].","back":"A weaker pound means each pound buys less foreign currency.","mcqOptions":[{"text":"less foreign currency","correct":true,"explanation":"A weaker pound has reduced purchasing power against other currencies, so each pound can be exchanged for fewer units of foreign currency."},{"text":"more foreign currency","correct":false,"explanation":"This is the effect of a stronger pound, not a weaker one. When the pound weakens, each pound buys less foreign currency."},{"text":"the same foreign currency","correct":false,"explanation":"The amount would remain the same only if the exchange rate were unchanged. A weakening pound buys less foreign currency than it did previously."},{"text":"less UK currency","correct":false,"explanation":"This confuses the currency paid with the currency received. The pound is being exchanged, and when it weakens it buys less foreign currency."}]},{"id":"15e33af1-63f0-403d-9e06-505182a0af18","cardType":"cloze","points":null,"front":"When the pound weakens, UK exports become [ ].","back":"When the pound weakens, UK exports become cheaper abroad.","mcqOptions":[{"text":"cheaper abroad","correct":true,"explanation":"When the pound weakens, overseas customers need less of their own currency to buy the same pound-priced UK product, making UK exports cheaper abroad."},{"text":"dearer abroad","correct":false,"explanation":"This reverses the impact of depreciation on exports. A weaker pound reduces the foreign-currency price of UK goods, so exports become cheaper abroad."},{"text":"cheaper in the UK","correct":false,"explanation":"This applies the exchange-rate effect to the wrong market. A weaker pound lowers the foreign-currency price paid by overseas buyers, making UK exports cheaper abroad."},{"text":"dearer in the UK","correct":false,"explanation":"Domestic prices may change for other reasons, but this is not the direct export effect. A weaker pound makes UK exports cheaper for customers abroad."}]},{"id":"92975c18-ab40-41db-ab0c-ef55e844982a","cardType":"cloze","points":null,"front":"When the pound weakens, imports become [ ] for UK businesses.","back":"When the pound weakens, imports become dearer for UK businesses.","mcqOptions":[{"text":"dearer","correct":true,"explanation":"A weaker pound buys less foreign currency, so UK businesses must spend more pounds to pay the same foreign-currency price for imported goods and materials."},{"text":"cheaper","correct":false,"explanation":"This reverses the effect of a weaker pound. Because each pound buys less foreign currency, UK businesses must pay more pounds for imports, making them dearer."},{"text":"unchanged","correct":false,"explanation":"This overlooks the currency conversion. Even if the overseas price stays fixed, a weaker pound increases its value in pounds, so imports become dearer."},{"text":"more competitive","correct":false,"explanation":"This confuses imports with UK exports, which become more price competitive abroad. For UK businesses, a weaker pound makes imported goods and materials dearer."}]},{"id":"3d8325eb-11bc-4294-992f-2d849e73b088","cardType":"cloze","points":null,"front":"When the pound strengthens, imports become [ ] for UK businesses.","back":"When the pound strengthens, imports become cheaper for UK businesses.","mcqOptions":[{"text":"cheaper","correct":true,"explanation":"A stronger pound buys more foreign currency, allowing UK businesses to pay a given overseas price with fewer pounds, so their imports become cheaper."},{"text":"dearer","correct":false,"explanation":"This is the effect of a weaker pound. When the pound strengthens, it buys more foreign currency, reducing the pound cost of imports and making them cheaper."},{"text":"unchanged","correct":false,"explanation":"This ignores the conversion into pounds. Even if the overseas supplier’s price is unchanged, a stronger pound reduces the number of pounds needed, making imports cheaper."},{"text":"less competitive","correct":false,"explanation":"This confuses the cost of imports with the competitiveness of UK exports. A stronger pound directly makes foreign goods and materials cheaper for UK businesses."}]}]}],"examCountdown":{"examDate":"2027-05-12","paperLabel":"Paper 1"},"heading":"2.4.2 Exchange rates","title":"2.4.2 Exchange rates Flashcards","topbar":{"backHref":"/gcse/business/aqa/flashcards"},"topicSidebar":"$L36"}]}],"topicId":"ca2a59e6-2d92-47b1-9fda-4d7add301e30","walled":"$L37"}],"$L38","$L39"]