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23:[["$","$L32",null,{"feature":"flashcards"}],"$L33",["$","$L34",null,{"href":"/gcse/economics/ocr/exchange-rates/flashcards","label":"4.3 Exchange rates","subjectCode":"gcse_economics__ocr","surface":"flashcards"}],["$","$L35",null,{"runner":["$","div",null,{"className":"min-h-0 flex-1 overflow-hidden bg-background","children":["$","$L36",null,{"decks":[{"id":"91ff2737-c911-450a-b898-b637f4a75c3c","title":"Exchange rates Flashcards","topicId":"82507e85-4443-5adb-9f43-751ad37e4711","topicSlug":"exchange-rates","cards":[{"id":"7a8609ad-276e-4871-a783-b6a4e22960d2","cardType":"cloze","points":null,"front":"An [ ] is the price of one currency in terms of another.","back":"An exchange rate is the price of one currency in terms of another.","mcqOptions":[{"text":"exchange rate","correct":true,"explanation":"An exchange rate measures how much of one currency is needed to buy another, so it expresses one currency’s price in terms of another."},{"text":"interest rate","correct":false,"explanation":"An interest rate is the cost of borrowing money or the return on saving, not the relative price of two currencies. The correct term is exchange rate."},{"text":"inflation rate","correct":false,"explanation":"An inflation rate measures changes in the general price level over time. It does not state the value of one currency compared with another; the correct term is exchange rate."},{"text":"conversion factor","correct":false,"explanation":"A conversion factor helps change one measurement or quantity into another, but it is not the economic price of one currency in another. The correct term is exchange rate."}]},{"id":"51fa25d6-6f22-400f-a8dc-57a4f0d57b84","cardType":"basic","points":1,"front":"People swap currencies to buy overseas goods, services or assets. In which market?","back":"The foreign exchange market.","mcqOptions":[{"text":"The foreign exchange market.","correct":true,"explanation":"The foreign exchange market is where currencies are bought and sold, allowing people and businesses to obtain foreign currency for overseas transactions."},{"text":"The capital market.","correct":false,"explanation":"The capital market mainly handles long-term borrowing and investment, such as shares and bonds. Currency transactions take place in the foreign exchange market."},{"text":"The goods market.","correct":false,"explanation":"The goods market is where products and services are bought and sold, not where currencies are exchanged. The relevant market is the foreign exchange market."},{"text":"The money market.","correct":false,"explanation":"The money market deals mainly in short-term borrowing and lending. Swapping currencies for overseas purchases occurs in the foreign exchange market."}]},{"id":"5346b4d3-efa6-417b-b063-8de3977c6ada","cardType":"cloze","points":null,"front":"If the number after £1 = rises, the pound has [ ]; if it falls, it has [ ].","back":"If the number after £1 = rises, the pound has appreciated; if it falls, it has depreciated.","mcqOptions":[{"text":"If the number after £1 = rises, the pound has appreciated; if it falls, it has depreciated.","correct":true,"explanation":"A higher amount of foreign currency for each pound means the pound buys more abroad, so it has appreciated. A lower amount means it has depreciated."},{"text":"If the number after £1 = rises, the pound has depreciated; if it falls, it has appreciated.","correct":false,"explanation":"The two movements have been reversed. A rise in the foreign-currency value means appreciation, while a fall means depreciation."},{"text":"If the number after £1 = rises, the pound has appreciated; if it falls, it has inflated.","correct":false,"explanation":"A rise indicates appreciation, but a fall indicates depreciation rather than inflation. Inflation concerns the general price level, not a currency’s exchange-rate movement."},{"text":"If the number after £1 = rises, the pound has depreciated; if it falls, it has depreciated.","correct":false,"explanation":"Both movements cannot represent depreciation. When the number of dollars per pound rises, the pound appreciates; only a fall represents depreciation."}]},{"id":"0ba9555b-f0d8-4149-bf6a-eec2c7db8ba0","cardType":"basic","points":1,"front":"£1 = $1.20 changes to £1 = $1.35. What happened to the pound?","back":"It appreciated against the dollar.","mcqOptions":[{"text":"It appreciated against the dollar.","correct":true,"explanation":"One pound now buys $1.35 instead of $1.20, so it buys more dollars. This increase in external value means the pound appreciated against the dollar."},{"text":"It depreciated against the dollar.","correct":false,"explanation":"The pound’s value has risen, not fallen: each pound now purchases more dollars. A fall in its exchange value would be depreciation."},{"text":"It remained unchanged against the dollar.","correct":false,"explanation":"The exchange rate changed from $1.20 to $1.35, so the pound did not remain at the same value. The increase represents appreciation."},{"text":"It lost value against the dollar.","correct":false,"explanation":"The pound’s value increased rather than being reduced. The rise in dollars received for £1 shows appreciation, not a fall in its value."}]},{"id":"1793f552-bafe-4583-a33e-3865895c941a","cardType":"basic","points":1,"front":"A US customer buys a UK-made product. What happens to demand for pounds?","back":"They demand pounds to pay the UK seller.","mcqOptions":[{"text":"They demand pounds to pay the UK seller.","correct":true,"explanation":"The US customer needs pounds to pay a UK seller, so this purchase creates demand for pounds in the foreign exchange market."},{"text":"They supply pounds to pay the UK seller.","correct":false,"explanation":"The customer is obtaining pounds rather than supplying them. Buying a UK product requires demand for pounds to make payment to the seller."},{"text":"They demand dollars to pay the UK seller.","correct":false,"explanation":"The UK seller receives pounds, but the question concerns the US customer’s action. The customer demands pounds and may then exchange dollars for them."},{"text":"They supply dollars to pay the UK seller.","correct":false,"explanation":"The transaction requires the customer to obtain pounds, not to offer dollars as the currency being demanded. The relevant currency demand is for pounds."}]},{"id":"4418fea2-234f-4238-9b81-312edfe168a4","cardType":"basic","points":1,"front":"A UK consumer buys a US-made laptop. What happens to supply of pounds?","back":"They supply pounds to buy US dollars.","mcqOptions":[{"text":"They supply pounds to buy US dollars.","correct":true,"explanation":"The UK consumer must obtain dollars from the foreign exchange market, offering pounds in exchange. This transaction therefore increases the supply of pounds."},{"text":"They demand pounds to buy US dollars.","correct":false,"explanation":"Buying a US laptop requires dollars, while the consumer offers pounds to obtain them. Therefore pounds are supplied, not demanded."},{"text":"They demand dollars to buy US dollars.","correct":false,"explanation":"The consumer needs dollars, but that creates demand for dollars rather than supply of dollars. Their own currency, pounds, is what they supply."},{"text":"They supply dollars to buy US dollars.","correct":false,"explanation":"The consumer is acquiring dollars rather than offering them. The currency offered in exchange is pounds, so the supply is of pounds."}]},{"id":"fd66244a-2a33-4dd4-a319-f47a28b3f810","cardType":"cloze","points":null,"front":"The equilibrium exchange rate is where demand for pounds and supply of pounds [ ].","back":"The equilibrium exchange rate is where demand for pounds and supply of pounds meet.","mcqOptions":[{"text":"meet","correct":true,"explanation":"The equilibrium exchange rate is the rate at which the quantity of pounds people want to buy equals the quantity others want to sell, so the two curves meet."},{"text":"move apart","correct":false,"explanation":"At equilibrium, demand and supply come together rather than moving apart. The correct description is that they meet at the equilibrium exchange rate."},{"text":"are parallel","correct":false,"explanation":"The curves are not required to be parallel at equilibrium. Equilibrium occurs where demand and supply meet, determining the exchange rate and quantity."},{"text":"are unrelated","correct":false,"explanation":"Demand and supply do not become unrelated at equilibrium. Their meeting point shows the market-clearing exchange rate, so the correct term is meet."}]},{"id":"ed740ef1-785c-4299-a668-26acb43d2707","cardType":"basic","points":2,"front":"Why does a cheaper pound increase demand for pounds?","back":"

UK goods look cheaper overseas.
Exports rise, so buyers need more pounds.

","mcqOptions":[{"text":"

UK goods look cheaper overseas.
Exports rise, so buyers need more pounds.

","correct":true,"explanation":"A cheaper pound lowers the foreign-currency price of UK exports. Overseas buyers demand more UK goods, so they need more pounds to pay UK sellers."},{"text":"

UK goods look more expensive overseas.
Exports fall, so buyers need fewer pounds.

","correct":false,"explanation":"A cheaper pound makes UK goods cheaper abroad, not more expensive. Therefore exports tend to rise and overseas buyers need more pounds."},{"text":"

UK goods look cheaper overseas.
Imports rise, so buyers need more pounds.

","correct":false,"explanation":"The first effect is correct, but cheaper UK goods encourage exports rather than imports. Export buyers need pounds, whereas increased imports would involve supplying pounds."},{"text":"

UK goods look cheaper overseas.
Exports rise, so sellers supply more pounds.

","correct":false,"explanation":"Cheaper UK goods do encourage higher exports, but exporters’ increased demand for pounds is the relevant mechanism. They do not supply more pounds to buy UK goods."}]},{"id":"d3458d36-7a5e-4658-943b-1390d6738311","cardType":"basic","points":2,"front":"Why does a strong pound increase supply of pounds?","back":"Imports and holidays look cheaper, so UK buyers sell more pounds.","mcqOptions":[{"text":"Imports and holidays look cheaper, so UK buyers sell more pounds.","correct":true,"explanation":"A strong pound makes foreign goods and overseas holidays cheaper for UK consumers. They need to exchange more pounds for foreign currency, increasing the supply of pounds on the foreign exchange market."},{"text":"Exports and holidays look cheaper, so foreign buyers sell more pounds.","correct":false,"explanation":"A strong pound makes UK exports more expensive abroad, not cheaper. Foreign buyers usually need to buy pounds to purchase UK goods, which increases demand for pounds rather than their supply."},{"text":"Imports and holidays look dearer, so UK buyers buy more pounds.","correct":false,"explanation":"A strong pound reduces the sterling cost of imports and foreign holidays. UK buyers therefore exchange pounds for foreign currency, so they sell more pounds rather than buying more."},{"text":"Exports and holidays look dearer, so UK buyers sell more pounds.","correct":false,"explanation":"The price effect on exports is correct, but it does not explain increased supply of pounds. Cheaper imports and overseas holidays encourage UK residents to exchange pounds for foreign currency."}]},{"id":"1910817c-0c15-4cba-a597-7d2114c74486","cardType":"basic","points":1,"front":"What happens to the pound when demand for pounds rises?","back":"The pound appreciates.","mcqOptions":[{"text":"The pound appreciates.","correct":true,"explanation":"Higher demand means more people want to buy pounds. With supply unchanged, the pound’s price rises relative to other currencies, so it appreciates."},{"text":"The pound depreciates.","correct":false,"explanation":"Depreciation means the pound’s value falls, which is associated with increased supply or reduced demand. A rise in demand pushes the pound’s exchange rate upwards, causing appreciation."},{"text":"The pound stays unchanged.","correct":false,"explanation":"A rise in demand normally puts upward pressure on the currency’s price. Unless supply increases by an equal amount, the pound appreciates rather than remaining unchanged."},{"text":"The pound is withdrawn.","correct":false,"explanation":"Currencies are not withdrawn from the foreign exchange market when demand rises. Buyers compete for pounds, increasing their price and causing the pound to appreciate."}]},{"id":"36e4db4d-ac0d-4a18-8760-6227daadeda0","cardType":"basic","points":1,"front":"What happens to the pound when supply of pounds rises?","back":"The pound depreciates.","mcqOptions":[{"text":"The pound depreciates.","correct":true,"explanation":"A rise in the supply of pounds means more pounds are being sold on the foreign exchange market. With demand unchanged, their price falls, so the pound depreciates."},{"text":"The pound appreciates.","correct":false,"explanation":"Appreciation occurs when demand for pounds rises or supply falls. More pounds being offered for sale creates downward pressure on the exchange rate, causing depreciation."},{"text":"The pound stays unchanged.","correct":false,"explanation":"An increase in supply affects the currency’s market price unless demand changes to offset it. The extra pounds available make the pound less valuable, so it depreciates."},{"text":"The pound is strengthened.","correct":false,"explanation":"Strengthening describes a rise in the pound’s value, which would require higher demand or lower supply. Increased supply has the opposite effect and causes depreciation."}]},{"id":"985f3afc-567b-4440-a70e-ad90c9978efa","cardType":"cloze","points":null,"front":"A change in the [ ] causes a movement along a curve; a new cause shifts the [ ].","back":"A change in the exchange rate causes a movement along a curve; a new cause shifts the whole curve.","mcqOptions":[{"text":"A change in the exchange rate causes a movement along a curve; a new cause shifts the whole curve.","correct":true,"explanation":"Changing the exchange rate changes the quantity demanded or supplied, producing movement along the existing curve. A non-price determinant changes the relationship and shifts the whole curve."},{"text":"A change in the demand causes a movement along a curve; a new cause shifts the exchange rate.","correct":false,"explanation":"The exchange rate is the price variable, so changing it causes movement along a curve. A new determinant changes demand or supply and shifts the whole curve."},{"text":"A change in the whole curve causes a movement along a curve; a new cause shifts the exchange rate.","correct":false,"explanation":"A curve does not change as the result of movement along itself. The exchange rate causes movement along a curve, while a new non-price cause shifts the whole curve."},{"text":"A change in the supply causes a movement along a curve; a new cause shifts the demand.","correct":false,"explanation":"A change in supply represents a shift when caused by a non-price determinant, not movement along a fixed curve. The exchange rate causes movement, while a new cause shifts the whole curve."}]},{"id":"32114e43-a55b-4cfd-8cd7-2badf6f60f39","cardType":"basic","points":2,"front":"Why can higher UK interest rates increase demand for pounds?","back":"Foreign investors buy pounds to earn higher UK returns.","mcqOptions":[{"text":"Foreign investors buy pounds to earn higher UK returns.","correct":true,"explanation":"Higher UK interest rates can make UK savings and investments more attractive. Foreign investors exchange their currencies for pounds to purchase those assets, increasing demand for pounds."},{"text":"Foreign investors sell pounds to earn higher UK returns.","correct":false,"explanation":"To invest in UK assets, foreign investors need to obtain pounds first. Selling pounds would move money out of the UK and would reduce, rather than increase, demand for pounds."},{"text":"UK investors buy dollars to earn higher UK returns.","correct":false,"explanation":"Higher UK interest rates attract funds into UK assets, not necessarily into foreign currencies. Investors seeking those returns need to buy pounds, which raises demand for the currency."},{"text":"Foreign investors buy pounds because UK exports become cheaper.","correct":false,"explanation":"Interest rates affect financial returns, not directly the foreign price of UK exports. Investors buy pounds to purchase UK financial assets and benefit from the higher returns."}]},{"id":"b7aad769-c6b3-4d7a-a748-fa33f22cd4d4","cardType":"basic","points":1,"front":"At £1 = $1.25, how many dollars does £600 buy?","back":"$750 - multiply by 1.25.","mcqOptions":[{"text":"$750 - multiply by 1.25.","correct":true,"explanation":"Each pound exchanges for $1.25, so £600 × 1.25 = $750. Multiplication is required because the exchange rate gives dollars per pound."},{"text":"$480 - divide by 1.25.","correct":false,"explanation":"Dividing by 1.25 is the method for converting dollars into pounds, not pounds into dollars. For £600, multiply by 1.25 to obtain the correct total of $750."},{"text":"$601.25 - add 1.25.","correct":false,"explanation":"An exchange rate is a multiplier, not an amount to add once. Converting £600 into dollars requires £600 × 1.25, giving the correct answer of $750."},{"text":"$1,250 - multiply by 2.5.","correct":false,"explanation":"Using 2.5 doubles the given exchange rate, a common rate-reading error. The correct calculation is £600 × $1.25 per pound, which equals $750."}]},{"id":"b171e8a2-a7ea-47e1-8309-3e6f59cbb63a","cardType":"basic","points":1,"front":"At £1 = $1.25, how many pounds is $500?","back":"£400 - divide by 1.25.","mcqOptions":[{"text":"£400 - divide by 1.25.","correct":true,"explanation":"Because each pound is worth $1.25, convert dollars into pounds by dividing: $500 ÷ 1.25 = £400. This reverses the quoted dollars-per-pound rate."},{"text":"£625 - multiply by 1.25.","correct":false,"explanation":"Multiplication converts pounds into dollars using this quotation. To convert $500 into pounds, divide by 1.25, producing the correct result of £400."},{"text":"£500 - keep the numerical value unchanged.","correct":false,"explanation":"The two currencies do not have a one-to-one exchange rate here. Converting $500 requires dividing by 1.25, so the amount is £400 rather than £500."},{"text":"£250 - divide by 2.","correct":false,"explanation":"Dividing by 2 incorrectly treats the exchange rate as $2 per pound. The stated rate is $1.25 per pound, so $500 ÷ 1.25 equals £400."}]},{"id":"a8ce505d-2fd8-46ac-8431-7c759a3a2f41","cardType":"basic","points":2,"front":"£1 = $1.25 falls to £1 = $1.10. Approximate percentage change?","back":"-12% - about 12% weaker against the dollar.","mcqOptions":[{"text":"-12% - about 12% weaker against the dollar.","correct":true,"explanation":"The change is $1.10 - $1.25 = -$0.15. Dividing by the original $1.25 gives -0.12, so the pound falls by approximately 12% against the dollar."},{"text":"-10% - about 10% weaker against the dollar.","correct":false,"explanation":"This underestimates the fall by using an unsuitable denominator or rounding too early. The percentage change is -$0.15 ÷ $1.25 × 100, which is approximately -12%."},{"text":"+12% - about 12% stronger against the dollar.","correct":false,"explanation":"The exchange rate has fallen from $1.25 to $1.10, so the pound buys fewer dollars and has weakened. The signed percentage change is approximately -12%, not positive."},{"text":"-15% - about 15% weaker against the dollar.","correct":false,"explanation":"The $0.15 fall must be compared with the original $1.25, not treated directly as 15%. Calculating 0.15 ÷ 1.25 gives 0.12, or approximately -12%."}]},{"id":"ff9e78f2-744d-4ac7-84b2-1f35fc612018","cardType":"cloze","points":null,"front":"Exchange rates are [ ], so always name the [ ].","back":"Exchange rates are relative, so always name the other currency.","mcqOptions":[{"text":"Exchange rates are relative, so always name the other currency.","correct":true,"explanation":"An exchange rate compares one currency with another, so its meaning depends on which second currency is named. Stating the other currency removes ambiguity about whether the pound has strengthened or weakened."},{"text":"Exchange rates are absolute, so always name the same currency.","correct":false,"explanation":"Exchange rates are comparisons, not absolute measurements, and the relevant second currency must be identified. Treating them as absolute can reverse the interpretation of a rise or fall."},{"text":"Exchange rates are fixed, so always name the base currency.","correct":false,"explanation":"Some exchange rates may be fixed, but exchange rates generally describe a relative value between currencies. The other currency must be named because that determines what the quoted rate means."},{"text":"Exchange rates are variable, so always name the exchange currency.","correct":false,"explanation":"Exchange rates can vary, but variability is not the key definition being tested. The important point is that they are relative and must be understood against another named currency."}]},{"id":"83e2b2d1-f709-49e6-8ccd-25787d7d19eb","cardType":"cloze","points":null,"front":"SPICED: a strong pound means [ ] and [ ].","back":"SPICED: a strong pound means imports cheaper and exports dearer.","mcqOptions":[{"text":"SPICED: a strong pound means imports cheaper and exports dearer.","correct":true,"explanation":"A stronger pound buys more foreign currency, lowering the sterling price of imports. UK exports become relatively more expensive to overseas customers, making them dearer."},{"text":"SPICED: a strong pound means imports dearer and exports cheaper.","correct":false,"explanation":"This reverses the effect of appreciation. A stronger pound reduces the sterling cost of imports but raises the foreign-currency price of UK exports, making imports cheaper and exports dearer."},{"text":"SPICED: a strong pound means imports cheaper and exports cheaper.","correct":false,"explanation":"The first effect is correct, but the second ignores the overseas price effect. Appreciation makes UK products more expensive for foreign buyers, so exports become dearer rather than cheaper."},{"text":"SPICED: a strong pound means imports dearer and exports dearer.","correct":false,"explanation":"The export effect is correct, but imports are misidentified. Appreciation increases the pound’s purchasing power abroad, reducing the sterling price of imported goods and services."}]},{"id":"133d5bc6-e90f-4b83-857f-5f9270bab4d8","cardType":"basic","points":1,"front":"What happens to UK foreign holidays when the pound appreciates?","back":"They become cheaper for UK households.","mcqOptions":[{"text":"They become cheaper for UK households.","correct":true,"explanation":"When the pound appreciates, it buys more foreign currency. UK households therefore need fewer pounds to pay for accommodation, transport and other spending during foreign holidays."},{"text":"They become more expensive for UK households.","correct":false,"explanation":"This confuses appreciation with depreciation. A stronger pound increases UK purchasing power overseas, so foreign holidays generally cost UK households fewer pounds, not more."},{"text":"They become unchanged in price for UK households.","correct":false,"explanation":"Exchange-rate movements affect the sterling cost of spending abroad, even though other factors also matter. Appreciation normally makes foreign holidays cheaper for UK households."},{"text":"They become cheaper for foreign households.","correct":false,"explanation":"The direction is applied to the wrong group. A stronger pound helps UK residents buying foreign goods and holidays, while UK holidays become relatively more expensive for foreign visitors."}]},{"id":"7a8af8a7-c97f-47e6-ae0e-0a45c829f292","cardType":"basic","points":2,"front":"Why can depreciation add to UK inflation?","back":"Imports cost more, pushing up consumer prices.","mcqOptions":[{"text":"Imports cost more, pushing up consumer prices.","correct":true,"explanation":"Depreciation reduces the pound’s purchasing power abroad, raising the sterling price of imported goods, raw materials and energy. Firms may pass these higher costs on to consumers."},{"text":"Imports cost less, pushing down consumer prices.","correct":false,"explanation":"This is the effect of appreciation, not depreciation. A weaker pound makes imported goods and inputs more expensive in sterling terms, which can raise consumer prices."},{"text":"Exports cost more, pushing up consumer prices.","correct":false,"explanation":"Depreciation can make exports cheaper for foreign customers, not more expensive. Inflationary pressure comes mainly from higher sterling prices for imports and imported production inputs."},{"text":"Interest rates cost more, pushing up consumer prices.","correct":false,"explanation":"Interest rates are not the direct reason depreciation raises inflation in this explanation. The relevant mechanism is that imported goods and inputs become more expensive in pounds."}]},{"id":"1173f5c9-ac24-478a-8502-e5cc12b848f3","cardType":"basic","points":2,"front":"Why can depreciation help UK exporters?","back":"UK goods become cheaper for foreign customers.","mcqOptions":[{"text":"UK goods become cheaper for foreign customers.","correct":true,"explanation":"Depreciation lowers the foreign-currency price of UK goods, assuming firms do not increase sterling prices. This can improve export price competitiveness and increase overseas demand."},{"text":"UK goods become more expensive for foreign customers.","correct":false,"explanation":"This reverses the usual price effect of depreciation. A weaker pound means foreign customers need less of their currency to buy UK goods, making those goods cheaper abroad."},{"text":"UK goods become cheaper for UK customers.","correct":false,"explanation":"The benefit applies to foreign customers because export prices are converted into foreign currency. UK customers may instead face higher prices for imported goods after depreciation."},{"text":"UK goods become unchanged for foreign customers.","correct":false,"explanation":"Depreciation changes the exchange-rate conversion of UK prices for overseas buyers. Unless firms adjust prices to offset it, UK goods become cheaper for foreign customers."}]},{"id":"c0e404d2-2bd2-458a-a5a8-240a4e5fb423","cardType":"basic","points":2,"front":"What happens to a producer using imported inputs when the pound depreciates?","back":"Costs rise, so profit margins may fall.","mcqOptions":[{"text":"Costs rise, so profit margins may fall.","correct":true,"explanation":"Depreciation makes imported materials, components or fuel more expensive in pounds. If the producer cannot raise selling prices enough, the higher costs reduce profit margins."},{"text":"Costs fall, so profit margins may rise.","correct":false,"explanation":"This is the usual effect of appreciation on imported inputs, not depreciation. A weaker pound raises the sterling price of imports and can squeeze the producer’s margin."},{"text":"Costs rise, so profit margins must rise.","correct":false,"explanation":"Higher input costs do not automatically increase profit. Unless selling prices rise by at least as much, the producer’s profit margin may fall after depreciation."},{"text":"Costs stay constant, so profit margins may fall.","correct":false,"explanation":"Imported inputs are directly affected by the exchange rate, so their sterling cost usually rises after depreciation. Margins may fall because of those higher costs, not unchanged costs."}]},{"id":"676aa871-540a-44f5-8780-143d83ca79dc","cardType":"basic","points":3,"front":"Why is a stronger pound not automatically good?","back":"

Helps consumers and firms buying imports.
Hurts exporters by reducing price competitiveness.

","mcqOptions":[{"text":"

Helps consumers and firms buying imports.
Hurts exporters by reducing price competitiveness.

","correct":true,"explanation":"A stronger pound lowers the domestic price of imports, benefiting buyers, but makes UK exports more expensive for overseas customers. Its overall effect therefore creates winners and losers."},{"text":"

Hurts consumers and firms buying imports.
Helps exporters by reducing price competitiveness.

","correct":false,"explanation":"Both effects are reversed. Appreciation generally makes imports cheaper for UK buyers, while it makes exports dearer abroad and reduces their price competitiveness."},{"text":"

Helps consumers and firms buying imports.
Helps exporters by reducing price competitiveness.

","correct":false,"explanation":"The first effect is correct, but reduced export competitiveness is harmful rather than helpful. A stronger pound raises foreign-currency prices for UK exporters."},{"text":"

Hurts consumers and firms buying imports.
Hurts exporters by reducing price competitiveness.

","correct":false,"explanation":"The export effect is correctly identified, but import buyers benefit from appreciation because foreign goods require fewer pounds. The stronger currency does not generally hurt them."}]}]}],"examCountdown":{"examDate":"2027-05-13","paperLabel":"Paper 1"},"heading":"4.3 Exchange rates","title":"Exchange rates Flashcards","topbar":{"backHref":"/gcse/economics/ocr/flashcards"},"topicSidebar":"$L37"}]}],"topicId":"82507e85-4443-5adb-9f43-751ad37e4711","walled":"$L38"}],"$L39","$L3a"]

4.3 Exchange rates Flashcards

4.3 Exchange rates Flashcards