UK restaurant chains reduce the amount of seafood they import from Norway. Which statement describes the effect on the foreign exchange market between the pound and the Norwegian krone?
The demand for pounds shifts left and the pound tends to depreciate against the krone
The demand for kroner shifts left and the pound tends to depreciate against the krone
The supply of pounds shifts left and the pound tends to appreciate against the krone
The demand for and supply of pounds both shift left, so the rate is unchanged
53 exam-style questions on OCR GCSE Economics 4.3 Exchange rates, covering 4.3.1 Draw how exchange rates are determined, 4.3.2 Analyse how exchange rates are determined, 4.3.3 Calculate currency conversion, 4.3.4 Analyse exchange rate data, and 4.3.5 Effect of exchange rate changes. Each one has a worked solution and a mark scheme showing where the marks go.