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currency.","mcqOptions":[{"text":"Demand for and supply of the currency.","correct":true,"explanation":"In a floating exchange rate system, the currency’s value is determined by the interaction of demand and supply in the foreign exchange market."},{"text":"The government’s target exchange rate.","correct":false,"explanation":"A government target determines a fixed or managed exchange rate, not a freely floating one. Under floating rates, demand and supply determine the currency’s value."},{"text":"The country’s interest rate alone.","correct":false,"explanation":"Interest rates can influence currency demand, but they are only one possible cause of changes. The exchange rate itself is set by demand and supply."},{"text":"The volume of money printed by the central bank.","correct":false,"explanation":"The money supply can affect currency supply and therefore its value, but it does not set a floating exchange rate alone. Market demand and supply do."}]},{"id":"92bfa064-7298-4e65-9ead-082a3d1a3348","cardType":"basic","points":1,"front":"What happens when demand for a currency rises?","back":"It appreciates.","mcqOptions":[{"text":"It appreciates.","correct":true,"explanation":"Higher demand means more buyers want the currency at each exchange rate. This raises its market price relative to other currencies, so it appreciates."},{"text":"It depreciates.","correct":false,"explanation":"Depreciation occurs when demand falls or supply rises. A rise in demand puts upward pressure on the currency’s value, causing appreciation."},{"text":"It becomes fixed.","correct":false,"explanation":"A currency becomes fixed only when authorities maintain its value against another currency or standard. Rising demand changes a floating currency’s value rather than fixing it."},{"text":"It becomes worthless.","correct":false,"explanation":"Rising demand makes the currency more valuable, not worthless. A currency’s value falls when demand decreases or its supply increases relative to other currencies."}]},{"id":"d1b19315-39b2-489b-8e78-f9f6e384b7ba","cardType":"basic","points":1,"front":"What happens when the supply of a currency falls?","back":"It appreciates.","mcqOptions":[{"text":"It appreciates.","correct":true,"explanation":"A fall in supply makes the currency relatively scarcer in the foreign exchange market. With demand unchanged, this raises its value and causes appreciation."},{"text":"It depreciates.","correct":false,"explanation":"Depreciation results from increased supply or reduced demand. When supply falls while demand is unchanged, scarcity places upward pressure on the currency’s value."},{"text":"It becomes fixed.","correct":false,"explanation":"A fixed exchange rate requires official intervention to maintain a chosen value. A reduction in supply changes the market value of a floating currency instead."},{"text":"It loses all value.","correct":false,"explanation":"A lower supply makes the currency scarcer and tends to increase its value. It does not eliminate the currency’s value; increased supply would create downward pressure instead."}]},{"id":"dcdde5bb-b515-4854-b1dc-f238e403a215","cardType":"basic","points":1,"front":"What happens when demand for a currency falls?","back":"It depreciates.","mcqOptions":[{"text":"It depreciates.","correct":true,"explanation":"Lower demand means fewer buyers are willing to purchase the currency. With supply unchanged, its market price falls relative to other currencies, so it depreciates."},{"text":"It appreciates.","correct":false,"explanation":"Appreciation occurs when demand rises or supply falls. A fall in demand reduces the currency’s market price, producing depreciation instead."},{"text":"It becomes fixed.","correct":false,"explanation":"A fixed exchange rate is maintained by government or central bank intervention. Falling demand changes the value of a floating currency rather than fixing it."},{"text":"It becomes more scarce.","correct":false,"explanation":"A fall in demand does not reduce the amount of currency available. With supply unchanged, weaker demand lowers its value and causes depreciation."}]},{"id":"12a4b3f1-00c4-4f49-8ffe-715cfce923c5","cardType":"basic","points":1,"front":"What happens when the supply of a currency rises?","back":"It depreciates.","mcqOptions":[{"text":"It depreciates.","correct":true,"explanation":"A rise in supply makes more of the currency available in the foreign exchange market. With demand unchanged, its relative value falls, so the currency depreciates."},{"text":"It appreciates.","correct":false,"explanation":"Appreciation occurs when supply falls or demand rises. An increase in supply makes the currency less scarce and places downward pressure on its value."},{"text":"It becomes fixed.","correct":false,"explanation":"A fixed exchange rate requires authorities to hold the currency at a chosen value. Increased supply changes a floating currency’s value instead of fixing it."},{"text":"It becomes more valuable because it is more available.","correct":false,"explanation":"Greater availability normally lowers a currency’s price when demand is unchanged. The resulting fall in value is depreciation, not appreciation."}]},{"id":"036c2b4b-1579-4447-8294-7c277c62a40e","cardType":"basic","points":2,"front":"Why does rising foreign demand for exports raise demand for the domestic currency?","back":"Foreign buyers obtain the currency to pay for exports.","mcqOptions":[{"text":"Foreign buyers obtain the currency to pay for exports.","correct":true,"explanation":"Foreign customers usually need the exporting country’s currency to buy its goods. Their purchases of that currency increase demand in the foreign exchange market."},{"text":"Domestic buyers obtain foreign currency to pay for exports.","correct":false,"explanation":"Domestic buyers obtaining foreign currency is associated with paying for imports, not exports. Foreign demand for exports raises demand for the domestic currency instead."},{"text":"Foreign buyers sell the currency to receive export income.","correct":false,"explanation":"Foreign buyers must acquire the exporting country’s currency before paying sellers. Selling that currency would reduce its demand, which is the opposite effect."},{"text":"Exporters create additional domestic currency when goods are sold.","correct":false,"explanation":"Export sales do not automatically create new currency. Foreign buyers exchange their own money for the domestic currency, increasing demand for it."}]},{"id":"f15a4a11-509a-477e-b8b7-049d6f910bba","cardType":"basic","points":1,"front":"How does rising foreign demand for exports affect the currency?","back":"It appreciates.","mcqOptions":[{"text":"It appreciates.","correct":true,"explanation":"Foreign buyers need the domestic currency to purchase the country’s exports. Their increased demand raises the currency’s market value, causing appreciation."},{"text":"It depreciates.","correct":false,"explanation":"Depreciation follows falling demand or rising supply. Stronger foreign demand for exports increases demand for the domestic currency, so it appreciates."},{"text":"It remains unchanged.","correct":false,"explanation":"Higher export demand creates additional demand for the domestic currency because foreign buyers need it for payment. This upward pressure normally causes appreciation."},{"text":"It becomes fixed.","correct":false,"explanation":"Export demand cannot by itself fix an exchange rate. It changes demand in the foreign exchange market, which can raise the value of a floating currency."}]},{"id":"e6ef5f02-2dd5-47d7-a1ef-8430cde582d8","cardType":"basic","points":2,"front":"Why does rising domestic demand for imports increase currency supply?","back":"Importers sell domestic currency for foreign money.","mcqOptions":[{"text":"Importers sell domestic currency for foreign money.","correct":true,"explanation":"Domestic importers need foreign currency to pay overseas sellers. They therefore supply domestic currency to the foreign exchange market in exchange for foreign money."},{"text":"Importers buy domestic currency using foreign money.","correct":false,"explanation":"Importers generally need foreign currency, so they sell domestic currency rather than buy it. This selling increases the supply of domestic currency."},{"text":"Exporters sell domestic currency for foreign money.","correct":false,"explanation":"Exporters typically receive foreign currency and exchange it for domestic currency, increasing demand for domestic currency. Importers create the supply described in the correct answer."},{"text":"Importers keep domestic currency and avoid currency markets.","correct":false,"explanation":"Payment to overseas suppliers normally requires foreign currency, so importers must use the foreign exchange market. Selling domestic currency increases its supply."}]},{"id":"c1cbc47a-5f9a-4ecf-b39d-bbaacc7a19cd","cardType":"basic","points":1,"front":"How does rising domestic demand for imports affect the currency?","back":"It depreciates.","mcqOptions":[{"text":"It depreciates.","correct":true,"explanation":"Higher domestic demand for imports increases the supply of domestic currency as residents sell it to buy foreign currency, reducing its exchange value and causing depreciation."},{"text":"It appreciates.","correct":false,"explanation":"Import purchases require domestic currency to be exchanged for foreign currency, increasing domestic currency supply. The correct result is depreciation, not appreciation, because supply rises relative to demand."},{"text":"It remains unchanged.","correct":false,"explanation":"A rise in import demand changes currency flows because residents sell more domestic currency for foreign currency. The correct result is depreciation, although the size depends on other market forces."},{"text":"It becomes fixed.","correct":false,"explanation":"A floating currency responds to changes in demand and supply rather than becoming fixed. Rising import demand increases domestic currency supply, so the correct result is depreciation."}]},{"id":"dd836373-22a9-4156-b028-6ee34d11de0d","cardType":"basic","points":1,"front":"How do inward FDI and portfolio inflows affect currency demand?","back":"They raise demand for the currency.","mcqOptions":[{"text":"They raise demand for the currency.","correct":true,"explanation":"Inward FDI and portfolio investment require overseas investors to buy the domestic currency, increasing demand for it and putting upward pressure on its exchange rate."},{"text":"They raise supply of the currency.","correct":false,"explanation":"Foreign investors must obtain the domestic currency before investing, so they increase demand rather than supply. The correct effect is higher demand for the currency."},{"text":"They reduce demand for the currency.","correct":false,"explanation":"Investment entering the country involves foreign buyers purchasing domestic assets and therefore domestic currency. The correct effect is to raise currency demand, not reduce it."},{"text":"They leave currency demand unchanged.","correct":false,"explanation":"Inward investment creates transactions in which overseas investors buy domestic currency. This directly changes the foreign exchange market, so the correct effect is higher demand."}]},{"id":"58dd4ce9-31e5-4352-91c9-e99b73e270a8","cardType":"basic","points":2,"front":"Why does outward investment cause currency depreciation?","back":"Residents sell domestic currency to invest abroad.","mcqOptions":[{"text":"Residents sell domestic currency to invest abroad.","correct":true,"explanation":"Residents need foreign currency to purchase overseas assets, so they sell domestic currency in the foreign exchange market. The increased supply puts downward pressure on its value."},{"text":"Residents buy domestic currency to invest abroad.","correct":false,"explanation":"Overseas investments generally require foreign currency, so residents exchange domestic currency away rather than buying more of it. The correct mechanism is increased domestic currency supply."},{"text":"Foreigners sell domestic currency to invest abroad.","correct":false,"explanation":"Outward investment is undertaken by domestic residents, who exchange domestic currency for foreign currency. The correct explanation is that residents sell domestic currency, increasing its supply."},{"text":"Residents retain domestic currency to invest abroad.","correct":false,"explanation":"Residents cannot normally purchase foreign assets while retaining all their domestic currency, because payment requires foreign currency. The correct process is selling domestic currency to buy it."}]},{"id":"23990afd-ea16-4cec-be50-aacab2d37a91","cardType":"basic","points":1,"front":"What do speculators do when they expect a currency to rise?","back":"They buy it now, raising demand.","mcqOptions":[{"text":"They buy it now, raising demand.","correct":true,"explanation":"Speculators expecting an appreciation buy the currency before its value rises, hoping to sell later at a profit. Their purchases immediately increase demand and support appreciation."},{"text":"They sell it now, raising supply.","correct":false,"explanation":"Selling when a rise is expected would reduce the chance of benefiting from the predicted appreciation. The correct action is to buy now, which raises demand."},{"text":"They hold it now, reducing supply.","correct":false,"explanation":"Simply holding the currency does not describe the market purchase that creates the expected movement. The correct action is buying it now, which raises demand directly."},{"text":"They exchange it abroad, reducing demand.","correct":false,"explanation":"Exchanging the currency away would place downward rather than upward pressure on its value. When a rise is expected, speculators buy it now, increasing demand."}]},{"id":"a705f4eb-44fe-4f9e-94f8-df8c93c5306e","cardType":"basic","points":1,"front":"What do speculators do when they expect a currency to fall?","back":"They sell it now, raising supply.","mcqOptions":[{"text":"They sell it now, raising supply.","correct":true,"explanation":"Speculators expecting depreciation try to sell before the currency loses value, often exchanging it for another currency. These sales increase supply and contribute to the expected fall."},{"text":"They buy it now, raising demand.","correct":false,"explanation":"Buying would increase demand and put upward pressure on the currency, contrary to an expected fall. The correct action is selling now, which raises supply."},{"text":"They hold it now, reducing demand.","correct":false,"explanation":"Holding the currency is not the active transaction that produces increased market supply. Speculators expecting a fall sell it now, and those sales increase supply."},{"text":"They exchange foreign currency for it, raising demand.","correct":false,"explanation":"Buying domestic currency with foreign currency raises demand and would support appreciation. The correct response to an expected fall is selling the currency, which raises supply."}]},{"id":"1e7c986e-7ec7-473a-b045-5ebc893b3bd8","cardType":"basic","points":2,"front":"Why can currency expectations be self-fulfilling?","back":"Expectations alter demand or supply, causing the expected movement.","mcqOptions":[{"text":"Expectations alter demand or supply, causing the expected movement.","correct":true,"explanation":"If people expect appreciation, they buy the currency, raising demand; if they expect depreciation, they sell it, raising supply. Their actions can therefore create the predicted change."},{"text":"Expectations leave demand and supply unchanged, preventing movement.","correct":false,"explanation":"Expectations influence decisions by encouraging purchases or sales of a currency. The correct explanation is that these changes in demand or supply can produce the expected movement."},{"text":"Expectations alter interest rates directly, fixing the exchange rate.","correct":false,"explanation":"Expectations do not directly fix an exchange rate through interest rates. They affect buying and selling decisions, changing currency demand or supply and potentially causing the expected movement."},{"text":"Expectations increase imports automatically, causing the expected movement.","correct":false,"explanation":"Self-fulfilling expectations operate through currency-market behaviour, especially speculative buying or selling, rather than automatically changing imports. The correct mechanism is altered demand or supply."}]},{"id":"a540df9f-c785-41ca-904f-2382545f4980","cardType":"basic","points":1,"front":"What is hot money?","back":"Short-term capital chasing higher interest rates or expected currency gains.","mcqOptions":[{"text":"Short-term capital chasing higher interest rates or expected currency gains.","correct":true,"explanation":"Hot money is highly mobile short-term financial capital moved between countries to seek better returns, including higher interest rates or gains from an expected currency appreciation."},{"text":"Long-term capital funding factories and infrastructure projects.","correct":false,"explanation":"Long-term investment in productive assets is associated with foreign direct investment rather than hot money. Hot money is short-term capital seeking interest-rate advantages or expected currency gains."},{"text":"Government reserves held to stabilise the exchange rate.","correct":false,"explanation":"Official foreign exchange reserves are controlled by governments or central banks for policy purposes. Hot money is private, mobile short-term capital seeking higher returns or currency gains."},{"text":"Trade credit used to pay for imported goods.","correct":false,"explanation":"Trade credit finances commercial transactions involving goods and services, whereas hot money moves rapidly between financial assets. The correct definition concerns short-term capital seeking better returns."}]},{"id":"ec751f96-e7a7-46e6-9ec6-537d119f1533","cardType":"basic","points":2,"front":"How do higher domestic interest rates relative to abroad affect the currency?","back":"Hot money inflows raise currency demand, causing appreciation.","mcqOptions":[{"text":"Hot money inflows raise currency demand, causing appreciation.","correct":true,"explanation":"Higher domestic interest rates can attract mobile short-term capital from abroad. Investors buy the domestic currency to place funds domestically, increasing demand and causing appreciation."},{"text":"Hot money outflows raise currency supply, causing depreciation.","correct":false,"explanation":"Higher domestic interest rates relative to abroad usually attract rather than drive away hot money. The resulting inflows raise currency demand and cause appreciation, not outflows and depreciation."},{"text":"Hot money inflows raise currency supply, causing depreciation.","correct":false,"explanation":"Foreign investors must buy the domestic currency before investing, so inflows increase demand. The correct consequence is appreciation, not increased supply and depreciation."},{"text":"Hot money outflows reduce currency demand, causing appreciation.","correct":false,"explanation":"Outflows would weaken demand and normally place downward pressure on the currency. Higher relative domestic interest rates attract inflows, raising demand and causing appreciation."}]},{"id":"690b0300-8d87-4490-ac0a-cf78a44e8573","cardType":"basic","points":2,"front":"How do lower domestic interest rates relative to abroad affect the currency?","back":"Capital outflows raise currency supply, causing depreciation.","mcqOptions":[{"text":"Capital outflows raise currency supply, causing depreciation.","correct":true,"explanation":"Lower domestic interest rates reduce the return on domestic assets, encouraging investors to move funds abroad. This increases the currency supplied on foreign-exchange markets and lowers its value."},{"text":"Capital inflows raise currency demand, causing appreciation.","correct":false,"explanation":"Lower relative interest rates make domestic assets less attractive, so funds tend to leave rather than enter. The resulting increase in currency supply causes depreciation, not appreciation."},{"text":"Capital outflows reduce currency supply, causing appreciation.","correct":false,"explanation":"Funds leaving the country require domestic currency to be sold, increasing its market supply. That extra supply lowers the exchange rate and causes depreciation rather than appreciation."},{"text":"Capital inflows raise currency supply, causing depreciation.","correct":false,"explanation":"Lower interest rates discourage capital inflows, while incoming funds would normally increase currency demand. The actual effect is capital outflows, which raise currency supply and cause depreciation."}]},{"id":"e18c31ba-cbb7-4664-b7bd-d75059f6e657","cardType":"basic","points":2,"front":"Why does higher domestic inflation than trading partners cause depreciation?","back":"Exports become less price-competitive, reducing currency demand.","mcqOptions":[{"text":"Exports become less price-competitive, reducing currency demand.","correct":true,"explanation":"Higher domestic inflation raises the prices of domestically produced goods relative to foreign goods. Export demand falls, so foreigners need less of the domestic currency, reducing its exchange-rate demand."},{"text":"Exports become more price-competitive, raising currency demand.","correct":false,"explanation":"Higher inflation usually makes domestic goods more expensive relative to competitors’ goods. Export competitiveness therefore falls, reducing demand for the domestic currency and causing depreciation."},{"text":"Imports become less price-competitive, reducing currency supply.","correct":false,"explanation":"Domestic inflation makes foreign goods relatively cheaper, encouraging imports. Importers sell domestic currency to buy foreign currency, increasing domestic-currency supply rather than reducing it."},{"text":"Exports become less price-competitive, raising currency supply.","correct":false,"explanation":"Less competitive exports reduce foreign demand for the domestic currency, which lowers currency demand. Imports may raise supply, but the export channel specifically reduces demand."}]},{"id":"94756d48-cb9e-4c9a-bd07-b9af8dfb0ae7","cardType":"basic","points":2,"front":"How does higher domestic inflation reinforce currency depreciation through imports?","back":"Imports become relatively cheaper, raising currency supply.","mcqOptions":[{"text":"Imports become relatively cheaper, raising currency supply.","correct":true,"explanation":"Domestic inflation makes foreign-produced goods relatively cheaper. Higher import spending requires residents to sell more domestic currency for foreign currency, increasing domestic-currency supply and reinforcing depreciation."},{"text":"Imports become relatively more expensive, raising currency demand.","correct":false,"explanation":"Higher domestic inflation generally makes imports cheaper relative to domestic goods, not more expensive. Import payments increase the supply of domestic currency and place downward pressure on its value."},{"text":"Exports become relatively cheaper, raising currency demand.","correct":false,"explanation":"Higher domestic inflation makes exports relatively more expensive and less competitive. This reduces foreign demand for the currency, while cheaper imports increase the currency supplied."},{"text":"Imports become relatively cheaper, reducing currency supply.","correct":false,"explanation":"Cheaper imports encourage residents to purchase more foreign goods. Paying overseas sellers requires selling domestic currency, so currency supply rises rather than falls."}]},{"id":"a21c01fa-3ea5-4ab8-99d2-d8840247dc2f","cardType":"cloze","points":null,"front":"A rise in domestic interest rates relative to abroad attracts [ ], increasing demand for the currency.","back":"A rise in domestic interest rates relative to abroad attracts hot money inflows, increasing demand for the currency.","mcqOptions":[{"text":"hot money inflows","correct":true,"explanation":"Higher domestic interest rates can attract short-term international funds seeking better returns. Investors must buy the domestic currency to purchase these assets, increasing currency demand."},{"text":"hot money outflows","correct":false,"explanation":"Higher relative interest rates normally make domestic assets more attractive, encouraging short-term funds to enter rather than leave. Inflows increase currency demand, whereas outflows would reduce it."},{"text":"portfolio investment outflows","correct":false,"explanation":"A higher domestic interest rate usually encourages foreign investment into domestic bonds and other assets. Selling domestic assets abroad would reduce currency demand, so this direction is inconsistent."},{"text":"lower export revenues","correct":false,"explanation":"Higher interest rates attract financial capital through improved returns; export revenues are a trade-flow outcome, not the relevant short-term capital movement. The currency-demand effect comes from hot money inflows."}]},{"id":"3c81fc87-6a62-418a-a3e5-51c34f92396b","cardType":"cloze","points":null,"front":"In the short run, [ ] and interest-rate shifts usually dominate exchange-rate movements.","back":"In the short run, speculation and interest-rate shifts usually dominate exchange-rate movements.","mcqOptions":[{"text":"speculation","correct":true,"explanation":"In the short run, traders’ expectations about future exchange-rate changes can trigger rapid buying or selling. These speculative flows, alongside interest-rate changes, often dominate immediate currency movements."},{"text":"structural unemployment","correct":false,"explanation":"Structural unemployment may affect the wider economy but does not usually create the rapid foreign-exchange transactions that move currencies in the short run. Speculation and interest-rate shifts are more immediate influences."},{"text":"purchasing power parity","correct":false,"explanation":"Purchasing power parity is mainly a long-run framework linking exchange rates to relative price levels. Short-run movements are more strongly driven by speculation and interest-rate changes."},{"text":"capital controls","correct":false,"explanation":"Capital controls restrict some international financial transactions, but they are not the usual market force dominating short-run exchange-rate movements. Speculative expectations and interest-rate shifts act more directly."}]},{"id":"86f75dc7-6beb-4951-ac58-232ba24abfa0","cardType":"cloze","points":null,"front":"In the long run, relative inflation and trade competitiveness matter more, in line with [ ].","back":"In the long run, relative inflation and trade competitiveness matter more, in line with purchasing power parity.","mcqOptions":[{"text":"purchasing power parity","correct":true,"explanation":"Purchasing power parity links long-run exchange rates to relative price levels between countries. Persistent inflation differences therefore affect trade competitiveness and the currency’s longer-term value."},{"text":"the liquidity preference theory","correct":false,"explanation":"Liquidity preference explains how interest rates relate to the desire to hold money, rather than how relative prices determine long-run exchange rates. Purchasing power parity is the relevant framework here."},{"text":"the law of diminishing returns","correct":false,"explanation":"Diminishing returns concerns how additional variable inputs affect production, not how currencies adjust to international price differences. Long-run exchange-rate relationships are associated with purchasing power parity."},{"text":"the balance-of-payments multiplier","correct":false,"explanation":"A balance-of-payments multiplier concerns how economic changes affect external payments through income and spending. The long-run link between inflation, competitiveness, and exchange rates is purchasing power parity."}]},{"id":"bfff22dc-2d45-4bfc-ba4a-c164ea1e5fed","cardType":"cloze","points":null,"front":"A rise from $1.20 to $1.30 is a [ ] appreciation.","back":"A rise from $1.20 to $1.30 is a 8.3% appreciation.","mcqOptions":[{"text":"8.3%","correct":true,"explanation":"The percentage appreciation is calculated as $(1.30 - 1.20) \\div 1.20 \\times 100 = 8.33\\%$, which rounds to $8.3\\%$. The change is measured against the original exchange rate."},{"text":"7.7%","correct":false,"explanation":"Dividing the $0.10 change by the new value of $1.30 gives about $7.7\\%$. Percentage changes use the original value as the denominator, producing $8.3\\%$."},{"text":"10.0%","correct":false,"explanation":"This treats the $0.10 increase as one-tenth of $1.00 rather than comparing it with the original $1.20. Using the initial exchange rate gives an appreciation of $8.3\\%$."},{"text":"8.0%","correct":false,"explanation":"Rounding the original exchange rate or using an imprecise denominator can produce $8.0\\%$. The exact calculation is $0.10 \\div 1.20 \\times 100$, which rounds to $8.3\\%$."}]},{"id":"5e7a43f1-9858-469c-99cb-91fbc7bf3fcc","cardType":"cloze","points":null,"front":"Under a floating system, a market rise in a currency is [ ]; a deliberate rise under a fixed system is revaluation.","back":"Under a floating system, a market rise in a currency is appreciation; a deliberate rise under a fixed system is revaluation.","mcqOptions":[{"text":"appreciation","correct":true,"explanation":"In a floating exchange-rate system, market forces determine the currency’s value. A market-driven increase is called appreciation, while an officially administered increase under a fixed system is revaluation."},{"text":"revaluation","correct":false,"explanation":"Revaluation describes an official increase in a currency’s fixed exchange-rate target. When the rise occurs through market demand and supply under floating rates, it is called appreciation."},{"text":"depreciation","correct":false,"explanation":"Depreciation means a market-driven fall in value under a floating system. A market-driven rise has the opposite name, appreciation."},{"text":"devaluation","correct":false,"explanation":"Devaluation is an official reduction in a currency’s fixed exchange-rate value. It is not the term for a market-driven rise; that rise is appreciation."}]},{"id":"4092e799-94db-4b66-912c-f9a272c3702b","cardType":"cloze","points":null,"front":"Under a floating system, a market rise in a currency is appreciation; a deliberate rise under a fixed system is [ ].","back":"Under a floating system, a market rise in a currency is appreciation; a deliberate rise under a fixed system is revaluation.","mcqOptions":[{"text":"revaluation","correct":true,"explanation":"A deliberate increase in a currency’s official value under a fixed exchange-rate system is called revaluation, whereas appreciation is a market-driven increase under a floating system."},{"text":"devaluation","correct":false,"explanation":"This is the deliberate reduction of a currency’s official value under a fixed exchange-rate system. The correct term is revaluation because the question describes an intentional increase in value."},{"text":"depreciation","correct":false,"explanation":"This describes a market-driven fall in a currency’s value under a floating exchange-rate system. The correct term is revaluation because the currency’s official value is deliberately raised under a fixed system."},{"text":"sterilisation","correct":false,"explanation":"This refers to central-bank action that offsets the monetary effects of foreign-exchange intervention. The correct term is revaluation because the currency’s official exchange-rate value is deliberately increased."}]}]}],"examCountdown":null,"heading":"6.4.4 causes of changes in a floating exchange rate: demand and supply of the currency","title":"6.4.4 causes of changes in a floating exchange rate: demand and supply of the currency Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L3a"}]}],"topicId":"10d78071-e5eb-4269-bc29-7b14094b9c4f","walled":"$L3b"}],"$L3c","$L3d"]