O-LevelEconomicsInternational trade and globalisation2281/12 · May/June 2016 · Q301 Mark
The US currently trades in oil with the UK. The discovery of new oil and gas deposits in the US will mean that its oil imports decrease and its oil exports increase. From the initial equilibrium point of X, which letter indicates the new equilibrium point for the US exchange rate? [Figure 30.1]
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AA
BB
CC
DD
✓ Correct answer
B: B
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