AP Macroeconomics Quiz
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OPEN ECONOMY—INTERNATIONAL TRADE AND FINANCE
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Country F's currency depreciates from 2 F-dollars per 1 FCU to 4 F-dollars per 1 FCU. In the first month, existing import contracts keep import quantities fixed, but import prices in F-dollars rise; export quantities change slowly because foreign buyers take time to switch suppliers. Following the change in the exchange rate, which statement best describes the likely short-run effect on measured net exports (NX)?
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