Economics (McConnell) AP Edition, 19th EditionChapter 38:
The Balance of Payments, Exchange Rates, and Trade DeficitsThe content of this chapter may be included on the AP* Macroeconomics exam. After reading this chapter, you should be able to: - Explain how currencies of different nations are exchanged when international transactions take place.
- Analyze the balance sheet the United States uses to account for the international payments it makes and receives.
- Discuss how exchange rates are determined in currency markets.
- Describe the difference between flexible exchange rates and fixed exchange rates.
- Identify the causes and consequences of recent record-high U.S. trade deficits.
AP Chapter 38 Introduction
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