test actions gs Flashcards by Cerys Walton

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Q

what is an exchange rate

A

the value of one currency in terms of another

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Q

what is international competitiveness

A

the ability for a country to compete competitively in international markets

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Q

diagram for a fall in sterling

A

d shifts left to form d2 and p1 falls to p2.

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Q

results of weak pound (EXPORTS)

A

exports become cheaper, people abroad are able to afford UK goods and services

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Q

Results of weak pound (imports)

A

importing raw materials become more expensive, increasing cost of production, may be difficult to charge lower prices, competitivness falls

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Q

policies to improve international competitiveness

A

improving functions of labour (investment in education and training)
supply side polocies (capital
increase in migration - greater productivity

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