Create an account
the relationship between total quantity of goods and services demanded by all sectors of the economy and the price level
international substitution effect
the effect of changes in the domestic price level on the consumption of domestically produced goods relative to foreign produced goods.
the relationship between total quantity of goods and services that an economy produces and the price level
exchange rate shock
a large change in the real value of a country's currency that occurs in a short period of time
price elasticity of demand for exports
the responsiveness of exports to changes in the real exchange rate
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