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The foreign exchange market is said to be efficient if forward rates accurately predict future spot rates; that is, if forward rates reflect all available information and quickly adjust to any new information so that investors cannot earn consistent and unusual profits by utilizing any available information. ().

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We have an unstable foreign exchange market when a disturbance from equilibrium pushes the exchange rate further away from equilibrium. ()

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A foreign exchange market is stable when the supply curve of foreign exchange is positively sloped or, if negatively sloped, is negatively elastic than the demand curve of foreign exchange. ()

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Suppose that labor can produce flowers or candy in the U.S. and Sweden. Below is the chart that indicates how much 1 hour of labor can produce if it specializes in a particular good. Which of the following is true? ( )

A. Sweden has a comparative advantage in flowers.
B. Sweden has a comparative advantage in candy.
C. both A and
D. S. has an absolute advantage in flowers.

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Continue with the above question, both countries would benefit if ( ).

A. Sweden produced both commodities and did not trade with the
B. the United States exported candy and imported flowers.
C. the United States exported flowers and imported candy.
D. S. produced both commodities and did not trade with Sweden.
E. S.

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