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Assume that British interest rates are higher than U.S. rates, and that the spot rate equals the forward rate. Covered interest arbitrage puts ____ pressure on the pound’s spot rate, and ____ pressure on the pound’s forward rate.

Bank reserves include ___________________.

At Bunker Hill (Breed’s Hill), American militia ________ an army of British Redcoats.

American offensives in 1812 and 1813 are best described as

When a perfect hedge is not available to eliminate transaction exposure, the firm may consider methods to at least reduce exposure, such as ____.

In 1814, Andrew Jackson

If an MNC has a net inflow in one currency and a net outflow of about the same amount in another currency, then the MNCs’ transaction exposure is ____ if the two currencies are ____ correlated.

At New York City in 1776

Following “King Philips War” in New England,

Countries that have adopted the euro tend to have very similar ____.