"The prices of all imports would rise if the dollar depreciates"
- Robert C. Solomon
About this Quote
The quote by Robert C. Solomon is describing the impact of a depreciating dollar on the prices of imports. When the value of the dollar reduces, it takes more dollars to purchase the exact same quantity of foreign currency. This means that the expense of imports, which are priced in foreign currency, will increase. For example, if the dollar depreciates by 10%, then the expense of imports will increase by 10%. This is due to the fact that the same quantity of foreign currency will now cost 10% more in US dollars. This increase in the expense of imports will be passed on to customers, resulting in higher costs for imported products.
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