8. A firm produces goods for which substitute goods are produced in all countries. Appreciation of the firms local currency should:

A) Increase local sales as it reduces foreign competition in local markets.

B) Increase the firms exports denominated in the local currency.

C) Increase the returns earned on the firms foreign bank deposits.

D) Increase the firms cash outflow required to pay for imported supplies denominated in a foreign currency.

E) None of these.