From the point of view of a U.S. based MNC, which of the following is an example of economic exposure but not an example of transaction exposure?

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A) An appreciation of the Swiss franc increases the firms US$ value of Swiss franc receivables.

B) A depreciation of the US$ benefits the firms domestic and foreign sales because it has a potential price advantage over its competitors

C) A depreciation of the euro decreases the firms cost of euro payables

D) A and C