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17. A 10% depreciation of the Chinese yuan renminbi (CNY) against the US dollar would: a. decrease the US$/CNY exchange rate from US$0.16/CNY to US$0.144/CNY. b. increase the US$/CNY exchange rate from US$0.16/CNY to US$0.176/CNY. c. make imports from the US less expensive for Chinese to buy. d. make exports from China more expensive for Americans to buy. 18. Suppose the Phillips curve is represented by the following equation: At+1- Tit = 14 -2ut, where at and ut represent inflation rate and unemployment rate at time t. Which of the following is correct if the actual unemployment at time t is equal to 7.5%? a. The rate of inflation will tend to increase. b. The rate of inflation will be constant. c. The rate of inflation will tend to decrease. d. None of the above. 19. In the AS-AD model, a fiscal contraction will in the long run lead to a. a lower interest rate. b. higher investment. c. no effect on output. d. all of the above