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This Question: 1 pt 12 of 20 (18 complete) This Quiz: 20 pts possible Suppose the a graph shows what prevailed on the foreign exchange market in 2015 with floating exchange rates. Assume "Price of dollars per pound" is on the vertical axis and "Quantity of pounds" is on the horizontal axis, and that the upward sloping supply and downward sloping demand curves initially intersect at a price of dollars per pound of $1.60. Given this information analyze the following event: Event: There is a decline in the U.S.price level How will this event cause a change in demand? This shifts the pounds to the This event cause a simultaneous shift of the supply curve. Assuming a floating exchange rate, this event will cause the exchange rate ($ / {) to . Ignoring complications such as the J curve, this will the balance of trade. ? Click to select your answer(s). MacBook Air