Suppose a US company agrees to buy products worth 1 million euros. At the time of the agreement, the dollar/euro exchange rate was $1 = €1.10, but at the time of payment, the exchange rate is $1 = €0.80. The additional money owed by the US company due to the adverse movement in exchange rates between the time of the deal and the time when payment is due is called ______ exposure.
a) Transaction
b) Translation
c) Economic
d) Operating