Operating exposure measures
a. the effect that unanticipated changes in exchange rates will have on the dollar value of contractual obligations denominated in a foreign currency.
b. the effect that changes in exchange rates will have on the consolidated financial reports of a MNC.
c. the extent to which a firm's operating cash flows will be affected by unexpected changes in exchange rates.
d. the extent to which the foreign currency value of a firm's assets is affected by unanticipated changes in exchange rates.