If US Prices Increase Relative to the Rest of the World

question 65

Multiple Choice

If U.S. prices increase relative to the rest of the world, we would expect:

• A) net exports to increase.
• B) net exports to decrease.
• C) imports to decrease.
• D) imports to remain unaffected.

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Definitions:

Fair Die

A die that has an equal likelihood of landing on any one of its faces when thrown.

Events

In probability and statistics, an event is a set of outcomes of an experiment or situation to which a probability is assigned.

Disjoint

Sets that have no elements in common; non-overlapping.

At Least

A mathematical expression indicating the minimum quantity or amount required or achieved, used in probabilities and statistics.