As a Nation Begins to Export, Its Own Relative Price

question 1

Multiple Choice

As a nation begins to export, its own relative price of exported goods will ______, and as it imports other goods, the relative price of those will ______ , thus ___________ its standard of living.

• A) fall; rise; lowering
• B) rise; fall; lowering
• C) rise; fall; raising
• D) fall; rise; raising

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Definitions:

Cumulative Profit

The total profit earned over a specific period, calculated by sequentially adding all profit amounts from the start to the end of the period.

Probability

measures the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 means the event cannot happen and 1 means it is certain to happen.

Cumulative Net Profit

The total amount of profit after all expenses have been deducted, accumulated over a period of time.

Probability

The calculation of the probability of an event's occurrence, denoted by numbers between 0 and 1.