When the price level increases, goods in other countries are relatively cheaper. As a result, a country’s imports increase, displacing the demand for domestic production. What is the term for the relationship described above?

The exchange rate effect

Explanation:

Exchange rate is the rate at which one currency is exchanged for another currency.

Assume that price level in country A increases by 10 units while the price level remains the same in country B.

If corn was 20 units before in country A, it would now cost 30 units while the price of corn remains unchanged in country B at 10 units. Corn is now more expensive in country A ,so people in country A would import corn from country B. This is the exchange rate effect

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