The currency of Iceland is called the krona. In February, 2002, the exchange rate was roughly 101 krona to a dollar. In February, 2022, the exchange rate was roughly 125 krona to a dollar.

1. Over this period, would you expect exports from the US to Iceland to get cheaper or more expensive in Iceland? (10)
2. Would you expect living standards in Iceland to rise or fall
3. Is the krona appreciating or depreciating against the dollar?