In the monetary small open-economy model with a flexible exchange rate, an increase in the foreign price level decreases
◦ domestic output, but has no effect on the domestic price level or the nominal exchange rate.
◦ the nominal exchange rate, but has no effect on domestic output or the domestic price level.
◦ the domestic price level, but has no effect on domestic output or the nominal exchange rate.
◦ domestic output and the price level, but has no effect on the nominal exchange rate.
◦ the domestic price level and the nominal exchange rate, but has no effect on domestic output.