Explain whether each of the following events would cause the nation’s currency to become overvalued or undervalued relative to its implied purchasing power parity value:
(a) Russia becomes a leading exporter of crude oil and natural gas.
(b) Euro zone nations decide they no longer want to import American entertainment such as movies and music.
(c) Rapid development in India’s technology sector results in large inflows of funds into the Indian stock market from other countries.