Test Your Understanding of International Trade

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Questions and Answers

Which of the following accurately describes Roxanne's purchase of a designer dress from Saks Fifth Avenue that was made in Milan?

  • The purchase is a U.S. export and an Italian import.
  • The purchase is a U.S. import and an Italian export. (correct)
  • The purchase is neither an export nor an import for either the United States or Italy.
  • The purchase is both a U.S. and an Italian import.

What can we conclude if China has a comparative advantage in producing corn and exports corn to Japan?

  • Labor costs are higher for corn producers in Japan than in China.
  • Japan has an absolute disadvantage in producing corn relative to China.
  • China has a lower opportunity cost of producing corn relative to Japan. (correct)
  • China also has an absolute advantage in producing corn relative to Japan.

What is Roxanne's overall grade for Homework 9?

  • 68 / 100 (correct)
  • 100 / 100
  • 0 / 100
  • None of the above

What is the score of Roxanne's first attempt on Homework 9?

<p>68 / 100 (A)</p> Signup and view all the answers

What is the time duration of Roxanne's first attempt on Homework 9?

<p>3 hours and 21 minutes (D)</p> Signup and view all the answers

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