old_hw1.pdf - Econ 3 Sample Homework 1 True/False For each...

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Econ 3 1 Sample Homework 1 True/False: For each question, answer T/F and briefly explain the answer. 1. In the Ricardian model, an industry pays a higher wage if this industry’s product becomes more expensive. 2. When Americans travel to Paris, the United States imports tourism from France. 3. A closed economy is one in which imports exactly equal exports. 4. If a country is less productive in both wine and cheese, it cannot have a comparative advantage in either. 5. As workers become more productive in the Ricardian model, their wages become higher. 6. When a Vietnamese student studies economics at Santa Clara University, Vietnam imports services from the United States. 7. The majority of US trade is in manufacturing goods today, but not so 150 years ago. 8. Japan has the comparative advantage in TV, and China has the comparative advantage in shirts. When Japan and China open up to free trade, the relative price of TV to shirts cannot possibly decrease in Japan.
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