Econ_101_HW_05_ch_8_9_Fall_2011

Econ_101_HW_05_ch_8_9_Fall_2011 - Economics 101 Name Fall...

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Economics 101 Name: Fall 2011 Homework #5 (Chapters 8 and 9) Due Thursday, October 6, 2011 Each question is worth 2 points, plus 12 points for writing your name, for a total of 100. The U.S. Census Bureau keeps statistics on U.S. imports and exports on its website. The following steps will take you to the foreign trade statistics. Use these steps to answer the questions 1 to 7. (i) Go to the U.S. Census Bureau’s website at www.census.gov (ii) Under the heading “Business & Industry,” click “Foreign Trade” (iii) At the top of the page, click “Data” (iv) Under “More DATA”, click “Country/Product Trade Data” (v) Under the heading “North American Industry Classification System (NAICS)-Based,” click “NAICS web application” (vi) In the drop-down menu “3-digit and 6-digit NAICS by country,” select the product category you are interested in, and click “Go” (vii) In the drop-down menu “Select 6-digit NAICS,” select the good or service you are interested in, and click “Go” (viii) In the drop-down menus that allow you to select a month and year, select “December” and “2010,” and click “Go” (ix) The right side of the table now shows the import and export statistics for the entire year 2010. For the questions below on U.S. imports, use the column for “Consumption Imports, Customs Value Basis.” 1. Look up data for U.S. imports of hats and caps: in step (vi), select “(315) Apparel & Accessories” and in step (vii), select “(315991) Hats and Caps.” From which country did we import the most hats and caps? 2. Which of the three sources of comparative advantage (climate, factor endowments, and technology) accounts for that country’s comparative advantage in hat and cap production? 3. Look up data for U.S. imports of grapes: in step (vi), select “(111) Agricultural Products” and in step (vii), select “(111332) Grapes.” From which country did we import the most grapes? 4. Which of the three sources of comparative advantage (climate, factor endowments, and technology) accounts for that country’s comparative advantage in grape production? 5. Look up data for U.S. imports of food product machinery: in step (vi), select “(333) Machinery, Except Electrical” and in step (vii), select “(333294) Food Product Machinery.” From which country did we import the most food product machinery?
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