In a contract between a Chinese seller and a Australian buyer, the Incoterm DAP Sydney airport ICC 2020 is used. This implies that: a. the buyer pays the costs from China to Sydney/b. the buyer clears the customs in Sydney / c. the buyer needs an insurance from China to Sydney/d. the seller pays the unloading of the plane in Sydney

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18. This question pertains to the addendum to Chapter 2. The following tables show the production possibilities for two hypothetical countries, Italia and Nire. Which country has the comparative advantage in producing butter? Which coun- try has the comparative advantage in producing guns? What would be a mutually agreeable rate of exchange between the countries?

The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone. 180 150 Kate 120 Hubert B %2: Eileen A Clancy Вecky 30 D Alex +> 1 3 4 5 6 QUANTITY (Used smartphones) Region A (the purple shaded area) represents the total producer surplus when the market price is $ while Region B (the grey shaded area) represents when the market price In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement True False Producer surplus is smaller when the price is $105 than when it is $90. Assuming each student receives a positive surplus, Becky will always receive more producer surplus than Clancy. In order for…