1. Put the data in the correct categories and set up the current account (gures are in billion USD): I Imports: $3,853 I Exports: $5,672 I Unilateral transfers in: $11 I Unilateral transfers out: $25 I Income receipts: $782 I Income payments: 935 0 Calculate the balance of trade. Is there a trade surplus or decit? 0 Calculate the current account balance. Is there a current account surplus or decit? 2. Japan can produce 80 tablets or 200 cell phones per day. South Korea can produce 90 tablets and 270 cell phones per day. A. Which country has the absolute advantage in producing tablets? B. Which country has the absolute advantage in producing cell phones? C. What is Japan's opportunity cost of producing 1 tablet? What is South Korea's opportunity cost of producing 1 tablet? D. What is Japan's opportunity cost of producing 1 cellphone? What is South Korea's opportunity cost of producing 1 cellphone? E. Which country has the comparative advantage in producing tablets and cellphones? 3. The exchange rate of the US dollar to the Chinese yuan is 7 CYN to 1 USD A. What is the price of one yuan? B. A haircut cost 175 yuan in China. How much is this in US dollars? 4. The U.S. demand and supply of almonds are given in the table below: The Demand and Supply of Almonds Price per pound in USD Quantity Demanded (in thousands of pounds) Quantity Supplied (in thousands of pounds) $10 10 60 A. Graph the demand and supply of almonds. What are the equilibrium price and quantity? B. The U.5. opens for trade and nds that the world price of almonds is $8 per pound (add the world price to the graph). Will the US. import or export almonds? C. Who benets from trade? Who loses