ANS WITH FULLY EXPLANATION

Question 7 Not complete Marked out of 1.00 V Flag question The following table shows the US and Japan's costs of producing one unit of Food and one unit of Clothes in their own currency respectively. Suppose the exchange rate is $1 = 100. We may conclude that the lower bound of an admissible term of trade is [Answer] Food/ Clothes. (In decimal numbers, with two decimal places, please.) Question 8 Not complete Marked out of 1.00 V Flag question The following table shows the US and Japan's costs of producing one unit of Food and one unit of Clothes in their own currency respectively. Suppose the exchange rate is $1 = 100. We may conclude that the upper bound of an admissible term of trade is [Answer] Food/ Clothes. (In decimal numbers, with two decimal places, please.) Question 9 Not complete Marked out of 1.00 V Flag question Suppose it takes 3 hours for Japan to produce 1 unit of Car and 0.9 hours to produce 1 unit of Train. And it takes 3 hours for the US to produce 1 unit of Car and 11.7 hours to produce 1 unit of Train. The lower bound of an admissible term of trade is [Answer] Car/Train. (In decimal numbers, with two decimal places, please.) Question 10 Not complete Marked out of 1.00 V Flag question Suppose it takes 3 hours for Japan to produce 1 unit of Car and 0.9 hours to produce 1 unit of Train. And it takes 3 hours for the US to produce 1 unit of Car and 11.7 hours to produce 1 unit of Train. The upper bound of an admissible term of trade is [Answer] Car/Train. (In decimal numbers, with two decimal places, please.)