I got these wrong please answer both

Assume that the price of a bushel of corn is EUR 3.50 in the Euro Zone and USD 4.00 in the U.S. market. Currently the USD/EUR spot exchange rate is: X0 USD/EUR = 1.20. Using the corn prices as a price benchmark, according to ILOP... There is not enough information provided to answer this question The USD is correctly priced according to the ILOP condition The USD is overvalued against the Euro The USD is undervalued against the Euro Question 13 0/4pts Assume that the price of a bushel of corn is EUR 3.50 in the Euro Zone and USD 4.00 in the U.S. market. Currently the USD/EUR spot exchange rate is: X0 USD/EUR = 1.20. Using the corn prices as a price benchmark, according to ILOP, all else equal... The US is likely to have a trade surplus with the Euro Zone The US is likely to have a trade deficit with the Euro Zone There is no relation between trade balances and the pricing of FX Trade between the US and the Euro Zone should be balanced