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Chapter 1 Student name:__________ 1) Which of the following statements is NOT true about COVID-19 and international trade? A) The 2020 decline in trade in services was predicted to be 8 percent, but it was ly 25 percent. B) The 2020 decline in trade in goods was predicted to be 6 percent, but it was ly 10 percent. C) In the first year of the COVID-19 pandemic, imports from China were an important part of how the United States increased its access to and use of personal protective equipment (PPE). D) China was one of the top four exporters of medical goods to the United States. 2) Which of the following statements about comparative advantage is false? A) It is a reason why countries trade with each other. B) It explains why China was the top source of personal protective equipment (PPE) exports to the U.S. C) It explains why there was a severe shortage of personal protective equipment during the first months of the COVID-19 pandemic. D) It explains why China was not the top source of medical equipment exports to the United States during the COVID-19 pandemic. 3) Which of the following statements about personal protective equipment (PPE) is false. A) China has a comparative advantage in the production of PPE. B) In the first months of the COVID-19 pandemic, China blocked exports of PPE to the United States. C) The shortages of PPE placed upward pressure on the price of PPE D) U.S. hospitals had a small stockpile of PPE because the price of PPEs had risen after President Trump's tariffs on U.S. imports
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