global economics

COURSE CODE BCO221 COURSE NAME GLOBAL ECONOMICS (4 ECTS) Summer II Task brief & rubrics Assessment 1

Task

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1. Consider a two-country world. Each country has an upward-sloping national supply curve for raisins and a downward-sloping national demand curve for raisins. With no trade in raisins, the no-trade equilibrium price for raisins in one country would be $2.

0

0 per kilogram and the no-trade equilibrium price for raisins in the other country would be $3.20 per kilogram. If the countries allow free trade in raisins:

a. Explain why $3.50 per kilogram cannot be the free-trade equilibrium world price for raisins.

b. Draw and refer to graphs of supply and demand curves for the two national markets

2. You are given the information of a country Xanadu and the rest of the world. You make several Ricardian assumptions: These are the only two commodities, there are constant ratios of input to output whatever the level of output of cars and PC, and competition prevails in all markets.

Inputs per Unit Inputs per Unit

Of cars Output of PC Output

Xanadu 100 150

Rest of the world 70 70

a. Does X have an absolute advantage in producing cars? PC?

b. Does ROW have a comparative advantage in producing cars? PC?

c. If no international trade were allowed, what price ratio would prevail between cars and PC within X?

d. If free international trade is opened up, what are the limits for the equilibrium international price ratio? What product will X export? Import?

3. The country of Pugelovia has an endowment (total supply) of 20 units of labor and 3 units of land, whereas the rest of the world has 80 units of labor and 7 units of land. Is Pugelovia labor-abundant? Is Pugelovia land-abundant? If wheat is land-intensive and cloth is labor-intensive, what is the Heckscher–Ohlin prediction for the pattern of trade between Pugelovia and the rest of the world?

4. Read case study number 6. (Down)

a. Compare the differences between some countries in terms of factor endowments / net exports of oil.

ormalities:

· Wordcount:NA

· Cover, Table of Contents, References and Appendix are excluded of the total wordcount.

· Font: Arial 12,5 pts.

· Text alignment: Justified.

· The in-text References and the Bibliography have to be in Harvard’s citation style.

Submission: Week 3 – Via Moodle (Turnitin). Class time. Sunday: 23:00

Weight: This task is a 40% of your total grade for this subject.

It assesses the following learning outcomes:

· Outcome 1: develop a complex understanding of the main concepts of international economics and how to apply them.

· Outcome 2: understand and analyze the different global economic theories.

· Outcome 3: distinguish between the different international economic systems;

Rubrics

Descriptor

9-10

The student demonstrates an excellent understanding of the concepts.

8-8.9

The student demonstrates a good understanding of the concepts.

7-7.9

The student demonstrates a fair understanding of the concepts.

6-6.9

The student demonstrates some, but insufficient understanding of the concepts.

3-5.9

The student demonstrates insufficient understanding of the concepts. They may mention some relevant ideas or concepts, although it is clear that the relationship between them is not understood by the student.

1-2.9

The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.

0

The student leaves the question blank or cheats.

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