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Checklist For The Final Exam EC3341

The document provides a checklist for topics covered on the final exam for the EC3341 course. It outlines three main sections - the Ricardian model (10%), the Hecksher-Ohlin model (40%), and intertemporal trade and the current account (20%). For each section, it lists several key questions that students should be able to answer to do well on the exam. Understanding the lecture notes is emphasized as key to success. While the math questions will be similar to problem sets, they will not be as difficult.

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Chiew Jun Siew
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75 views2 pages

Checklist For The Final Exam EC3341

The document provides a checklist for topics covered on the final exam for the EC3341 course. It outlines three main sections - the Ricardian model (10%), the Hecksher-Ohlin model (40%), and intertemporal trade and the current account (20%). For each section, it lists several key questions that students should be able to answer to do well on the exam. Understanding the lecture notes is emphasized as key to success. While the math questions will be similar to problem sets, they will not be as difficult.

Uploaded by

Chiew Jun Siew
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Checklist for the Final Exam EC3341

Remark: This list is not meant to be exhaustive but it should give you a general
guideline of what you need to understand to do well in the nal. The key to do well is
the lecture notes. The math questions are similar to the ones in the problem sets but
not as dicult as some questions there.

The Recardian Model (10%)

How is the equilibrium without trade determined?

What does it mean that a country has a comparative advantage?

Can you explain how the consumption possibility frontier expands with trade?

When and why are there gains from trade?

The Hecksher-Ohlin Model (40%)

Can you prove the Stolper-Samuelson theorem?

Can you prove the Rybcynski theorem?

Do you understand how the production possibility set is derived?

Can you explain how the autarky relative price depends on abundance of a factor
endowment?

Can you prove the Hecksher-Ohlin theorem?

What are the implications of the Hecksher-Ohlin theorem?

Can you derive the equilibrium conditions for the Hecksher-Ohlin model?

Can you explain the mechanism of how the world market equilibrium (price)
is restored when a country experiences an import or export biased growth or
imposes a tari?

What is the welfare and income distribution eects of an import-biased or export-


biased growth?

What is the welfare and income distribution eects of a tari?

1
Intertemporal Trade and the Current Account (20%)

Can you solve the problem of a representative agent in a small endowment econ-
omy?

Can you explain when and why there are gains from trade?

Can you solve the problem of a representative agent in a small economy with
investment?

Can you explain how autarky equilibrium is established in a small economy with
investment?

Can you show how the saving and investment curves are aected by parameters?

Can you explain how the equilibrium is established in the two country model?

Exchange Rates (30%)

Can you explain the mechanism why exchange rates have a higher volatility than
relative price ratios?

Can you explain how exchange rates are determined in the long run when PPP
holds and when it doesnt hold?

Can you explain how the short run equilibrium is determined in forex, money
and output market?

Can you explain how the AA and DD curves shift?

Can you explain how the economy returns to its short run equilibrium when it
is o the equilibrium initially?

What are the dierences between temporary and permanent policies in terms of
their eects on the economy?

Can you explain how dierent policies aect the current account in the short run
as well as in the long run?

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