Course: Econ 355 Instructor: Nisha Malhotra

Tips for the Final Exam

The exam would have a similar layout as the assignments, some multiple questions followed by short type questions. It would be roughly two hrs and 10 minutes long.

Division of marks in the midterm:

Before the Midterm: 40%

After the Midterm: 60%

Coverage:

1.  Multiple Type Question & Short type Questions:

Chapters covered from the books:

KO: International Economics Theory and Policy, Krugman and Obstfeld (KO),

GE: The Global Economy: Country Level Analysis and Case Studies

Important Note: If you understand the slides you don’t have to go through the chapters in the book. Midterm would be based on the material covered in class (slides) and application of the material you have learnt in the slides. So, when you read these chapters from the book, make sure you only read the portions that have been covered in class. The books are in the reserve section in the Mcmillan library.

The topics are as follows:

I. Introduction

·  Overall Trade & Trade in Agriculture Goods - Patterns and Trends (Lecture 1)

·  Trade in Food Products - Patterns and Trends ( Lecture 2)

II. Trade Models: Why do Countries Trade?

·  Ricardian Model (lecture 3 and lecture 4)

·  Hecksher-Ohlin Model (lecture 5 and lecture 6)

·  Case Study: US-Australia Free Trade Agreement and others (Lecture 7)

III. Trade Barriers in the Agriculture Sector

·  Instrument of Trade Policy (October 25th)

·  Trade Remedy Measures - Antidumping, Countervailing, Quotas, (October 30th)

IV. Food Market - Details Including Market Structure

·  New Directions in Global Food Markets

·  Case: Canadian Dairy Market

·  More on Canadian Dairy Industry

V. Global Trade in Food and the Developing World (Dan’s Classes)

·  Lecture 1 : October 4th (New)

·  October 11th, October 16th,

·  Power point Presentation: Corn:

VI. The World Trade Organization

·  Trade Negotiations and Preferential Trade Agreements

·  Case Study: US-Australia FTA

·  The WTO

·  “The WTO in brief” (Extra Reading)

·  Virtual Tour of The WTO (View at home) (video)

·  Case Study of a Dispute (will decide later)

News Items

US-Australia Free Trade Agreement: BBC News articles

Australian Farmers

Australian Sugar Industry

Free Trade?

i. 

Tips For Answering questions-Graphs

  • Make sure you read the questions very carefully. We try to make it simple for you to understand the question. So, if you have any doubts about the questions-ASK one of us for an explanation.
  • “Show with the help of a graph” or “Draw a graph to show”- This implies that you draw a graph AND you have to write what the graph is about or what you are trying to show in the graph. (for example: Price of cloth increases so Pc/Pf (relative price increases) increases, which increases the w/r ratio and K/L ratio)

§  Make sure you label your graph completely

§  If there is a shift in the graph show this with an arrow.

Tips for Preparing for the Exam

  • Make sure you go through all the slides.
  • Go through all the assignments.
  • Make sure you do the “questions” asked in class – the class assignments.
  • Distinguish between all the trade models-what are the differences and the similarities.

During the Exam-Serious Matter-We are very strict about this

1.  Please, don’t look around at other’s answers. We will cancel your exam

2.  There should be no talking during or after the exam INSIDE the exam hall – If you are found talking inside the exam room even if you have submitted the exam (it would be assumed you are helping others cheat)

3.  Please bring your ID and keep them outside during the exam

4.  No cell phones are allowed in the exam. If you have them with you, switch them off and keep them in your bag. They shouldn’t be visible to us

5.  Only basic Calculators are allowed in the exam room. Scientific Calculators would be removed from your possession if you have them during the exam. Please invest in a 5 dollar calculator.

GOOD LUCK!