Midterm exam ECB2INTE 2019 Essay questions + answers.doc - UNIVERSITEIT UTRECHT International Economics Spatial Interactions UTRECHT SCHOOL OF ECONOMICS

Midterm exam ECB2INTE 2019 Essay questions + answers.doc -...

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UNIVERSITEIT UTRECHT International Economics, Spatial Interactions UTRECHT SCHOOL OF ECONOMICS Midterm exam: ESSAY QUESTIONS Q&A Thursday March 7, 2019 11:00 – 13:00 Name and initials: Registration number: Remarks: This exam consists of a set of 30 multiple choice questions and 2 essay questions. Essay question: you are requested to give your answers within the space delineated for this purpose. Essay question: you can write this exam in English or in Dutch. The maximum score for this partial exam is 100 units. Your grade will be the weighted average of your scores for the set MC questions (50%) and the essay question (50%). The results of the exam will be made public on Thursday March 21, 2019. You can take a look at your work and get an explanation for the grading. Place and time of the inspection meeting will be announced when the grades are made public. Information on the grades will not be supplied by telephone. You can ask for a photocopy of your work at the Student Desk of the Utrecht School of Economics until four weeks after the publication of the grades. Four weeks after the publication you can get the original of your work if you sign a declaration that you will not appeal or have appealed against the grading of your work. You can appeal against the grading of your exam within four weeks after the official publication date of the grading. This should be done in written form with the College van Beroep voor Examens, Heidelberglaan 8, 3584 CS Utrecht. 1
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Question 1. The Ricardian Model (30 points) In a Ricardian world, two countries (the USA and Malawi) can produce two goods (steel and rice) with one factor of production (labor). In the USA, the production of one ton of steel requires 10 hours of labor and the production of one bushel of rice requires 10 hours of labor. In Malawi, the unit labor requirements are 200 hours for one ton of steel and 100 hour for one bushel of rice. The USA has 1000 hours of labor available and Malawi 2000 hours. The world relative demand has the following form:
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