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International Economic relations 2015/16 past paper for Loughborough University
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International Economic relations 2015/16 past paper for Loughborough University
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INTERNATIONAL ECONOMIC RELATIONS(15ECB005)
2015/16 Semester 2 3 Hours
Answer THREE questions.
All questions carry equal marks.
Answer all parts of a question.
Any University approved calculator is permitted.
You must write your answers in ink.
1. The leader of the Populist Party says, “The world doesn’t owe us a living. Only by raising
our country’s productivity across the board, and thus our nation’s competitiveness, will
we succeed in world markets.” Evaluate the economic logic of this claim in the light of the
Ricardian model. (100 marks)
2. (a) “A rising tide lifts all boats.” Evaluate this claim in the context of trade liberalisation
within the HOS model. (50 marks)
(b) “The fundamental objective of economic policy must be to increase the overall size
of the economic pie through trade liberalisation. Worries about winners and losers
should be secondary, and can anyway be addressed using straightforward policy
measures.” Discuss. (50 marks)
3. (a) “[I]t would appear that the dynamic losses under [protectionism] far outweigh the
static losses” (Krueger, 1998, p. 1517). Use economic analysis to give examples
of both types of welfare loss. (50 marks)
(b) “All economists agree on the need for trade liberalisation to be accompanied by
‘supporting policies’.” Evaluate this statement with respect to the views of Krueger
and Rodrik. (50 marks)
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