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Question. Many reasons for why the United Kingdom voted to leave the European Union have been proposed. A common one is that imports from the EU hurt low-skilled British workers. This question will ask you to analyze what effect Brexit (the UK’s exit from the EU) may have on relative wages for high-skilled and low-skilled workers in the UK using the Heckscher-Ohlin model of international trade. Suppose that there are two industries: financial services and manufacturing. Further assume that there are two factors of production, low-skilled and high-skilled workers, and that finance is high-skill intensive and manufacturing is low-skill intensive. Further assume that the United Kingdom is abundant in high-skill labor (i.e. it has relatively more high-skilled workers than the rest of the EU).

a) Show using the Heckscher-Ohlin model of international trade how relative wages for lowskilled and high-skilled workers are determined when the UK is a member of the EU (i.e. when there is free trade between the UK and the rest of the EU). Explain your answer.

b) Now suppose that the UK leaves the EU. For simplicity, we will model this as autarky, i.e. that all trade between the UK and the EU stops. How do real wages of low-skilled and highskilled workers change (remember that the UK is abundant in high-skilled labor)? Explain your answer.

c) Describe also how the relative output of financial services versus manufacturing in the UK changes with Brexit. Explain your answer

Question -2

A state government wants to construct an International Airport. The proposed Airport would be completed in three phases (spread over 10 years) and operations would start after completion of the first phase in next three years. Expected cost of the first phase is Rs 5500 crores. You have been hired by the State Government to consult them on various stages of the bidding process to select an agency/developer that would build, own, operate, and transfer the airport. Please briefly enumerate all the stages of choosing such an agency/bidder right from the very beginning to the finalization of bid process. Also tell the salient features of all the stages enumerated by you.                                                                           

Question -3

Assume that you are heading the HR department in your company. Please enlist any four labour laws you comply with. Please also explain the salient features such as returns submitted, coverage, compliance, benefit details, and authorities concerned (these are indicative only; please mention any specific feature you want to mention) for each law.

Question-4

Please fill in the blanks in the following table. Also mention how you have arrived at a particular result.                                                                                                  

[1] Currency unit is US Dollars

[2] The reference year for our purpose

(b) Explain how the following events affect the demand of Ringgit Malaysia (RM) and its value. (i) Bank Negara Malaysia targets a lower interest rates vis-à-vis regional countries. (ii) There is a sudden interest in Malaysian property market among foreigners. (iii) More international students coming to study in Malaysia.

In the space provided below, discuss how each of the following might be affected by the proposed monetary and fiscal policy responses to Covid-19.

a. Inflation in the US (Use equation of exchange to augment answer):

b. Term structure of interest rates:

c. US, European, and Emerging Market equities:

d. US dollar:

(ECONOMICS OF STRATEGY, GAME THEORY) QUESTIONS PLEASE ANSWERR

Solve the following games with iterated elimination of dominated strategies. Indicate the order of elimination and at each step explain why these strategies are eliminated.

Explain in detail the policy conclusions of the IS/LM/BP model

Benefits that are received in the future must be discounted (put on a present value basis) before they can be compared with benefits that accrue today because

A) Earnings increase with labor market experience

B) The future is uncertain, people prefer to consume benefits earlier

C) Direct costs change with fluctuations in the market

D) Today's money is worth less in the future

Explain any TWO (2) uses of national income accounting to economists and to policy makers.

Assume an economy which has no government intervention and with only two individuals, Mark and Tom, who produce fish and sugarcane using the resources they have namely labour and capital (assume natural resources to be given). With the aid of well labelled diagrams, use the benchmark model to show a situation where production activities are Pareto optimal in the above mentioned economy.

Consider an economy that produces and consumes only two goods. In the following table are data for two different years. Assume 2015 as the base year.

Year: 2015 2019 Goods Quantity Price Quantity Price Burgers 400 $3 600 $4 Pizzas 400 $4 300 $6

(a) Calculate nominal and real GDP for 2015 and 2019. By what percentage did real GDP increase between 2015 and 2019? What is the annual growth rate of the economy during this period? (b) What is the GDP deflator in 2015 and 2019? By what percentage did prices rise between 2015 and 2019? What is the annual inflation rate based on the GDP deflator? (c) Assume that the typical consumer’s basket of goods is given by the average of the quantities between 2015 and 2019. What is the consumer price index (CPI) in 2015 and 2019? By what percentage did prices rise between 2015 and 2019? During this period, what is the annual inflation rate based on CPI? (d) Is the inflation rate based on GDP deflator lower than the inflation rate based on CPI? Briefly explain to justify your answer.