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ECO3BWE Business in the World Economy

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Question 1.Globalising Australia.

Read the report “Changes in global trade shaping the Australian economy” by the Australian Department of Industry, Innovation and Science that you can find in the following link and answer the following questions: 

a.summarise the key international trade transformations experienced by Australia since the 1970s. 

b. In no explain the meaning of structural transformation that is generated by a country’s exposure to international markets. 

c. Explain your opinion about the way Australia has managed its structural transformation since the 1970s. Please substantiate your answer using other references. At least two references are recommendable. 

Question 2. Dynamics in Export Specialisation – Country Case of your Choice

i.Please select a country for your analysis. Make sure that the country of your choice has trade data available that starts at least in the 1960’s. An OECD country is a recommended option. 

ii.Download your country’s export data disaggregated by industries (SITC 3-digit level) following the “Data Downloading Guidelines” specified below. 

iii.Download the data for the earliest year available, one year around the middle of your time series (possibly end of the 1980’s or beginning of the 1990’s), and for the most recent year in your dataset (if you find some missing observations that is okay, as long as there is enough data to conduct the analysis just work with what you have). 

iv.Using Excel calculate the index of Revealed Comparative Advantage (RCA) for industries at the SITC 3-digit level using the relevant data. Please keep RCA values to 3 decimal places. The RCA of an industry  of country  in year  is given by: 

where  is the export value of industry of country at year . The denominator incorporates aggregated world values (all countries). 

a.(5 marks) Generate 3 tables on your Word document where you list the top 10 industries by comparative advantage in each of the selected years (one table per year). Each table should include the rank, industry ID, industry name and the corresponding RCA. Write a few words above the tables with a brief description of the information that the tables contain. 

Note: The index represents the share of a particular industry in the total exports of a country, relative to the share of that industry in world trade. A country is said to have a revealed comparative advantage in an industry when the corresponding index is greater than 1 (). 

Discuss your findings analysing the patterns and trends of comparative advantage. What do you think are the sources of the revealed comparative advantages for your country and their change over time (in case a change is observed)? Your discussion should be supported not only by the data analysis but also by research on relevant literature and the theories studied in the subject. 

ECO3BWE Business in the World Economy

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Suppose the market demand function is as follows: Q=75-6Px + 2Py + 5M where Px is the price of x, Py is the price of Y and M is income. Currently the price of Y is $75 and income M is $200.Determine the following:i) If the price is $120, what is the quantity demanded? Qd=ii) What is the price elasti ...

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Task: Describe how market myths or failures effect the environment , and what measures you believe can be done to ensure the preservation of natural resources and the environment . ...

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