Econ 515

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Economics 515

AU12 Midterm 3 Review

The exam will have 10, 10-point questions on it from the questions below.

1. Explain briefly how guns and steel aided in Europeans’ attempts to conquer the native population of Africa and the Americas. How did germs work in favor of European conquest against the Incas? How did germs work against the Europeans in their imperialist efforts in Africa?

2. Describe the attempt of Europeans to colonize Africa depicted in Guns, Germs, and Steel. Specifically, how successful were they in South Africa? What happened when they encountered the Khoisan tribes? How about the Zulu? Were they able to successfully settle the interior? Why or why not?

3. List 3 positive impacts on standards of living due to industrialization. List 3 negative consequences of industrialization. Did British Standards of Living rise 1800-1850? Why or Why not? How about after 1850?

4.What do data on wages tell us about changes in the standard of living during the Industrial Revolution? How about changes in consumption? In what way does looking at biological measures tell a different story? 5. (NOTE: NUMBERS MAY CHANGE ON EXAM!) Suppose the U.S. can produce 100 pairs of shoes or 1,000 lines of computer code per day per worker and Malaysia can produce 50 pairs of shoes per day per worker or 10 lines of computer code per day per worker. What is the opportunity cost of a pair of shoes in the U.S? What is the opportunity cost of a line of computer code for Malaysia? In the production of what good(s) does the U.S. have absolute advantage? In the production of what good(s) does Malaysia have absolute advantage? In the production of what good(s) does the U.S. have comparative advantage?

6. What is the Hecksher-Ohlin Theory of Comparative Advantage? Apply this model to explain trade between Great Britain and the United States in mid-nineteenth century.

7. What were the Corn Laws? Explain how and why they were finally...
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