Question 1.
a. Of two products, rice and paintings, which do you expect to have a higher index of intra-industry trade? Why?
b. For this part of the question, you will need export and import data for rice and paintings. Access the U.S. Trade website. Click on
"Trade Data and Analysis" and then "U.S. National Trade" and use the TradeStats Express website. You will find annual data for U.S. trade by product. On the very right of the webpage, you will find classification system for product. Describe what those terms (HS-2, HS-4, ...) mean? You will need the data for rice (HS 1006). Obtain the export and import values for 2018. Do the same for paintings (HS 9701); then calculate the intra-industry trade index for rice and paintings. You need to Do your calculations confirm your expectation from part (a)? If your answers did not confirm your expectation, explain why not. Describe your answers. Write answer in the excel file using some whitespace on your worksheet.
c. Next, you will need to calculate the gravity value for trade between US and other countries. For this purpose, you can pick your favorite product from the list (there is plenty if you look up HS-4). If you do not have a favorite product, you can use HS-DDMM for the purpose, where DD stands for the date of your birth and MM stands for the month. Download the import and export data by county in an excel spreadsheet for 2018.Find the distance between each country and using formulas in excel spreadsheet, calculate the gravity value. For simplicity, assume n=1. Plot the value of trade (Y axis) against the gravity value (X-axis). What pattern do you observe? Explain the implication of such pattern.
Question 2. What type of occupation would you like to pursue after graduation? To see what is available, go to the Bureau of Labor Statistics Website.
Find four occupations that you think fit the four categories: nonroutine manual jobs; routine manual jobs; routine cognitive jobs and nonroutine cognitive jobs. For each, what is the growth rate in employment in the US? See if you can find the growth rates in the past years and the projected growth rates for the coming years. do a worksheet in the excel file that you are using for the 1st question. For each type of job, do a graph showing the growth rates. Based on these graphs and trends, which occupations align with your choice of occupation the most?