1. Critically assess the Lewis model. Explain the term "unlimited supply of labor" as used by Lewis. What are the implications of this assumption and Lewis' model for urban industrial growth? What are the implications of this assumption for the agricultural sector in developing countries? It would be helpful to think (and answer) in both long term and short-term dynamics.

2. Define 'terms of trade' as applied by Raul Prebisch and others.What was Prebisch attempting to explain?In other words, what were the dynamics of the terms of trade from the perspective of the periphery countries? Explain. Your essay must include at least two elasticity-based explanations for the dynamics of the terms of trade and two additional, non-elasticity based explanation.

3. "By the middle of the nineteenth century the growth of the world economy and the secular expansion of international trade provided the background for all discussion in LA on economic policy and economic development. Throughout the subcontinent a broad measure of agreement had been reached that Latin America's best hope for rapid economic advancement rested on closer integration into the world economy through commodity exports and capital imports...". "Export growth, it was assumed, was virtually the same as export-led [economic] growth." (Bulmer-Thomas, pp. 46 and 50).

summarize the reconciles such 'export optimism' with the generally poor results.

Hint: In Chapter 3, Bulmer-Thomas lays out specific reasons for both the optimistic view of export-led economic growth and the counterbalancing factors that help explain the poor results for most Latin American countries.

4. summarizes, then compares and contrasts the article by Amartya Sen, "Development: Which way now?" and the article by Albert Hirschman, "The Rise and Decline of Development Economics".

5-Define 'export pessimism. Which development economist is most closely aligned with export pessimism?