Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 4CQ
To determine
Explain the political process that leads to economic inefficiency
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Chapter 6 Solutions
Macroeconomics: Private and Public Choice (MindTap Course List)
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- Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do?arrow_forwardManagers wonder what a political map of the world might look like in the next decade. Will democracy regain its intellectual and practical appeal? Will totalitarianism gain more ground? Will new ideologies arise? It is tempting to regard these questions as academic straw men, best left to the folks in ivory towers to wonder about. The latest data indicate they are anything but. As faltering political freedom and resurgent authoritarianism accelerate democracy’s retreat, countries reset marketplaces and MNEs adjust strategies. Trends highlight the contemporary political ideologies competing for supremacy—namely, the Washington Consensus vs. the Beijing Consensus. Understandably, each endorses different perspectives on the matters of freedom, property, ideology, and rights. From the following choices, please match the Beijing Consensus or the Washington Consensus to its corresponding principle. Beijing Consensus: Economic development and international trade as the means to generate…arrow_forwardYou have taken over the Canadian government. As the Dictator, you took on yourself to end the destruction of the environment by your citizens. As a dictator, you are no longer limited by the challenges of democracy and do not require the agreement of the public but you are limited by the limitations of the existing economic system. Explain what policies you would implement. How you expect these policies to solve the problem. By using the relevant Microeconomic models we learned in class throughout the semester, demonstrate how your policies affect the relevant markets. Show the direct impact and the indirect impact (positive and/or negative) on other markets affected by the changes you propose. For each policy: describe your policy, what are you hoping to achieve, what are your assumptions you are making and explain the economic mechanism that is taking place. Demonstrate graphically how it affect the current status in the market. WITH GRAPH PICTURESarrow_forward
- Through economic reasoning, explain the interrelationship with markets and government.arrow_forwardWhich of the following is the type of government where most power belongs to states or provinces and the national government is weak? A. An association B. A confederation C. A league D. An Alliancearrow_forwardIn a market system, provide an example for when government can enhance or harm any of the processes involved in terms of what should be produced, how it should be produced, and for whom.arrow_forward
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