Economic institutions, Microeconomics

Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North Korea's production possibilities (per person) to be smaller than those of Australia? What are the economic institutions that help the Australian economy achieve allocative efficiency that North Korea might lack?

 

 

Posted Date: 2/27/2013 12:07:30 AM | Location : United States







Related Discussions:- Economic institutions, Assignment Help, Ask Question on Economic institutions, Get Answer, Expert's Help, Economic institutions Discussions

Write discussion on Economic institutions
Your posts are moderated
Related Questions
Discuss the advantages and disadvantages in having a managed exchange rate regime. Advantages of a managed/fixed exchange rate Predictability and certainty a) Fi

using necessary and sufficient condition explain consumer surplus diagrammically and mathematically?

Discretionary Fiscal Policy: Some government taxing and spending programs can be adjusted by government in response to changing economic circumstances. These discretionary measures

Real and nominal GDP, GNP, and Intrest rates, Stock & flow variables, Disinflation, Inflation rates, unemployement rates, labor force, participation rate, output per person, GDP d

Suggestions For the last 60 years the Bretton Woods institutions have played an essential role in ensuring global financial stability and fostering economic growth and develop

Distinguish between interventionist and market-led strategies of development. Explanation of interventionist strategy; heavy government involvement in the planning of output, p

The monetary calculate of the welfare associated with the change in the provision of some good. It is not to be confused with monetary value, unless the latter is explicitly desig



If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?