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
What is the impact of microeconomics on economy?

Deviation from ideal gas behavior The Van der Waal''s Equation This is observed, deviations from gas laws are high under high pressures & low temperatures. The Van der Waal suggest

buyers cannot tell whether any given car is a lemon. The percent of all cars that are lemons is theta. How much is theta when all cars offered are sold?

Determine the Business Cycle and Classical Economists Business Cycle:   The business cycle is the fluctuations in the rate of economic growth that take place in the economy. Th


How to solve questions of endowments?

What are the parts of valuable economics paper? The consequence of economics research is an economic conclusion. Usually a valuable economics paper comprises three parts: a.

Business sell to households in the resource markets, but households sell to businesses in the product market


Jeremy is an economics student who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u