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Walton and Rockoff present a partial list of the institutional determinants that allow modern economies to flourish:
The rule of law, coupled with limited government and open political participation
Rights to private property that are clearly defined and consistently enforced
Open, competitive markets with the freedom of entry and exit, widespread access to capital and information, low transaction costs, mobile resource inputs, and reliable contract enforcement
An atmosphere of individual freedom in which education and health are accessible and valued
Explain how and why each is important to economic growth. Your answer should contain 4 separate paragraphs- 1 for each explanation.
Explain how agricultural price supports work and what the effects of the supports are. What are the effects of an increase in the minimum wage? who would be most affected?
The economic analysis of legal concepts, such as property law, contracts, torts, the legal process, crime, and punishment. The focus of much of the material is using the scientific theory of economics to predict the effect of various policies on ..
Describe the how the Government influences the management of the economy via fiscal policies and taxation? How would the government do with their fiscal policy in the course of a depression?
The per acre production function for rice is y = f (W, F ) = 2W^1/2 F^1/2 , where W is irrigation water, F is fertilizer and y is yield (output per acre). Compute an expression for the marginal product of water. Compute an expression for the marginal..
Consider a Cournot model in which prior to merger there is one low cost firm with marginal cost equal to 12 and 2 high cost firms with marginal cost equal to 24. Fixed costs are zero and inverted market demand is given by P = 48 – Q. Solve for the pr..
The rate cut was made because European nations were growing very slowly or were in recession. What effect did the bank hope the action would have on the economy.
Critically compare and contrast the policy approaches of TSCA and FIFRA. In your view, which of these is more effective in preventing pollution? Explain.
Quantity of money demanded is positively related to the value of money and negitively related to the price. Used goods are not included in the Calculation of GDP. Nominal variables are measured in physical units.
You just won a contest and have been appointed City of New York Tax Commissioner (you might be asking, why did I enter such a contest? :)). Your primary goal is two fold: raise revenue and make the tax code more efficient. You have to decide which go..
Determine the income elasticity of demand, and state whether good X is a normal or inferior good. Determine the own advertising elasticity of demand.
M1 money growth in the U.S. was about 16% in 2008, 7% in 2009 and 9% in 2010. Over the same time period, the yield on 3-month T-bills fell from almost 3% to close to 0%. Given these high rates of money growth, why did the interest rates fall, rather ..
Imagine that you are a service consultant to a local health club. How would you advise the health club to begin the process of developing an effective physical evidence strategy? Describe in a memo how the physical environment impacts both the employ..
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