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- 2) What is institutional economics? How is it different from mainstream economics? Why institutional economics never gained an explicit foothold in Britain?1. Classify the following as microeconomics or macroeconomics and give and provide a justification for your choice by choosing answers from A-F to fit each statement below. ,The effect of rising oil prices on employment in the airline industry. - A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth. - Changes in the nation's unemployment rate over short periods of time. - The effect of changes in the household saving rates on the growth rate of national income. a- Micro. Examining one firm in the economy b- Macro examining one sector in the economy c- Micro, examining one individual/household in the economy d- Macro, examining the entire economy e-Micro examining one firm in the economy f- Micro examining one sector of economy 2. Choose the most appropriate answer to fit the statements. Due to heavy rains the price of ground produces increase a- Compare the cost versus benefits in the making b- Diminishing returns c- People…1. Classify the following topics as relating to microeconomics or macroeconomics. a. A family’s decision about how much income to save b. The effect of government regulations on auto emissions c. The impact of higher national saving on economic growth d. A firm’s decision about how many workers to hire e. The relationship between the inflation rate and changes in the quantity of money 2. Classify each of the following statements as positive or normative. Explain. a. Society faces a short-run trade-off between inflation and unemployment. b. A reduction in the rate of money growth will reduce the rate of inflation. c. The Federal Reserve should reduce the rate of money growth. d. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more saving
- 6 Introduction to Economics Please solve it very quickly ????1. What went economically wrong in the Central Eastern European states and in the USSR? 2. Although the problems of the planned economies were already obvious in the mid to late 1970s, why did the system survive so long? (Please argue from an economic not a political- ideological perspective!)“Dependency Theory belongs to a school of thinking that is not isolated from world events but took shape immediately after Latin American disappointment that the commercial benefits guaranteed by neoclassical theory failed to eventuate. Todaro (2000, p. 91) believed that, according to international dependence patterns, Third World countries are basically under the rule of the politics, institutions, and the economy of the developed countries themselves or of other countries of the world that are controlled by dominant wealthy countries” – critically explain how and why dependency theory emerged and also explain the importance of world system theory in the field of international and strategic relations?
- 4 Discuss the main theories underlying mercantilism and justify its relevance in current times by providing examples of countries that are implementing mercantilist policies.1. In what sense are cities mediums of globalization? 2. Why is economic power the most crucial determinant of global city? 3. Why is there a lot of inequality in global cities?5-What are viable explanations that someone can use to counter Leontief’s paradox?
- 1 Describe two of the big changes that happened in Japan during the Meiji period3. For Marx what is inherently exploitative about capitalism?1. a. How has the global supply chain become a macroeconomic issue during the covid-19 pandemic? b. what specific government post covid-19 policies can be implemented to improve the global supply chain c. Explain your rationale for the choice of policies in (b) (Please provide relevant graphs with answers)