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- There were lots of similarities between Britain's system of government and that of the individual British colonies in North America. One difference, though, was that a far larger proportion of male residents experienced direct representation in theirlegislatures, rather than the "virtual representation" that most Britons experienced inEngland and Scotland. Why? 1.Because elections for office in the colonial legislatures were done by secretballot. 2.Because ownership of enough property to meet the property requirements forvoting was more common in the colonies than it was in Britain. 3.Because the colonists thought slavery, in both the political sense and actualslavery, was more wrong than did their British counterparts. 4.Because only enslaved people were prevented from having voting rights in the colonies.2. Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved. a) Regulating cable TV prices b) Providing some poor with vouchers that can be used to buy food. c) Prohibiting smoking in public places d) Breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies. e) Imposing higher personal income tax rates on people with higher incomes f) Instituting laws against driving while intoxicated.3(a) According to Adam Smith, discuss what brings about the differences in one’s ability to sympathize with sorrow and with joy. b) What is the role of the state according to Adam Smith? (c) What makes for good taxes? (d) What determines the market price and the natural price of a good according to Adam Smith’s value theory? (e) How does this determine the flow of resources in an economy? Why was this an important contribution? (f) How does Smith measure economic welfare? (only d-f)
- Suppose a county has a classified property system where owner-occupied property is rated at 15%, farm property and undeveloped land at 10%, and all other property (including rental, commercial, and industrial) rated at 20%. a) What kind of incentives do individuals face when trying to reduce their tax burden? b) Why should it be difficult to compare tax burdens between this city and another city that does not have an unclassified system?2. Why does sharecropping continue to exist as opposed to laborers renting land and paying for the rent with the proceeds of their harvest? Sharecropping is a farming system in which owners of the land allow others to farm it and then the harvest is split, with some portion (let's say half) going to the laborer and some to the land owner. Renting land (the "English system") is an alternative in which laborers pay a fixed monetary rent and then keep all of the proceeds of their production. For hundreds of years commentators have pointed out that sharecropping lowers overall investment and effort and that renting both generates more revenue for owners and, on average, more revenue for laborers due to the harvest generally being much larger. However, when prices drop significantly for agricultural outputs, rents can exceed the total value of output under the English system. Given that in the English system rent returns more money to land owners and on average generates more income…Explain how a country may experience greater equality in the distribution of income, yet still experience high rates of poverty. Hint: Look at the Clear It Up 'How do governments measure poverty in low-income countries?' and compare to Table 15.5.
- A.)Why Is the private ownership of resources such an important characteristic of a capitalist economic system?How do different economic actors (consumers, workers, businesses exercise “Freedom of Choice”? B.)How do different economic actors pursue self-interest?What are the main characteristics of a perfectly competitive market?1. What is a social enterprise? 2. Why is it considered as an alternative platform that can alleviate the plight of the poor? 3. What is a social economy? Why is it considered to be happening already? 4. What is the third and fourth socio-economic systems? 5. What is a neo-liberal agenda that will advance the public sector?Anawer the ff. questions. 1. How can industrialization or innovation help end the poverty cycle? 2. How can infrastructure development and industrialization be more inclusive of Indigenous perspectives and rights? 3. How does government corruption affect infrastructure development and industrialization?
- 8. Describe the sociological approach to entrepreneurship. How can this approach be used to promote more entrepreneurship within the economy? 9. If immigrants are a major source of entrepreneurship in an economy, why do most countries limit the number of immigrants they allow in each year?The narrow view of corporate social responsibility talks about how the corporate vicinity of "care and responsibility" lies within the company's owners and its shareholders. The moral obligation to anyone further is then said to be out of their hands. On the other hand, the broad view of corporate responsibility takes that moral obligation and "care and responsibility" further past the corporation directly. I would have to easily say that I favor the broad view of corporate responsibility for many reasons. Every activity a corporation takes place in has an effect, both direct and indirect, on the world, whether that be other companies, the surrounding area, or the natural environment nearby. The idea of not having to worry about what they do to the surrounding area bothers me, as they can quickly destroy the environment that has been formed through thousands of years. With that nearby area destroyed, who knows the adverse effects on the environment for that area? I feel a strong moral…3(a) According to Adam Smith, discuss what brings about the differences in one’s ability to sympathize with sorrow and with joy. b) What is the role of the state according to Adam Smith? (c) What makes for good taxes? (d) What determines the market price and the natural price of a good according to Adam Smith’s value theory? (e) How does this determine the flow of resources in an economy? Why was this an important contribution? (f) How does Smith measure economic welfare?
