Microeconomics: Private and Public Choice (MindTap Course List)
15th Edition
ISBN: 9781285453569
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 4CQ
To determine
Explain the political process that leads to economic inefficiency
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Microeconomics: Private and Public Choice (MindTap Course List)
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- Voters in California are able to vote on propositions to create their own laws and through this process, they can amend or repeal statutes (laws) of the California Constitution. This is a form of: O. Direct Democracy O. Representative Democracy O. Totalitarianism O. Executive Orderarrow_forwardManagers wonder what a political map of the world might look like in the next decade. Will democracy regain its intellectual and practical appeal? Will totalitarianism gain more ground? Will new ideologies arise? It is tempting to regard these questions as academic straw men, best left to the folks in ivory towers to wonder about. The latest data indicate they are anything but. As faltering political freedom and resurgent authoritarianism accelerate democracy’s retreat, countries reset marketplaces and MNEs adjust strategies. Trends highlight the contemporary political ideologies competing for supremacy—namely, the Washington Consensus vs. the Beijing Consensus. Understandably, each endorses different perspectives on the matters of freedom, property, ideology, and rights. From the following choices, please match the Beijing Consensus or the Washington Consensus to its corresponding principle. Beijing Consensus: Economic development and international trade as the means to generate…arrow_forwardYou have taken over the Canadian government. As the Dictator, you took on yourself to end the destruction of the environment by your citizens. As a dictator, you are no longer limited by the challenges of democracy and do not require the agreement of the public but you are limited by the limitations of the existing economic system. Explain what policies you would implement. How you expect these policies to solve the problem. By using the relevant Microeconomic models we learned in class throughout the semester, demonstrate how your policies affect the relevant markets. Show the direct impact and the indirect impact (positive and/or negative) on other markets affected by the changes you propose. For each policy: describe your policy, what are you hoping to achieve, what are your assumptions you are making and explain the economic mechanism that is taking place. Demonstrate graphically how it affect the current status in the market. WITH GRAPH PICTURESarrow_forward
- Through economic reasoning, explain the interrelationship with markets and government.arrow_forwardIn a market system, provide an example for when government can enhance or harm any of the processes involved in terms of what should be produced, how it should be produced, and for whom.arrow_forwardWhich of the following is the type of government where most power belongs to states or provinces and the national government is weak? A. An association B. A confederation C. A league D. An Alliancearrow_forward
- Capitalism is a market-driven economy, characterized by government ownership of resources, and profits that are shared equally among the populace. True or false?arrow_forwardUnrest and economic underperformance haunt the emerging worldAt the start of the century, developing economies were a source of unbounded optimism and fierce ambition. Today South Africa is reeling from an insurrection, Colombia has suffered violent protests and Tunisia faces a constitutional crisis. Illiberal government is in fashion. Peru has just sworn in a Marxist as its president and independent institutions are under attack in Brazil, India and Mexico.Source: https://www.economist.com/leaders/2021/07/31/unrest-and-economic-underperformance-stalk-the-emerging-worldAccessed: 20/08/21 According to economic theory, the above occurrences come as a result of emerging markets failing to accomplish which of the following objectives?a) Price stabilityb) Balance of payments stabilityc) Economic growthd) Full employmentarrow_forwardWhich of the following refers to an economy which most economic decisions are made by the government and not by buyers and sellers who may be individuals or firms? Financial Capital markets Free markets Command economies Market-Oriented economiesarrow_forward
- The type of nondemocratic rule where democratic institutions that rest on the rule of law are weakly institutionalized and poorly respected, and where there is rule by an elected leadership through procedures of questionable democratic legitimacy is called... Group of answer choices Illiberal regimes Theocracy Sultanistic authoritarianismarrow_forwardWhy do you think that most modern countries’ economies are a mix of command and market types?arrow_forward
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