Reference no: EM132965742

1. It has been argued that business has too much power that, once exercised, even in a responsible manner, distorts the balance of political power in the country. Discuss both sides of this issue. Where do you stand? Explain your position and the reasoning behind it.

2. As the newly hired lobbyist for an international corporation in Washington, report on your job explaining at least the following aspects: the nature of lobbying; the importance of access to congress members; the significance of timing; and the controls on lobbying. Give specific examples.

3. Antitrust laws and the agencies involved in enforcing such acts seem to be confusing. Please outline, in a concise way, the basic acts or laws concerning antitrust, the specific governmental agencies in charge of enforcing each law, the limits of the responsibility of such agencies, and your suggestions to simplify the process.

4. Write short notes explaining and analyzing the following types of market imperfections:

a) Externalities
b) Asymmetric information
c) Moral hazard of the imperfections
d) Public Goods
e) Natural Monopoly

5. What is common law? Where did it develop? Why is it an important aspect of the legal system?