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An important connection between the state and the market is rent seeking activities by interest groups to lobby for government regulation. Explain how would international free trade limit rent seeking activities and monopolistic power? Do you think services are more vulnerable to rent seeking activities and prone to monopolistic power than manufacturing activities? Do you think big countries are more vulnerable to rent seeking activities and prone to monopolistic power than small countries? Based on your analysis above, explain some of the challenges China has in learning from Singapore to attain economic ef?ciency.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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