What are the social institutions

Reference no: EM132113343

Question: For 50 years, Cuba has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated.

a. Why would you expect Cuba's production possibilities (per person) to be smaller than those of Canada?

b. What are the social institutions that Cuba might lack that help Canada to achieve allocative efficiency?

Reference no: EM132113343

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