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Knowing that a neoclassical, capitalist economy depends on continuous economic growth (by making its production, distribution, and consumption more efficient), what might a savvy political economist say in argument against the prevailing economic system? Answer a. The economic individual maximizes her utility, is self-interested and rational; therefore, her endeavors will be successful with hard work. More of her peers should look to her; that attitude would really help our economy grow. b. The government should assist the economy by giving large amounts of money to help improve the efficiency of a few big firms during slow economic times and let inefficient, smaller firms file for bankruptcy. c. The earth's resources are finite, and the economy depends on those finite resources because it is a subset of the environment. Thus, there are biophysical limits to growth, and the neo-classical economy should re-think its system before it dooms our planet. d. I don't want to be a political economist anymore. It's too hard, the system is already set in its ways. I want to get a job that makes a lot of money! Which of the follow is NOT a characteristic of capitalism? a. private ownership b. pursuit of profitc. government control of the economy d. competition and consumer sovereignty
An institution through which buyers and sellers interact and engage in exchange is Answer A. a central authority. B. a market. C. a production frontier. D. "laissez-faire." Which of the following does NOT explain the breakdown in feudalism? Answer A. Breakdown of the guilds B. Rise of Catholicism C. Urbanization D. Creation of the Nation-State.
If banks expect an unusually large increase in withdraws from checking deposit accounts in the near future, what would happen to the federal funds rate, borrowed reserves and nonbo
Many economists and market analysts are avid followers of the BALTIC DRY INDEX (BDI) as a forward looking mechanism that may shed a bit of light on the evolution of global economic
briefly explain any five uses of national income statistics
Q. Show the components of GDP? The circular flow - simple version We have defined GDP, gross domestic product, as the market value of all finished service and goods produced
what is phillips curve
What is the development process? Development is measured through outcomes that are development occurs while key indicators of human well-being enhance. A reduction of poverty
How commercial banks "create money" Commercial banks obviously cannot influence the amount of currency in the economy or the monetary base, since they are not allowed to print
note on Marris growth maximizing model
Briefly explain the dynamics of the 2007 financial crisis in terms of adverse selection and moral hazard.
Crowding out is associated with: A. an increase in business investment resulting from an increase in government borrowing and higher interest rates. B. an increase in private savin
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