Economic institutions, Microeconomics

Assignment Help:

Since World War II, North Korea has had a centrally planned economy in which the government makes the big decisions on how resources will be allocated. Why would you expect North Korea's production possibilities (per person) to be smaller than those of Australia? What are the economic institutions that help the Australian economy achieve allocative efficiency that North Korea might lack?

 

 


Related Discussions:- Economic institutions

Profit maximisattion, argument against in favour of traditonel theory prof...

argument against in favour of traditonel theory profit maximisation

Macroeconomics, A government is currently operating with an annual budget d...

A government is currently operating with an annual budget deficit of $40 billion. The government has determined that: • Every $10 billion reduction in the amount of bonds it issue

Define the effects of monopoly, There are various implications of the monop...

There are various implications of the monopoly model; many of which lead to criticisms of monopoly on issues of both technical /allocative efficiency.  The prices and output verifi

Monopoly, causes for emergency of monopoly

causes for emergency of monopoly

Exchange rate system, EXCHANGE RATE SYSTEM: It is interesting to look ...

EXCHANGE RATE SYSTEM: It is interesting to look at a case study of a country like India for several reasons: first it is a small country in terms of imports and exports as a p

Oligopoly, little kona is company that is considering enter a market by big...

little kona is company that is considering enter a market by big brew

Bookseller, Nile.com, the online bookstore, wants to increase it''s total r...

Nile.com, the online bookstore, wants to increase it''s total revenue. One strategy is to offer a 10% discount on every book that sells. Nile.com knows it''s customers can be divid

Explain the development process of a developing country, Explain how foreig...

Explain how foreign aid might help in the development process of a developing country. Definition/outline of various forms of aid, i.e. donor aid, tied aid, bilateral aid etc.

Average product and marginal product, Average product and marginal product:...

Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto

Materials requirements calculations - mrp system, Materials Requirements Ca...

Materials Requirements Calculations - MRP System MRP is a computer-based 'engine' which carries out calculations in order to determine:  What is needed, and When i

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd