1. Lebanon is currently facing both a foreign debt crisis and a banking crisis. What is the difference between the two? Discuss their implications for Lebanon. How can Lebanon recover?
2. Reflect on levels of economic development and crises like those that currently face Lebanon. How does corruption and fiscal mismanagement leave a country vulnerable to economic disaster? What are the implications of this? How is the situation exacerbated by the novel coronavirus pandemic?
3. How does Lebanon’s persistent trade imbalance contribute to its foreign debt crisis? Would a floating exchange rate help to alleviate the situation? Explain the relationship between exchange rates and imports and exports.
In: Economics
1. Please explain why, at times, there may be conflict between “street cops” and “management cops.”
2. Law enforcement agencies are often described as bureaucracies, why?
In: Economics
Differences in the stock of technology between nations are an example of a(n) ________.
Group of answer choices
fundamental cause of prosperity
proximate cause of prosperity
explicit cause of prosperity
implicit cause of prosperity
The ________ claims that the way societies have organized themselves and shaped the incentives of individuals and businesses are at the root of the differences in prosperity across the world.
institutions hypothesis
culture hypothesis
geography hypothesis
location hypothesis
The ________ hypothesis claims that differences in natural environment, such as climate and ecology, are ultimately responsible for the major differences in prosperity observed around the world.
ecology
location
geography
climate
Countries in sub-Saharan Africa are economically disadvantaged because infectious diseases spread in these countries relatively easily. This statement reflects the ________.
culture hypothesis
location hypothesis
geography hypothesis
institutions hypothesis
In: Economics
Scenario: In a closed economy without a government, the consumption expenditure equals $5,000 and the investment expenditure equals $2,000.
Refer to the scenario above. If the population of the economy is 200, the per capita national income is ________.
Group of answer choices
$35
$17
$50
$10
A hypothesis states that religious teachings, family ties, and/or social norms are the causes of economic prosperity. According to this hypothesis, ________.
geography is a fundamental cause of prosperity
culture is a proximate cause of prosperity
institutions are a fundamental cause of prosperity
culture is a fundamental cause of prosperity
Differences in the stock of physical capital between nations are an example of a(n) ________.
proximate cause of prosperity
implicit cause of prosperity
explicit cause of prosperity
fundamental cause of prosperity
Differences in the stock of human capital between nations are an example of a(n) ________.
proximate cause of prosperity
fundamental cause of prosperity
explicit cause of prosperity
implicit cause of prosperity
In: Economics
Scenario: In 2010, world GDP per capita was $9,500. In the same year, the Economist magazine forecast that in 2020, world GDP per capita would be $15,000
Refer to the scenario above. If the Economist magazine's forecast is correct, then the growth rate per decade from 2010 to 2020 would be approximately ________.
5 percent.
60 percent
50 percent
6 percent
Scenario: In 2010, world GDP per capita was $9,500. In the same year, the Economist magazine forecast that in 2020, world GDP per capita would be $15,000
Refer to the scenario above. The Economist magazine also forecasts that the rate of growth will remain constant through 2030. If this is correct, then world GDP per capita in 2030 will be closest to ________.
$20,000
$26,000
$24,000
$22,000
Scenario: In a closed economy without a government, the consumption expenditure equals $5,000 and the investment expenditure equals $2,000.
Refer to the scenario above. What is the national income of the economy?
Group of answer choices
$7,000
$10,000
$5,000
$2,000
In: Economics
"Forecasting is both an art and a science." Discuss with particular reference to Panel Consensus and Econometric Method.
In: Economics
Party Politics Affect on Legislative Process
How does party politics affect the legislative process?
What branch is the most powerful? how/why?
In: Economics
1. How to achieve economic development without compromising the
use of natural resources by future generations?
2. How to get to have an acceptable Human Development Index (in the
countries that still do not enjoy it) if it is not yet possible to
achieve sustainable development in these countries? . Use countries
with low and medium HDI as examples
In: Economics
The market for cucumbers faces a market demand function given by P = 2000 - 100Q(farm ) - 100Q(town). Only two firms exist in this market: Farm's farm and Town farms.
Both firms have a constant marginal cost MC = 1000.
a) Get the reaction function for both farms.
b) Illustrate both reactions functions.
c) Identify the equilibrium
d) What if they began the process of competition with
farms farm choosing to produce 1 unit. Do two steps of
reaction.
e) Will total output be higher than monopolist output?
What about price? How does competition impact firms behaviours? Is
it welfare maximizing for society?
In: Economics
Why the institutional approach for understanding economic growth is important and how it overcomes some of the issues of neoclassical growth theory?
In: Economics
Discuss the key reason for the market failure in Sierra Leone in year 1980
2. According to McMillan (2002), discuss how the economy can maintain good market
3. As per the article discuss the consequences on corruption on Sierra Leone during 2017-18
4. According to Cunningham (2011: 28-29), there are serious consequences for market failure by a nation, and particularly in a small and endowed country like Sierra Leone. Discuss 5 of those sconsequences that can arise due to market failure.
5. Discuss 5 recommendation as how the government of Sierra can overcome with market failure
6. Why is it often suggested that imperfect information will result in a misallocation of resources? How can such a misallocation be avoided?
7. What is the another term of impact information as used in the Case of Sierra Leone?
8. Suppose in Sierra Leone, raising taxes or borrowing are your only two choices of financing current expenditures, which would you choose, and why, if you were in charge of setting policy?
9. We have learned from this course that the real value of the debt is eroded by inflation and may be overestimated because of it and other factors. Discuss whether you feel that the debt will be a major concern during your working lifetime and retirement why or why not?
In: Economics
15. Suppose the costs of a sandwich store for
one day are detailed below.
In that day they produced 40 sandwiches.
Rent: $120
Casual staff wages: $220
Building Insurance: $30
Ingredients: $160
What is their Average Variable Cost of producing 40 sandwiches?
Group of answer choices
$5.50
$9.50
$13.25
$3.75
16.
The table below shows cost data for a firm in a perfectly competitive market.
It is a constant-cost industry.
The current market price is $8.
What is the best answer for what price will be in the long run?
| Quantity | Total Cost ($) | Marginal Cost ($) |
| 0 | 10.00 | -- |
| 1 | 15.00 | 5.00 |
| 2 | 17.50 | 2.50 |
| 3 | 22.50 | 5.00 |
| 4 | 30.00 | 7.50 |
| 5 | 40.00 | 10.00 |
| 6 | 52.50 | 12.50 |
| 7 | 67.50 | 15.00 |
| 8 | 85.00 | 17.50 |
| 9 | 105.00 | 20.00 |
Group of answer choices
$10.00
$15.00
$12.50
$7.50
17.
Which of the following statements is NOT true about a single-price monopolist, facing a downward sloping demand curve, that maximises economic profits?
Group of answer choices
Price will always be higher than it would be in a competitive market.
Economies of scale must be so large that the firm has a natural monopoly.
The marginal revenue curve must always be below the demand curve.
The profit maximising quantity will always be less than the sociakky efficient quantity.
18.
Suppose that there is a permanent increase in demand for daisies. Which of the following is the most likely response in this market?
Group of answer choices
Profits will initially increase, but entry of other firms will drive profits back down again in the long run.
Profits will initially increase, and then remain at this higher level permanently.
Profits will initially increase, but exit of other firms will drive profits back down again in the long run.
Profits will initially decrease, as firms struggle to meet the demand, but profits will go back up again in the long run.
In: Economics
IS the GDP the best way to evaluate the prosperity of a country? What advantages and disadvantages are there when using numbers only?
In: Economics
Episode 3 reviews the mot recent events in the series, from 1990s to 2001. In the next few documentaries, we get different perspectives on events after 2001, but what does this episode suggest for the future of the global economy. Does it preview anything that you have witnessed recently in the economy. What does it teach you to watch for in our economic future?
In: Economics
The demand for money is one of the most important concepts in the Liquidity Preference Theory of Interest. What are the three main components of the demand for money in this idea about how interest rates are determined?
In: Economics