•What is biased technological change? What is market power? •How are economic institutions related to political...
•What is biased technological change? What is market power? •How are economic institutions related to political institutions? •How might political economy help explain World War I? •What were the human costs of the war? The economic costs? •You are the finance minister of a new Eastern European republic. •What sort of monetary system would you design for your new state? •In particular, how do you want your exchange rate to work? •What is the trilemma? How does it relate to the gold standard? •What is the balance of payments formula? What happens if a country is pegged too high? Too low? •What is the alternative to devaluing your currency if you run out of reserves? •What is a banking run? What is debt-deflation? •Why did the recession spread globally? •Why did devaluation help countries recover? •How fast was the recovery?
Homework Answers
Biased technological change occurs when a technological transformation creates more aggregate demand for a certain type of labour or labour with high skills as opposed to unskilled labour. Technological transformations are assumed to be factor-neutral, so such a change is considered to be biased. These changes result in higher wage disparities between the two groups.
Market Power is the power exercised by a certain firm or employer in the product market and factor market respectively. It allows the firm to discriminate against the consumers and extort higher profits from them. When only one firm controls the output of the entire market, the firm is known as a monopoly and the firm enjoys the highest degree of market power.
Economic Institutions vs Political Institutions: Economic Institutions design strategies to maximise the size of the economic pie by increasing the amount of economic output. These institutions are mainly concerned with the smooth functioning and growth of the economy. Political Institutions ensure that the strategies that are undertaken are enforced and carried out smoothly. Political Institutions ensure smooth functioning of the economic institutions. Therefore, an increase in the efficiency of political institutions will increase the efficiency of economic institutions.
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•What is biased technological change? What is market power? •How
are economic institutions related to political...
QUESTION 46 How do political parties differ from interest groups in the U.S.? Only political parties...
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please help with a detailed, fully explained answer for Question 2. thank you Read the case...
please help with a detailed, fully explained answer
for Question 2. thank you
Read the case study below and answer the questions. SHORT RUN STABILIZATION AND LONG RUN COMPETITIVENESS: THE LAVITAN CASE Growth of a young country Latvia - a small, young country on the east coast of the Baltic Sea -has recently earned the title of a "tiger". After gaining its independence from the Soviet Union in 1991, the country embarked upon a challenging road of transitioning from a...
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[1] How can you change the inode associated with a regular file? Specifically, what commands can...
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QUESTION 46 How do political parties differ from interest groups in the U.S.? Only political parties a. support particular policy preferences b.run candidates for public office c. form political action committees d.compete for favorable public opinion QUESTION 47 Which of the following statements about war is true? a. War occurs frequently between developing countries b. Recently, civil wars have been less frequent than interstate wars O c. War tends to occur when states rely too much on diplomacy Od. War...
On page 334-335 there is a feature entitled - Institutions in Action. Why Did Asia Industrialize Faster than Latin America?] Page 335 of the feature has three questions, you can to respond to any one of the three but please pick just one. It should be about one page long Cite two source. UN HD INSTITUTIONS IN ACTION Why Did Asia Industrialize Faster than Latin America? ecades on the produd middle The rise of Asia over the past four decades...
please help with a detailed, fully explained answer
for Question 2. thank you
Read the case study below and answer the questions. SHORT RUN STABILIZATION AND LONG RUN COMPETITIVENESS: THE LAVITAN CASE Growth of a young country Latvia - a small, young country on the east coast of the Baltic Sea -has recently earned the title of a "tiger". After gaining its independence from the Soviet Union in 1991, the country embarked upon a challenging road of transitioning from a...
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