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ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer

ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer

ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer

ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer

ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer

ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer


Week 8 Homework Submission: Chapter 14: Review Questions 2, 6, and 7

Review Questions 2: What is “Planned chaos”? Can GDP be computed with meaningless state fixed prices? Elaborate?

Review Questions 6: Do planning and mis-governance obscure value added, national income, and the assessment of factor allocational efficiency?

Review Questions 7: Why do “coefficients of factor productivity” calculations tend to overstate the relative performance of controlled economies?

Chapter 15: Review Questions 1, 3, and 4

Review Questions 1: Generally competitive theory predicts a convergence in living standards among the great powers and the rest of the world. Do UN data confirm the prediction? Explain.

Review Questions 3: Does the superior performance of the second world, Chinese zone lend credence to the importance of culture? Explain.

Review Questions 4: Market economics which honor the rule of contract law can be found in the First and Third Worlds. What does this suggest about the importance of culture and the adverse side effects of globalization?

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ECO 250 Comparative Economic Systems_Week_8_Homework Submission_Answer