Economics FINAL EXAM. Graded A. 0% Plagiarism

Document Content and Description Below

Answer the following 7 questions in 400-600 words ​ ​ each. Please write in complete sentences and provide as much detail as possible, and quoting the text is recommended for this exam. Each qu... estion is worth 10 points each. Please submit your exam as an updated, MS Word file to Turnitin.com ​ ​ , by 7:59am Wednesday, 25 May ​ . ​ You MAY NOT COLLABORATE WITH ANYONE ​ , but you are authorized to use resources such as your notes, books, or information on the internet. Please cite any information that is from a source we did not address in class. Direct all questions to your instructor. 1) Imagine that you have just returned from your first semester at college and you have run out of spending money (tuition, etc. already paid). Describe the negotiation strategy you will implement to secure extra funding from your parents, explaining the specific principles outlined in the ​Slate Negotiation ​ podcast. 2) What is a negative externality? Provide examples from ​ ​Naked Economics or your own experience to explain how societies deal with them. 3) The authors of ​Nudge recommend policies based on their theory of “libertarian paternalism.” What is libertarianism? What is paternalism? Do the authors devise an adequate compromise that both sides will embrace? 4) In Chapter 7 of ​Capitalism and Freedom, Milton Friedman argues that capitalism reduces discrimination, whereas the conventional wisdom is that capitalism and free markets actually foster discrimination and government policy is necessary to eliminate it. Explain which argument you think most accurately describes America today. 5) The central argument of ​Why Nations Fail concerns the development of institutions. What do they mean by “institutions” in this sense? Why are institutions so important to the success or failure of nations? 6) Re-read Madison’s ​Federalist 10 essay (attached) and summarize his argument. What is “pluralism?” Analyze Madison’s argument using ​specific examples​ and ​terminology from ​Why Nations Fail. 7) What is a “critical juncture?” How can we identify them? Can any person or group deliberately change the course of history? What is the point of reading ​Why Nations Fail? [Show More]

Last updated: 1 year ago

Preview 1 out of 8 pages