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Posted: September 10th, 2021
WK2 DQ1 – Different types of economies Assignment: I need help writing a research paper.
ECO 561 week 2
Topic 1.
WK2 DQ1 – Different types of economies
In 1960, the United Kingdom was the second largest economy in the world https://countryeconomy.com/gdp?year=1960 . In 2017 it ranked #6, having been surpassed by China, Japan, Germany and France. How could the degree of government intervention in the UK’s markets have influenced this decline?
Topic 2.
WK2 DQ2 – The invisible hand
What is the “invisible hand” in market and mixed economies? How do government price control programs (farming subsidies, rent controls, minimum wage laws, tariffs) interfere with the working of the invisible hand?
Topic 3
WK2 DQ3 – Government intervention in markets
Government intervention in market economies is usually justified because of “market failures”. Countercyclical fiscal and monetary policy actions are government intervention in market business cycles. Have such countercyclical policy actions reduced the severity and length of business downturns (recessions)?
Topic 4.
WK2 DQ4 – Government failures
Does government intervention in markets sometimes make the situation worse? Give some examples. I recommend you review the progress of the economy of Venezuela since 2000.
Topic 5
Economics, Ch. 2: The Market System and the Circular Flow
Contrast how a market system and a command economy try to cope with economic scarcity. LO2.1
Topic 6
Economics, Ch. 6: Elasticity
Research has found that an increase in the price of beer would reduce the amount of marijuana consumed. Is cross elasticity of demand between the two products positive or negative? Are these products substitutes or complements? What might be the logic behind this relationship? LO6.5
Topic 7
Economics, Ch. 32: Money, Banking, and Financial Institutions
What are the three basic functions of money? Write a page paper – Describe how rapid inflation can undermine money’s ability to perform each of the three functions. LO32.1
Topic 8
Economics, Ch. 4: Market Failures: Public Goods and Externalities
Because medical records are private, an individual applying for health insurance will know more about his own health conditions than will the insurance companies to which he is applying for coverage. Is this likely to increase or decrease the insurance premium that he will be offered? Why? LO4.6
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