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essentials of economics

Answer following questions(5) in separate paragraphs. 1.Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation? 2. In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses. What impact do you think this had on the supply of cattle hides, hide prices, the supply of leather goods, and the price of leather goods? 3. Explain the two causes of market failures. Given their definitions, could a market be affected by both types of market failures simultaneously? 4. "No firm is completely sheltered from rivals; all firms compete for consumer dollars. If that is so, then pure monopoly does not exist." Do you agree? Explain. 5. What are government's fiscal policy options for moving the economy out of a recession? Speculate on which of these fiscal options might be favored by (a) a person who wants to preserve the size of government and (b) a person who thinks the public sector is too large. How does the "ratchet effect" affect anti-inflationary fiscal policy?
Answer following questions(5) in separate paragraphs. 1.Why is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation? 2. In 2001 an outbreak of hoof-and-mouth disease in Europe led to the burning of millions of cattle carcasses.
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Assignment ID
36841
Discipline
Type
CREATED ON
August 3, 2016
COMPLETED ON
August 5, 2016
Price
$40
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