In what way(s) do the development paths chosen by Pakistan and Bangladesh differ? What are the main factors that have contributed to these differing paths?
What will be an ideal response?
The key differences are the aspects of economic development discussed in the chapter. The case study at the end of the chapter provides comparative figures for the two countries and the main factors contributing to the divergent paths.
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List and explain the four key assumptions in the theory of public choice
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. The cornerstone of antitrust policy in the United States is generally considered to be the Sherman Antitrust Act of 1890. 2. All price discrimination is deemed illegal in antitrust legislation. 3. Unfair advertising practices are investigated by the Federal Trade Commission. 4. The rule of reason in antitrust applications means that if a firm has a dominant share of the market, it stands to reason that it will exploit its monopoly power to gain an unfair advantage over its rivals. 5. "Behaviorists" in antitrust applications believe that a firm that dominates a market is not necessarily behaving unfairly.
In the long run, the inflation rate
A) must be equal to the natural unemployment rate. B) can take on any value. C) is equal to the natural inflation rate. D) is zero. E) cannot be negative.
When neither player has a dominant strategy
A) game theory will not provide information. B) no Nash equilibrium exists. C) at least one Nash equilibrium exists. D) the game cannot be analyzed.